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The Fear Index
Meet Alex Hoffmann: among the secretive inner circle of the ultra-rich, he is something of a legend.
Based in Geneva, he has developed a revolutionary system that has the power to manipulate financial markets. Generating billions of dollars, it is a system that thrives on panic - and feeds on fear.
And then, in the early hours of one morning, while he lies asleep, a sinister intruder breaches the elaborate security of his lakeside home.
So begins a waking nightmare of paranoia and violence as Hoffmann attempts - with increasing desperation - to discover who is trying to destroy him - before it's too late ...
Based in Geneva, he has developed a revolutionary system that has the power to manipulate financial markets. Generating billions of dollars, it is a system that thrives on panic - and feeds on fear.
And then, in the early hours of one morning, while he lies asleep, a sinister intruder breaches the elaborate security of his lakeside home.
So begins a waking nightmare of paranoia and violence as Hoffmann attempts - with increasing desperation - to discover who is trying to destroy him - before it's too late ...
400 pages, Mass Market Paperback
First published September 29, 2011
882 people are currently reading
6836 people want to read
About the author
Robert Harris
66 books8,670 followersROBERT HARRIS is the author of nine best-selling novels: Fatherland, Enigma, Archangel, Pompeii, Imperium, The Ghost Writer, Conspirata, The Fear Index, and An Officer and a Spy. Several of his books have been adapted to film, most recently The Ghost Writer, directed by Roman Polanski. His work has been translated into thirty-seven languages. He lives in the village of Kintbury, England, with his wife, Gill Hornby.
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Displaying 1 - 30 of 1,521 reviews
August 21, 2020
*3.5 STARS *
December 1, 2011
I read this book for two reason. First, Mariella Frostrup said it was wondrous (Radio 4) and second, a friend in publishing said they were 'spitting mad' that Harris could turn out a 'half finished' book and have it sell by the bucket load when everyone else had to polish theirs to perfection and still didn't sell half as many.
So with that kind of bipolar recommendation, I had to have a look.
And my friend in publishing wins. Clearly Harris has reached the point of being uneditable because I wouldn't hand in a first draft with so many holes in it, so badly written and he not only hands it in, but has it published without so much as a red pen clean-up of the text. This doesn't quite make the Da Vinci Code look like Chaucer (as was once famously said of another 'literary' author) but it's not far off. And it has the same kind of ring to it as Dan Brown: good idea researched to the nth degree and then *very, very clunkily* played out on the page.
The basic premise is clever: look at hedge funds and how they cleaned up during the 2008 crash. Look at the super-computer geeks/nerds/quants and what they can do and extrapolate just a tiny bit (or maybe not?) to a computer that teaches itself how to make money better and then proceeds to do exactly that without any remorse or morals or ethics: how it drags people in its wake because if it can make $9 million in the time it takes to walk across the room and look at a computer screen, and you stand to get some of that, are you really going to stop it?
But the rest of the plot: the fear factor, in fact, is risible and so absurdly full of holes it's not worth trying to tie it together. Our 'hero' (the ultra nerd who has made the programme that is doing this) is being targetted by someone who is clearly trying to drive him mad. Or maybe he's mad in the first place and doing it to himself and doesn't know it. That cloak is trailed half way through and goes nowhere except that we find he had a nervous breakdown when at CERN (Dan Brown fans note: to sell by the bucket load, mention CERN at least 3 times a page for a bit) and has a cupboard full of antidepressants so it might be that his mysterious night visitor who clonks him on the bonce with a fire extinguisher is, in fact, him. Or then again not, because it's pretty hard to hit yourself with a fire extinguisher, so maybe he's just invited a madman into the house, given him the key codes to the super-effective security system and wants to die. And wants to be divorced from his artistic wife (why she is married to a man in advanced Asberger's is not made clear except that he gave her a house worth EU60 million. Women, evidently, do things that defy logic. Who'd have thunk it?)
In the end (WARNING, SPOILER) it's the machine wot did it. As 'research'. Really? Why? What kind of research is it doing and what has it learned? Who knows. And frankly, who cares?
Which is all very sad given that I loved 'Fatherland' and 'Archangel' and did kind of think Robert Harris was a 'literary' thriller writer (but only if Laura Wilson and Andrew Taylor are literary thriller writers: and both are a) far more literate and b) far more thrilling) - now, he's sub par, below Dan Brown. This feels like something he crunched out between rounds of 'Angry Birds' and then slammed his editor's head on the desk when the poor infant tried to suggest the odd tweak here or there. Unless the first draft was worse than this, which is a truly terrifying thought.
I used to love Robert Harris and I still think, 'Ghost' was intelligent and clever and funny. But I'm not planning to read another in a hurry - and Mariella? Sorry, love, you just lost all credibility.
So with that kind of bipolar recommendation, I had to have a look.
And my friend in publishing wins. Clearly Harris has reached the point of being uneditable because I wouldn't hand in a first draft with so many holes in it, so badly written and he not only hands it in, but has it published without so much as a red pen clean-up of the text. This doesn't quite make the Da Vinci Code look like Chaucer (as was once famously said of another 'literary' author) but it's not far off. And it has the same kind of ring to it as Dan Brown: good idea researched to the nth degree and then *very, very clunkily* played out on the page.
The basic premise is clever: look at hedge funds and how they cleaned up during the 2008 crash. Look at the super-computer geeks/nerds/quants and what they can do and extrapolate just a tiny bit (or maybe not?) to a computer that teaches itself how to make money better and then proceeds to do exactly that without any remorse or morals or ethics: how it drags people in its wake because if it can make $9 million in the time it takes to walk across the room and look at a computer screen, and you stand to get some of that, are you really going to stop it?
But the rest of the plot: the fear factor, in fact, is risible and so absurdly full of holes it's not worth trying to tie it together. Our 'hero' (the ultra nerd who has made the programme that is doing this) is being targetted by someone who is clearly trying to drive him mad. Or maybe he's mad in the first place and doing it to himself and doesn't know it. That cloak is trailed half way through and goes nowhere except that we find he had a nervous breakdown when at CERN (Dan Brown fans note: to sell by the bucket load, mention CERN at least 3 times a page for a bit) and has a cupboard full of antidepressants so it might be that his mysterious night visitor who clonks him on the bonce with a fire extinguisher is, in fact, him. Or then again not, because it's pretty hard to hit yourself with a fire extinguisher, so maybe he's just invited a madman into the house, given him the key codes to the super-effective security system and wants to die. And wants to be divorced from his artistic wife (why she is married to a man in advanced Asberger's is not made clear except that he gave her a house worth EU60 million. Women, evidently, do things that defy logic. Who'd have thunk it?)
In the end (WARNING, SPOILER) it's the machine wot did it. As 'research'. Really? Why? What kind of research is it doing and what has it learned? Who knows. And frankly, who cares?
Which is all very sad given that I loved 'Fatherland' and 'Archangel' and did kind of think Robert Harris was a 'literary' thriller writer (but only if Laura Wilson and Andrew Taylor are literary thriller writers: and both are a) far more literate and b) far more thrilling) - now, he's sub par, below Dan Brown. This feels like something he crunched out between rounds of 'Angry Birds' and then slammed his editor's head on the desk when the poor infant tried to suggest the odd tweak here or there. Unless the first draft was worse than this, which is a truly terrifying thought.
I used to love Robert Harris and I still think, 'Ghost' was intelligent and clever and funny. But I'm not planning to read another in a hurry - and Mariella? Sorry, love, you just lost all credibility.
April 6, 2025
Thriller psicológico trepidante.
Un horror de enganche total. Sr. Harris, por favor, más novelas de este estilo.
Ante la reacción de las principales bolsas, provocada por la guerra de los aranceles, me he animado a leer esta novela sobre el mundillo de los mercados financieros.
Alexander Hoffmann es físico. Pero actualmente dirige "Hoffmann Tecnologías de Inversión" dedicada a la gestión de fondos de inversión de alto riesgo. Además es el creador del sistema algorítmico Vixal, una IA que está en pruebas y que está dando excelentes resultados.
Por sus manos pasan diez mil millones de dólares en activos. Y gracias a sus algoritmos consiguen un porcentaje altísimo de rentabilidad de la inversión para sus inversores.
Junto a su mujer, Gabrielle, licenciada en arte y artista vanguardista, vive en Ginebra desde hace 14 años. Ella es inglesa y él norteamericano.
Hace poco han instalado un sistema de seguridad en su mansión, de alta tecnología y difícil de burlar. Pero lo han desactivado a las cuatro de la madrugada, momento en que el sistema ha saltado. Hoffmann ha sido atacado y golpeado en la cabeza por un hombre de aspecto extraño, que ha huido.
Este es el principio de la novela.
Casi todos los capítulos comienzan con párrafos muy interesantes, extraídos de las obras de Charles Darwin. Esos fragmentos pertenecen a una edición original, un libro que misteriosamente recibió Hoffmann en su casa y que colocó en la estantería de su estudio la noche antes del asalto, junto a otros libros antiguos de su colección privada, valorada en miles de dólares. Sorprendentemente, el intruso no se llevó nada. Esa noche Hoffmann había empezado a leer los capítulos sobre la sorpresa, el asombro, el miedo y el horror.
Casualmente, al día siguiente, Gabrielle presentaba la primera exposición de su obra y él presentaba Vixal a un conjunto de inversores internacionales. A pesar del fuerte golpe en la cabeza y los puntos de sutura, Hoffmann no quiso cancelar los eventos.
La IA Vixal se basa en el índice del miedo.
"Durante cuarenta mil años, sólo los humanos fueron animales con lenguaje. Ahora, por primera vez, eso ha dejado de ser cierto. Compartimos nuestro mundo con los ordenadores... Los robots imaginados en el pasado serían nuestros sirvientes, realizarían tareas complejas para permitirnos disfrutar de nuestro tiempo libre. Está ocurriendo lo contrario. Los ordenadores están sustituyendo a traductores, técnicos médicos, técnicos jurídicos, contables, operadores financieros".
Los operadores financieros llaman "el índice del miedo" a la tasa de volatilidad del mercado, llamada Vix. Es medible y, cuanto más alta, mayor es la incertidumbre en los mercados financieros.
Y en este punto empieza la gran trama de la novela, de ritmo frenético que hacia el final se hace angustioso.
No voy a hablar de la trama. Sí diré que hay una parte importante relacionada con las operaciones en bolsa, pero que pueden entenderse bastante siendo un neófito en la materia.
El final de la novela es coherente con todo lo sucedido el última parte.
Este autor escribe de maravilla!
Cinco estrellazas!
Un horror de enganche total. Sr. Harris, por favor, más novelas de este estilo.
Ante la reacción de las principales bolsas, provocada por la guerra de los aranceles, me he animado a leer esta novela sobre el mundillo de los mercados financieros.
Alexander Hoffmann es físico. Pero actualmente dirige "Hoffmann Tecnologías de Inversión" dedicada a la gestión de fondos de inversión de alto riesgo. Además es el creador del sistema algorítmico Vixal, una IA que está en pruebas y que está dando excelentes resultados.
Por sus manos pasan diez mil millones de dólares en activos. Y gracias a sus algoritmos consiguen un porcentaje altísimo de rentabilidad de la inversión para sus inversores.
Junto a su mujer, Gabrielle, licenciada en arte y artista vanguardista, vive en Ginebra desde hace 14 años. Ella es inglesa y él norteamericano.
Hace poco han instalado un sistema de seguridad en su mansión, de alta tecnología y difícil de burlar. Pero lo han desactivado a las cuatro de la madrugada, momento en que el sistema ha saltado. Hoffmann ha sido atacado y golpeado en la cabeza por un hombre de aspecto extraño, que ha huido.
Este es el principio de la novela.
Casi todos los capítulos comienzan con párrafos muy interesantes, extraídos de las obras de Charles Darwin. Esos fragmentos pertenecen a una edición original, un libro que misteriosamente recibió Hoffmann en su casa y que colocó en la estantería de su estudio la noche antes del asalto, junto a otros libros antiguos de su colección privada, valorada en miles de dólares. Sorprendentemente, el intruso no se llevó nada. Esa noche Hoffmann había empezado a leer los capítulos sobre la sorpresa, el asombro, el miedo y el horror.
Casualmente, al día siguiente, Gabrielle presentaba la primera exposición de su obra y él presentaba Vixal a un conjunto de inversores internacionales. A pesar del fuerte golpe en la cabeza y los puntos de sutura, Hoffmann no quiso cancelar los eventos.
La IA Vixal se basa en el índice del miedo.
"Durante cuarenta mil años, sólo los humanos fueron animales con lenguaje. Ahora, por primera vez, eso ha dejado de ser cierto. Compartimos nuestro mundo con los ordenadores... Los robots imaginados en el pasado serían nuestros sirvientes, realizarían tareas complejas para permitirnos disfrutar de nuestro tiempo libre. Está ocurriendo lo contrario. Los ordenadores están sustituyendo a traductores, técnicos médicos, técnicos jurídicos, contables, operadores financieros".
Los operadores financieros llaman "el índice del miedo" a la tasa de volatilidad del mercado, llamada Vix. Es medible y, cuanto más alta, mayor es la incertidumbre en los mercados financieros.
Y en este punto empieza la gran trama de la novela, de ritmo frenético que hacia el final se hace angustioso.
No voy a hablar de la trama. Sí diré que hay una parte importante relacionada con las operaciones en bolsa, pero que pueden entenderse bastante siendo un neófito en la materia.
El final de la novela es coherente con todo lo sucedido el última parte.
Este autor escribe de maravilla!
Cinco estrellazas!
September 26, 2017
Set in the world of (very) high finance, investment funds, and hedge funds at the time of the so-called ‘Flash Crash’ of 2010 – this is very much a dark and murky world of power, corruption and lies.
‘The Fear Index’ by Robert Harris is an excellent and all too believable financial thriller – brilliantly conceived, well written and intelligently executed. This is an unusually contemporary setting for Harris, but unlike ‘The Ghost’ (Harris not at his strongest) – ‘The Fear Index’ stands alongside many of Harris’ best (historical) novels. It is compelling, engaging and feels all too frighteningly feasible – this is a novel where the world of high finance, market prediction and manipulation meets those of high science, artificial intelligence, machine-learning algorithms and much more besides.
Whilst many argue about the implausibility of a scenario such as that depicted in ‘The Fear Index’ – particularly in terms of the real power and ‘intelligence’ of financial computer systems and I am certainly not best judged to pass comment – other than to say – let us consider the exponential rise in computing power achieved in even just the last 10 years, so who knows how far way the computer ‘intelligence’ and ‘self-learning’ depicted in this novel actually are?
The feasibility of the central computer based element to Harris’ narrative aside, whichever way it’s viewed, this is undoubtedly a first rate crime thriller from the great Robert Harris – highly recommended.
‘The Fear Index’ by Robert Harris is an excellent and all too believable financial thriller – brilliantly conceived, well written and intelligently executed. This is an unusually contemporary setting for Harris, but unlike ‘The Ghost’ (Harris not at his strongest) – ‘The Fear Index’ stands alongside many of Harris’ best (historical) novels. It is compelling, engaging and feels all too frighteningly feasible – this is a novel where the world of high finance, market prediction and manipulation meets those of high science, artificial intelligence, machine-learning algorithms and much more besides.
Whilst many argue about the implausibility of a scenario such as that depicted in ‘The Fear Index’ – particularly in terms of the real power and ‘intelligence’ of financial computer systems and I am certainly not best judged to pass comment – other than to say – let us consider the exponential rise in computing power achieved in even just the last 10 years, so who knows how far way the computer ‘intelligence’ and ‘self-learning’ depicted in this novel actually are?
The feasibility of the central computer based element to Harris’ narrative aside, whichever way it’s viewed, this is undoubtedly a first rate crime thriller from the great Robert Harris – highly recommended.
August 24, 2021
Who knew that this random thriller about finances and computers was exactly what I needed?
Here's the plot: Eccentric billionaire, Alex Hoffman, is less into making ridiculous amounts of money and more into developing the tech behind it. But when an intruder breaks into his mega-secure mansion he begins to realise someone is out to get him.
This is one of those clever books that works partially because you really don't know if Alex is entirely sane or not. He does some strange things and behaves oddly often, so when people around him begin to question if this paranoia is all just in his head, we as the reader do too.
I know absolutely nothing about the stock market or hedge funds or computers, but I never felt completely in the dark. Sure, a lot of the numbers meant nothing to me, but its all explained quite well so that the tension is still there, and still taut. The human factor keeps things dynamic; we've got Hoffman's partner, Quarry, who is definitely in it for the money; Hoffman's wife, the artist; an almost-retired cop who is far more interested in investigating Alex than finding the guy who broke into his house. Plus a host of others who have their own intriguing motivations amongst all the drama. So there was always something to get swept up in, and I actually really enjoyed the balance of all these things coming together.
There is plenty of mystery around who it is that may be setting Alex up, and I had some interesting guesses along the way without ever really figuring out what was going on. This is a fast-paced thriller that keeps the action moving too fast for you to really draw your own conclusions.
I also really loved all the Darwinian talk and how it was being related back to artificial intelligence. I was not expecting this book to delve into AI as much as it did, but found I was pleasantly surprised by that aspect.
All in all, this was a quick one to get through. It keeps the pace fast and there are plenty of vastly different yet complementary elements to the story that will easily keep you entertained. There are probably a few technological plot holes, but I'm definitely not smart enough to find them. It wasn't an unforgettable, brilliant piece of literature by any means, but it sure as heck kept me thoroughly hooked for the day it took to read it.
Here's the plot: Eccentric billionaire, Alex Hoffman, is less into making ridiculous amounts of money and more into developing the tech behind it. But when an intruder breaks into his mega-secure mansion he begins to realise someone is out to get him.
This is one of those clever books that works partially because you really don't know if Alex is entirely sane or not. He does some strange things and behaves oddly often, so when people around him begin to question if this paranoia is all just in his head, we as the reader do too.
I know absolutely nothing about the stock market or hedge funds or computers, but I never felt completely in the dark. Sure, a lot of the numbers meant nothing to me, but its all explained quite well so that the tension is still there, and still taut. The human factor keeps things dynamic; we've got Hoffman's partner, Quarry, who is definitely in it for the money; Hoffman's wife, the artist; an almost-retired cop who is far more interested in investigating Alex than finding the guy who broke into his house. Plus a host of others who have their own intriguing motivations amongst all the drama. So there was always something to get swept up in, and I actually really enjoyed the balance of all these things coming together.
There is plenty of mystery around who it is that may be setting Alex up, and I had some interesting guesses along the way without ever really figuring out what was going on. This is a fast-paced thriller that keeps the action moving too fast for you to really draw your own conclusions.
I also really loved all the Darwinian talk and how it was being related back to artificial intelligence. I was not expecting this book to delve into AI as much as it did, but found I was pleasantly surprised by that aspect.
All in all, this was a quick one to get through. It keeps the pace fast and there are plenty of vastly different yet complementary elements to the story that will easily keep you entertained. There are probably a few technological plot holes, but I'm definitely not smart enough to find them. It wasn't an unforgettable, brilliant piece of literature by any means, but it sure as heck kept me thoroughly hooked for the day it took to read it.
March 15, 2012
This book has received mixed reviews--largely, I suspect, because reviewers understand little about finance and computer technology. Actually, it's a hair-raising triumph, one of the most subtle and convincing stories about artificial intelligence I have read. Having written a book on this subject myself--Hybrids--I know a good deal about the progress being made in the field, and some of it is startling, chilling and quite wonderful, and Harris really captures the strangeness and menace of such machines.
September 16, 2025
I have never read a bad Robert Harris book and I continue that sequence. This one was brought with me for the start of another Madeira holiday. It will now be deposited in the Apartments library where I have picked up a few more books. And I also saw an unread Harris lurking there.
This story is about Hedge Funds, AI and self learning computers. Set in Geneva where I was recently staying nearby with a mate. The story romps along. Is the rich financier Alex Hoffmann mad or suffering from dementia? You will have to read the book to find out. Great story👍
This story is about Hedge Funds, AI and self learning computers. Set in Geneva where I was recently staying nearby with a mate. The story romps along. Is the rich financier Alex Hoffmann mad or suffering from dementia? You will have to read the book to find out. Great story👍
November 12, 2021
Read this book in 2011, and for me its probably the worst book Robert Harris has written.
Set in financial world of investment banking, Dr Alex Hoffmann and his partner are making money by the bucketload.
All due to his program which can predict movements in the financial markets with uncanny accuracy, and so he's making billions.
All at once an intruder breaches his security, and the hunter, Alex Hoffmann, becomes the hunted.
With paranoia overwhelming him, he tries to identify the intruder who's trying to destroy him.
What is follow is in my opinion an unbelievable story about someone's conscience within the financial world, when that world is at its height and afterwards in an absolute downfall, and what it will do to that person and the world.
Recommended, for everyone who likes a so-called thriller about the financial world, but for me it is an unbelievable story and absolutely not the best this author has ever written, and that's why I like to call this book: "A Disappointing Fear Index"!
Set in financial world of investment banking, Dr Alex Hoffmann and his partner are making money by the bucketload.
All due to his program which can predict movements in the financial markets with uncanny accuracy, and so he's making billions.
All at once an intruder breaches his security, and the hunter, Alex Hoffmann, becomes the hunted.
With paranoia overwhelming him, he tries to identify the intruder who's trying to destroy him.
What is follow is in my opinion an unbelievable story about someone's conscience within the financial world, when that world is at its height and afterwards in an absolute downfall, and what it will do to that person and the world.
Recommended, for everyone who likes a so-called thriller about the financial world, but for me it is an unbelievable story and absolutely not the best this author has ever written, and that's why I like to call this book: "A Disappointing Fear Index"!
November 21, 2014
Our story so far, five chapters in: Rich, successful douchebag (an American living in Switzerland) suffers a concussion during a home invasion, becomes annoyed when he has to go to a regular hospital that's full of poors, goes back to work against doctor's orders, tries to solve the crime himself, describes Swiss architecture in excruciating detail, and quotes Darwin a lot. As you may be able to tell, I'm having trouble sympathizing with the main character.
UPDATE: Found out what the Fear Index is. Don't care.
UPDATE: Found out what the Fear Index is. Don't care.
January 11, 2013
A physics genius called Alex Hoffmann working at CERN in Switzerland creates a programme which is like an artificial brain that works faster than human brains and learns to get better at what it does - namely, make money on the stock exchange. Years later and in its fourth incarnation, VIXAL, as it’s called, is a programme that has made Hoffmann one of the top scientists of his day and a billionaire. But things start to go wrong and over the span of 24 hours he will see the extent of the monster he has created and what he must do to stop it… before it destroys the world!
Robert Harris adapts the story of Victor Frankenstein to the 21st century, riffing on the recent financial troubles, and creating a kind of HAL-like villain. The whole book covers 24 hours but Harris manages to convey much longer periods of time in that space, constructing backgrounds to the various characters effortlessly, all while keeping the action ticking over at a brisk pace.
The Frankenstein theme is subtly hinted at throughout: the setting of Geneva, a quote from Mary Shelley, the Hotel Diodati, Dr Polidori (female, Hoffmann's shrink) but the bigger homage is that of creator and monster, Hoffmann and VIXAL-4. The full extent of his creation isn't revealed until the end and an even stranger story than the one imparted here is hinted at by the end.
I thought that despite it being a thriller and geared toward quick reading, it was still written well and all of the characters and the inscrutable world of finance were conveyed clearly and effortlessly by Harris. The story goes in unexpected directions and I even found myself liking some of the more reptilian characters (the smug Englishman Quarry was brilliant). I don't think people appreciate how difficult this task is and the fact that Harris did such a good job of it is understated in the majority of these reviews.
A well written thriller with an excellent story, handled perfectly by a master novelist at the top of his game - I recommend anyone looking for a good read to turn to "The Fear Index" for a diverting few hours of entertainment.
Robert Harris adapts the story of Victor Frankenstein to the 21st century, riffing on the recent financial troubles, and creating a kind of HAL-like villain. The whole book covers 24 hours but Harris manages to convey much longer periods of time in that space, constructing backgrounds to the various characters effortlessly, all while keeping the action ticking over at a brisk pace.
The Frankenstein theme is subtly hinted at throughout: the setting of Geneva, a quote from Mary Shelley, the Hotel Diodati, Dr Polidori (female, Hoffmann's shrink) but the bigger homage is that of creator and monster, Hoffmann and VIXAL-4. The full extent of his creation isn't revealed until the end and an even stranger story than the one imparted here is hinted at by the end.
I thought that despite it being a thriller and geared toward quick reading, it was still written well and all of the characters and the inscrutable world of finance were conveyed clearly and effortlessly by Harris. The story goes in unexpected directions and I even found myself liking some of the more reptilian characters (the smug Englishman Quarry was brilliant). I don't think people appreciate how difficult this task is and the fact that Harris did such a good job of it is understated in the majority of these reviews.
A well written thriller with an excellent story, handled perfectly by a master novelist at the top of his game - I recommend anyone looking for a good read to turn to "The Fear Index" for a diverting few hours of entertainment.
August 3, 2012
Update: 8/3/2012 This article related to an automatic trading algorithm run a-muck is pertinent to this book. http://dealbook.nytimes.com/2012/08/0... A larger question is whether this kind of trading benefits capitalism, in the sense it helps supply capital for businesses to grow, or whether it serves only the financial industry in its quest for making huge amounts of money without making anything.
The best thrillers and horror stories don’t involve chain saws or mutated snakes. They take something prosaic, something we are all familiar with, something we trust, and then tweak it.
That’s the premise of a wonderful book I read years ago calledAdolescence of P-1 by Thomas Ryan. An algorithm created to seek out knowledge learns and soon desires to protect itself. Read it.
What separates humans from other animals is language. That used to be the case. It’s no longer true. Computers can now assimilate, translate, and communicate. Not to mention that they are all connected and have access to virtually all of human knowledge. So can they learn and adapt?
The other thread that surfaced while reading Fear Index is what happened to Long Term Capital Management in 2000. A hedge fund founded by a brilliant economist, the premise was that if you get enough smart people together you can write some brilliant computer algorithms that will permit outperformance of the market. They collapsed spectacularly in 2000 requiring a bailout.
Combine those two events and ideas and you have Fear Index.
Alex Hoffman is a brilliant physicist who founds a hedge fund which does spectacularly well bring returns of 80% to its investors. Constantly tweaking its algorithms to provide even better returns, they are poised to add even more money to their fund. But some weird things are beginning to happen. Alex gets a rare book in the mail with no indication who might have sent it. Investigation reveals it was purchased using an account in the Caymans he owned but was not aware of. All the transactions happened over the Internet. Then his house is broken into by someone who had all the key codes.
The algorithm Hoffman’s company created uses sophisticated analysis of human fear to determine market positions. All of a sudden the company finds itself taking huge short positions that pay off when companies they were shorting suffered some form of catastrophe. They reap immense profits, but how could the algorithm have foreseen those seemingly random events? And how did the notes of Alex’s therapy get on the web. And who installed the surveillance cameras and built the server farm? In the meantime, Hugo’s algorithm is learning and doing things on its own. Really good story. 4.5 stars. Less than 5 only because it’s so similar in concept to Ryan’s book.
As an aside, Harris has a very nice explanation of what a hedge fund does and how hedges work. Let’s say, as in his example, that you make a bet with someone for $1,000,000 that the girl across the hall is wearing black knickers. Whether she is or not really isn’t relevant to the bet because you’re going to bet someone else $950,000 that her knickers are NOT black, so your maximum exposure is $50,000. You can, of course, hedge your other bet even further as will all the other betters. There will be winners and losers each time the knickers are revealed but the maximum exposure should be relatively small and if you make enough bets over a period of time it doesn’t matter if you are wrong some of the time, because you’ll win enough times to come out ahead. In theory. That’s what hedge funds do and it explains why there are trillions of dollars being bet on trivialities and when things go wrong, as in Corzine’s little escapade, billions can be lost, or in his case, disappear. (Did the accountants make off with it, perhaps?) In the meantime, I’m making a side bet that the fried, fat encrusted ribs and whipped-cream-covered chocolate chip ice cream I just ate won’t kill me before I get this review up.
The best thrillers and horror stories don’t involve chain saws or mutated snakes. They take something prosaic, something we are all familiar with, something we trust, and then tweak it.
That’s the premise of a wonderful book I read years ago calledAdolescence of P-1 by Thomas Ryan. An algorithm created to seek out knowledge learns and soon desires to protect itself. Read it.
What separates humans from other animals is language. That used to be the case. It’s no longer true. Computers can now assimilate, translate, and communicate. Not to mention that they are all connected and have access to virtually all of human knowledge. So can they learn and adapt?
The other thread that surfaced while reading Fear Index is what happened to Long Term Capital Management in 2000. A hedge fund founded by a brilliant economist, the premise was that if you get enough smart people together you can write some brilliant computer algorithms that will permit outperformance of the market. They collapsed spectacularly in 2000 requiring a bailout.
Combine those two events and ideas and you have Fear Index.
Alex Hoffman is a brilliant physicist who founds a hedge fund which does spectacularly well bring returns of 80% to its investors. Constantly tweaking its algorithms to provide even better returns, they are poised to add even more money to their fund. But some weird things are beginning to happen. Alex gets a rare book in the mail with no indication who might have sent it. Investigation reveals it was purchased using an account in the Caymans he owned but was not aware of. All the transactions happened over the Internet. Then his house is broken into by someone who had all the key codes.
The algorithm Hoffman’s company created uses sophisticated analysis of human fear to determine market positions. All of a sudden the company finds itself taking huge short positions that pay off when companies they were shorting suffered some form of catastrophe. They reap immense profits, but how could the algorithm have foreseen those seemingly random events? And how did the notes of Alex’s therapy get on the web. And who installed the surveillance cameras and built the server farm? In the meantime, Hugo’s algorithm is learning and doing things on its own. Really good story. 4.5 stars. Less than 5 only because it’s so similar in concept to Ryan’s book.
As an aside, Harris has a very nice explanation of what a hedge fund does and how hedges work. Let’s say, as in his example, that you make a bet with someone for $1,000,000 that the girl across the hall is wearing black knickers. Whether she is or not really isn’t relevant to the bet because you’re going to bet someone else $950,000 that her knickers are NOT black, so your maximum exposure is $50,000. You can, of course, hedge your other bet even further as will all the other betters. There will be winners and losers each time the knickers are revealed but the maximum exposure should be relatively small and if you make enough bets over a period of time it doesn’t matter if you are wrong some of the time, because you’ll win enough times to come out ahead. In theory. That’s what hedge funds do and it explains why there are trillions of dollars being bet on trivialities and when things go wrong, as in Corzine’s little escapade, billions can be lost, or in his case, disappear. (Did the accountants make off with it, perhaps?) In the meantime, I’m making a side bet that the fried, fat encrusted ribs and whipped-cream-covered chocolate chip ice cream I just ate won’t kill me before I get this review up.
May 19, 2025
Alex Hoffman is an ex-CERN physicist who with his smoother partner Hugo Quarry runs an incredibly successful hedge fund which is based on an autonomous machine-learning algorithm which spots and exploits behavioural finance issues (particularly fear type reactions – fear of missing out on rising markets, unwillingness to sell in falling markets as well as panic): initially based around the VIX volatility index but then more widely.
During the day of the book (also the day of the UK elections and the day of a real market event/lightning crash – May 6 2010) Hoffman realises his life is out of control – he is assaulted/shadowed and nearly killed by an intruder who turns out to be a psychopathic internet snuff killer, he gets a rare Darwinian book, someone apparently buys all of the exhibits at his artists wife’s first show, later he finds his office and home are covered in spy cameras, his CERN boss and nemesis turns up at the exhibition. Even more bizarrely he finds in each case it his him via email who has made all these things (and more) happen.
Some parts of the book are very good: much of the hedge fund detail is convincing; the real and still not fully explained events of May 6 are very skilfully woven in; a sub-plot/theme is around the Hoffman’s lack of children and various miscarriages; there are lots of Darwinian links and themes, particularly around the book Hoffman receives; it is a very gripping read but without resorting to the permanent cliff hangers of a Da Vinci code; much of the writing/characterisation is lifted above the usual thriller fare; the psychology of markets and the increased automation/abstraction of financial dealings is conveyed well.
Others are very weak: some of the characters are very clichéd - the Swiss detective lifted from Dan Brown, the murderer from Thomas Harris; some of the maths/investment is either misconceived (the hedging of a hedge fund is overplayed and leverage described almost in reverse) or wrong (when, as actually occurs, Accenture is sold on May 6, VIXAL goes long on Deloitte - a private partnership not a stock); the central theme – that VIXAL has evolved and taken on a life of its own is firstly far-fetched, secondly more than heavily and frequently (for example we learn Hoffman’s breakdown at CERN was because his boss decided the algorithm he built there was dangerous and could run viral) but nevertheless appears to pass all the other characters by, thirdly doesn’t really explain the reason/purpose for all the strange happenings to Hoffman.
Overall the book reads much more as a Michael Crichton novel which is a damning indictment and very disappointing compared to many of Harris other novels.
During the day of the book (also the day of the UK elections and the day of a real market event/lightning crash – May 6 2010) Hoffman realises his life is out of control – he is assaulted/shadowed and nearly killed by an intruder who turns out to be a psychopathic internet snuff killer, he gets a rare Darwinian book, someone apparently buys all of the exhibits at his artists wife’s first show, later he finds his office and home are covered in spy cameras, his CERN boss and nemesis turns up at the exhibition. Even more bizarrely he finds in each case it his him via email who has made all these things (and more) happen.
Some parts of the book are very good: much of the hedge fund detail is convincing; the real and still not fully explained events of May 6 are very skilfully woven in; a sub-plot/theme is around the Hoffman’s lack of children and various miscarriages; there are lots of Darwinian links and themes, particularly around the book Hoffman receives; it is a very gripping read but without resorting to the permanent cliff hangers of a Da Vinci code; much of the writing/characterisation is lifted above the usual thriller fare; the psychology of markets and the increased automation/abstraction of financial dealings is conveyed well.
Others are very weak: some of the characters are very clichéd - the Swiss detective lifted from Dan Brown, the murderer from Thomas Harris; some of the maths/investment is either misconceived (the hedging of a hedge fund is overplayed and leverage described almost in reverse) or wrong (when, as actually occurs, Accenture is sold on May 6, VIXAL goes long on Deloitte - a private partnership not a stock); the central theme – that VIXAL has evolved and taken on a life of its own is firstly far-fetched, secondly more than heavily and frequently (for example we learn Hoffman’s breakdown at CERN was because his boss decided the algorithm he built there was dangerous and could run viral) but nevertheless appears to pass all the other characters by, thirdly doesn’t really explain the reason/purpose for all the strange happenings to Hoffman.
Overall the book reads much more as a Michael Crichton novel which is a damning indictment and very disappointing compared to many of Harris other novels.
March 10, 2023
A good thriller. The financial language was gobblygook to me and a bit tedious at times. The principle character Alex Hoffman created a self aware financial machine with the one objective to make money. It does but at a cost.
Set in Geneva with Hoffman trying to find out who is tormenting him. Not my favorite Harris with the question of why the machine still existed after Hoffman set fire to it not really answered.
Set in Geneva with Hoffman trying to find out who is tormenting him. Not my favorite Harris with the question of why the machine still existed after Hoffman set fire to it not really answered.
This entire review has been hidden because of spoilers.
May 7, 2019
This was entitled "The Fear Index" when I started reading it. Now it is "Angst". WTF?
It had a good premise, but there was too much psychology, not enough action. I almost abandoned it several times. Finally there was some action & it made so little sense that I did abandon it. I didn't care too much for the narrator, either.
It had a good premise, but there was too much psychology, not enough action. I almost abandoned it several times. Finally there was some action & it made so little sense that I did abandon it. I didn't care too much for the narrator, either.
April 5, 2025
La novela trabaja con la crisis económica actual y lo mezcla con el mundo de las nuevas tecnologías. Surge así una novela interesante que elabora una hipótesis de lo que ocurriría en un mundo gobernado por la inteligencia artificial. Buena y llena de datos, aunque me cabrea sobremanera ese final tan abierto, donde ni siquiera sabes si al final el protagonista muere o no.
June 27, 2012
Starting with this real world premise -- The May 6, 2010 Flash Crash[1] also known as The Crash of 2:45, the 2010 Flash Crash or just simply, the Flash Crash, was a United States stock market crash on May 6, 2010 in which the Dow Jones Industrial Average plunged about 1000 points—or about nine percent—only to recover those losses within minutes -- Harris delivers a powerful story about market manipulations and greed at a speed faster than intervention could arrest. During this seven minute "Flash Crash," 19.4 billion shared were traded on the NYSE. That is more than were traded in the whole decade of the 1960's! Events were denominated in milliseconds -- far beyond human comprehension.
I reviewed favorably recent non-fiction books on the late 2000's market crash. Most notably: "All the Devils are Here" and "Boomerang." But leave it to good fiction to bring the absurdity of our financial markets into sharp relief.
I've enjoyed Harris for awhile. His recent political intrigue "The Ghost" was great fun. But here, this "story" is less a romp than a cautionary indictment of our pervasive greed and its attendant huge costs to society. We expect greed in the markets -- Gordon Gekko: "greed is good" -- but what when this unbridled greed unravels the very fabric of society?
In Harris' hands, it is a story of great depth with range from the ridiculous to the sublime. In describing the NEXT processor in 1991 in Cern, Switzerland, that started the world wide web and goes on to, depending on your point of view, either best represent Pandora's Box or the the law of unintended consequence: "You start out trying to create the origins of the universe and you end up creating E-Bay."
A far more troubling example of the law of untended consequence is another real world story of a $10 billion decision to close down Desertron in 1993. Closing down this US super collider in Waxahachie, Texas wiped out the career plans of an entire generation of academic physicists. Many of these disposed scientists migrated to Wall Street to become Quants who helped build derivatives instead of particle accelerators. When they went wrong in 2008, the worldwide banking system imploded to the tune of $3.7 TRILLION. How much better would we, as a society, have been if we had keep them down on the farm in Waxahachie?
I reviewed favorably recent non-fiction books on the late 2000's market crash. Most notably: "All the Devils are Here" and "Boomerang." But leave it to good fiction to bring the absurdity of our financial markets into sharp relief.
I've enjoyed Harris for awhile. His recent political intrigue "The Ghost" was great fun. But here, this "story" is less a romp than a cautionary indictment of our pervasive greed and its attendant huge costs to society. We expect greed in the markets -- Gordon Gekko: "greed is good" -- but what when this unbridled greed unravels the very fabric of society?
In Harris' hands, it is a story of great depth with range from the ridiculous to the sublime. In describing the NEXT processor in 1991 in Cern, Switzerland, that started the world wide web and goes on to, depending on your point of view, either best represent Pandora's Box or the the law of unintended consequence: "You start out trying to create the origins of the universe and you end up creating E-Bay."
A far more troubling example of the law of untended consequence is another real world story of a $10 billion decision to close down Desertron in 1993. Closing down this US super collider in Waxahachie, Texas wiped out the career plans of an entire generation of academic physicists. Many of these disposed scientists migrated to Wall Street to become Quants who helped build derivatives instead of particle accelerators. When they went wrong in 2008, the worldwide banking system imploded to the tune of $3.7 TRILLION. How much better would we, as a society, have been if we had keep them down on the farm in Waxahachie?
January 23, 2022
This is a fast paced thriller that was a one day read for me.
I loved the technical aspects of stock trading because I have an MBA However, most would get confused.
This is a good one.
I loved the technical aspects of stock trading because I have an MBA However, most would get confused.
This is a good one.
December 22, 2021
Financial thriller about a man who writes an algorithm that goes rogue. It is set in Switzerland and involves a former CERN scientist with lots of brainpower but limited people skills. It is a decent premise, but around the half-way point, it goes completely off the rails. I like the artificial intelligence angle, inclusion of hedge funds, and analysis of fear as a driver of market behavior. However, It has way too many plot holes, and the ending is unsatisfying. The protagonist is supposed to be a genius, but, well, let’s just say his solution is something any first-year student of computer science could tell him would not work. I have read several previous books by Harris, so this one is disappointing. I can recommend: An Officer and a Spy, Pompeii, and Conclave.
January 25, 2012
A review of The Fear Index by Robert Harris
I am a big, big fan of Robert Harris. I found his book Enigma when my interest in the code breaking of Bletchley Park in WW2 was at its peak; that mix of fact and fiction blew me away and it remains his best book in my mind. On a par with it there is Fatherland, the alternative history classic, and almost level, Pompeii. Archangel is also not to be missed.
So, when I started The Fear Index, I was positively titillated with anticipation - a new Harris is always good news.
Within 50 pages, my enthusiasm was dampened somewhat, and after 150 pages, I was downright disappointed. This tale of a brilliant physicist who leaves CERN to write the best algorithmic investment system ever seen was just not what I have always liked best in Harris.
In my mind, Harris shines when he tells the tale of the single man, cast in a role by chance and personal talent, conquering insurmountable odds. Tom Jericho in Enigma, Xavier March in Fatherland, and Fluke Kelso in Archangel have all been set in a situation where only their personal integrity and hard work will win the day.
Not so in The Fear Index. Harris writes well as always, but the picture he draws of Alex Hoffmann has none of the usual charm of a Harris hero. Hoffmann is arrogant, talented, and definitely the man for the job, but his almost autistic lack of interaction doesn't endear him to the reader. Alex's relationship with his artist wife Gabrielle is superficial and uninteresting, even if the culmination point of that relationship in the art gallery raises eyebrows in the best tradition of Harris' books.
Another thing that worried me much was that Harris ventures into Clancyist methods of adding technobabble to add excitement. I was especially disappointed with the small things that he's always done really well: risking that I will be called a muppet by some people, I'll say that CPUs do not hum - transformers do, and there are no files in a computer's registry. Such small items become more and more evident towards the end of the book.
And the crucial element of any book of this type, namely suspension of disbelief, just didn't go far enough. I will not disclose the plot, but at 2/3 of the book it fell flat for me and I read the rest merely to see what happens, not on the edge of the seat enjoying every moment of it.
I will repeat that he writes just as well as ever (with a few somewhat tired similes, a first for me in his books), and to some people, especially in the world of finance, this may be more interesting than to the average lay person, but my expectations were not met, and I will remain in wait for his next book to see if he goes back to creating a truly interesting character in a complex and dangerous situation.
I am a big, big fan of Robert Harris. I found his book Enigma when my interest in the code breaking of Bletchley Park in WW2 was at its peak; that mix of fact and fiction blew me away and it remains his best book in my mind. On a par with it there is Fatherland, the alternative history classic, and almost level, Pompeii. Archangel is also not to be missed.
So, when I started The Fear Index, I was positively titillated with anticipation - a new Harris is always good news.
Within 50 pages, my enthusiasm was dampened somewhat, and after 150 pages, I was downright disappointed. This tale of a brilliant physicist who leaves CERN to write the best algorithmic investment system ever seen was just not what I have always liked best in Harris.
In my mind, Harris shines when he tells the tale of the single man, cast in a role by chance and personal talent, conquering insurmountable odds. Tom Jericho in Enigma, Xavier March in Fatherland, and Fluke Kelso in Archangel have all been set in a situation where only their personal integrity and hard work will win the day.
Not so in The Fear Index. Harris writes well as always, but the picture he draws of Alex Hoffmann has none of the usual charm of a Harris hero. Hoffmann is arrogant, talented, and definitely the man for the job, but his almost autistic lack of interaction doesn't endear him to the reader. Alex's relationship with his artist wife Gabrielle is superficial and uninteresting, even if the culmination point of that relationship in the art gallery raises eyebrows in the best tradition of Harris' books.
Another thing that worried me much was that Harris ventures into Clancyist methods of adding technobabble to add excitement. I was especially disappointed with the small things that he's always done really well: risking that I will be called a muppet by some people, I'll say that CPUs do not hum - transformers do, and there are no files in a computer's registry. Such small items become more and more evident towards the end of the book.
And the crucial element of any book of this type, namely suspension of disbelief, just didn't go far enough. I will not disclose the plot, but at 2/3 of the book it fell flat for me and I read the rest merely to see what happens, not on the edge of the seat enjoying every moment of it.
I will repeat that he writes just as well as ever (with a few somewhat tired similes, a first for me in his books), and to some people, especially in the world of finance, this may be more interesting than to the average lay person, but my expectations were not met, and I will remain in wait for his next book to see if he goes back to creating a truly interesting character in a complex and dangerous situation.
Read
February 13, 2012This book was terrible.
The characters are uninteresting, the plot is obvious and you can see the answer coming from miles away, and it has more holes than swiss cheese. Which, by the way, it's set in Switzerland, so that's convenient.
The characters are uninteresting, the plot is obvious and you can see the answer coming from miles away, and it has more holes than swiss cheese. Which, by the way, it's set in Switzerland, so that's convenient.
April 5, 2017
This was an enjoyable read, which I'd say is probably the most important thing about fiction. Robert Harris is clearly a very decent writer, and I have enjoyed two or three of his 20th Century historical novels very much, but was a little apprehensive after being given this to read by my book group - having been less keen on Harris' 'The Ghost' and 'Pompeii'.
No need to be. This is clearly a well researched and ambitiously (yet realistically) complex story about the use of computer algorithms to gain an advantage when trading with hedge funds. A slightly dry application is given interest by reference to how it affects the people involved, and how machine learning relates to Darwin's theories of natural selection and evolution. At times I found the thriller aspect all a bit silly (can't quite believe an academician and theoretical physicist/mathematician would be able to counter deadly assailants and threat like he does) and moments of financial detail lost my attention, but overall a good read.
No need to be. This is clearly a well researched and ambitiously (yet realistically) complex story about the use of computer algorithms to gain an advantage when trading with hedge funds. A slightly dry application is given interest by reference to how it affects the people involved, and how machine learning relates to Darwin's theories of natural selection and evolution. At times I found the thriller aspect all a bit silly (can't quite believe an academician and theoretical physicist/mathematician would be able to counter deadly assailants and threat like he does) and moments of financial detail lost my attention, but overall a good read.
July 10, 2012
I honestly didn't want to give this only two stars because I harbour a residual loyalty for Robert Harris following his earlier great thrillers. Sadly, though, I found it incredibly difficult to relate to the characters, setting and plot of this book.
Briefly, the protagonist, eminent scientist-turned-hedge-fund-manager Hoffman, accidentally lets loose artificially intelligent software across his trading floor and his life, with disastrous, if somewhat predictable, consequences.
Hoffman is not especially likeable, which is more, I think, through Harris's failure to fully develop him rather than his inherent flaws. This makes it difficult to care too much about his eventual fate. In fact, none of the characters is very sympathetic, with only the downtrodden police officer Leclerc garnering any degree of warmth from the reader.
Perhaps this is unsurprising given that the action is set in Geneva, which is made to appear as a cold, unwelcoming sort of a place, peopled by a global pool of unlikeable billionaires based there for tax avoidance purposes. There is no community, no family, just individuals worshipping at the alter of the markets.
Spoiler following
But the greatest disappointment in this is its lack of resolution. I know, I know, authors like to leave the reader with something to think about, something to chew over once the covers are closed. Still, though, I think some of the threads should be tied up more clearly. Are we meant to conclude that Hoffman's brain scan was correct in identifying the onset of a mental illness? Did he set himself up and then forget what he'd done? Or was the whole thing orchestrated by his out-of-control algorithm? Will Hoffman survive his fall? Will he and his wife reconcile? I can accept that leaving the fate of Hoffman's company hanging (with Quarry's decision to leave the cameras in place a tantalising prospect) but the main questions need greater resolution if you don't want the reader to come away with a nagging sense of frustration.
Better luck with the next one, Robert.
Briefly, the protagonist, eminent scientist-turned-hedge-fund-manager Hoffman, accidentally lets loose artificially intelligent software across his trading floor and his life, with disastrous, if somewhat predictable, consequences.
Hoffman is not especially likeable, which is more, I think, through Harris's failure to fully develop him rather than his inherent flaws. This makes it difficult to care too much about his eventual fate. In fact, none of the characters is very sympathetic, with only the downtrodden police officer Leclerc garnering any degree of warmth from the reader.
Perhaps this is unsurprising given that the action is set in Geneva, which is made to appear as a cold, unwelcoming sort of a place, peopled by a global pool of unlikeable billionaires based there for tax avoidance purposes. There is no community, no family, just individuals worshipping at the alter of the markets.
Spoiler following
But the greatest disappointment in this is its lack of resolution. I know, I know, authors like to leave the reader with something to think about, something to chew over once the covers are closed. Still, though, I think some of the threads should be tied up more clearly. Are we meant to conclude that Hoffman's brain scan was correct in identifying the onset of a mental illness? Did he set himself up and then forget what he'd done? Or was the whole thing orchestrated by his out-of-control algorithm? Will Hoffman survive his fall? Will he and his wife reconcile? I can accept that leaving the fate of Hoffman's company hanging (with Quarry's decision to leave the cameras in place a tantalising prospect) but the main questions need greater resolution if you don't want the reader to come away with a nagging sense of frustration.
Better luck with the next one, Robert.
October 15, 2011
I enjoyed it, mainly because I enjoy Robert Harris thrillers, have a graduate degree in AI, and currently work as a software geek in the financial industry (unfortunately not nearly as well paid as the ones in this book...then again, given that the cost of living in Geneva is well over twice what it is where I live, maybe I am :-). This is a skilful blend of fact--the events of the "flash crash" of May 2010--and fiction.
I would have given more stars, but there's a fundamental hole in the plot, which you only realize when the book is over. The villain of the piece didn't have to attack Hoffmann, certainly not in the manner it did (especially given how the troublesome risk manager was disposed of). It simply wasn't logical.
I would have given more stars, but there's a fundamental hole in the plot, which you only realize when the book is over. The villain of the piece didn't have to attack Hoffmann, certainly not in the manner it did (especially given how the troublesome risk manager was disposed of). It simply wasn't logical.
This entire review has been hidden because of spoilers.
November 15, 2015
This thriller is located in Switzerland and cyberspace. Alex Hoffman has developed an algorithm based on how people react to fear (The Fear Index) for a programme to maximise profits for his hedge fund company. He finds his entire life falling apart after a intruder enters his security protected fortress of a home.
Actions are taking place place that seem to be ordered by him, except the problem is that he has no recollection of instigating them. He thinks someone is after him and sets out to investigate. What unfolds is a global nightmare. Alex does survive although only just. An ok novel but I felt strangely disengaged with the story. It is fast paced. I am sure many will like it. I personally feel more ambivalent towards it.
Actions are taking place place that seem to be ordered by him, except the problem is that he has no recollection of instigating them. He thinks someone is after him and sets out to investigate. What unfolds is a global nightmare. Alex does survive although only just. An ok novel but I felt strangely disengaged with the story. It is fast paced. I am sure many will like it. I personally feel more ambivalent towards it.
March 23, 2021
This novel is a well-written story about a brilliant megalomaniac, Alex, with few if any interpersonal skills who having suffered a breakdown working for CERN in Switzerland went on to develop a computer algorithm, VIXAL, that generates an obscene amount of wealth for him, his employees and his investors.
Trading stocks across the world on multiple exchanges, the algorithm is left very much to its own devices until worrying events take place: the system increases its risk exposure by shorting excessive amounts of well-known companies' shares; Alex spots unaccountable financial transactions between his personal account and the company's; his spouse's exhibition of her art at a public showing is bought in total by an anonymous buyer. This quote from the book illustrates the quandary:
Hoffmann couldn’t take it in at first: too much information was coming at him too quickly. “But that’s way outside VIXAL’s parameters. That would be an extraordinary inflection point—a quantum leap.” “I thought it was a machine-learning algorithm.” “That’s right.” “Then maybe it’s learned something.” “Don’t be an idiot, Hugo. It doesn’t work like that.”
The plot reminded me of Hal in the 2001 Space Odyssey. I liked the theme, its development, the portrayal of the lead characters and the author's style of writing. At times the story got bogged down in over technical descriptions of the functionality of the algorithm and the financial world's exchanges. However, the book ends with an intriguing prediction on how companies will operate in the future. It's worth bearing the wording in mind as we develop more and more products using AI.
This review was written by Shawn Callon, author of The Diplomatic Spy.
Trading stocks across the world on multiple exchanges, the algorithm is left very much to its own devices until worrying events take place: the system increases its risk exposure by shorting excessive amounts of well-known companies' shares; Alex spots unaccountable financial transactions between his personal account and the company's; his spouse's exhibition of her art at a public showing is bought in total by an anonymous buyer. This quote from the book illustrates the quandary:
Hoffmann couldn’t take it in at first: too much information was coming at him too quickly. “But that’s way outside VIXAL’s parameters. That would be an extraordinary inflection point—a quantum leap.” “I thought it was a machine-learning algorithm.” “That’s right.” “Then maybe it’s learned something.” “Don’t be an idiot, Hugo. It doesn’t work like that.”
The plot reminded me of Hal in the 2001 Space Odyssey. I liked the theme, its development, the portrayal of the lead characters and the author's style of writing. At times the story got bogged down in over technical descriptions of the functionality of the algorithm and the financial world's exchanges. However, the book ends with an intriguing prediction on how companies will operate in the future. It's worth bearing the wording in mind as we develop more and more products using AI.
This review was written by Shawn Callon, author of The Diplomatic Spy.
August 18, 2022
Versuch eine Art Frankenstein des automatisierten Wertpapierhandels zu schreiben. Leider verträgt sich das Ethos der Warnung vor Künstlicher Intelligenz nicht besonders gut mit Supense, zudem ist der finale Kampf zwischen Schöpfer Hoffmann und seinem Monster ziemlich schlecht geschrieben.
Angst ist zwar längst nicht so schlecht wie München, das auf eine ziemlich uninspirierte Nacherzählung hinlänglich bekannt Vorgänge hinaus lief, aber spätestens ab der Hälfte hat die Muse den Autor, wer auch immer für dieses Elaborat verantwortlich war, ganz übel sitzen gelassen.
Mein letzter ungelesener Harris, der Autor hat damit bei mir fertig.
Angst ist zwar längst nicht so schlecht wie München, das auf eine ziemlich uninspirierte Nacherzählung hinlänglich bekannt Vorgänge hinaus lief, aber spätestens ab der Hälfte hat die Muse den Autor, wer auch immer für dieses Elaborat verantwortlich war, ganz übel sitzen gelassen.
Mein letzter ungelesener Harris, der Autor hat damit bei mir fertig.
February 13, 2022
DNF bei 150 Seiten
Ich warte immer noch auf den Thrill bei diesem Thriller. Es ist nämlich bisher nichts passiert, außer sehr fiktionales Börsengelabere und die Einführung unsympathischer Charaktere, die ich nicht näher kennenlernen will. Der Börsenvisionär hat eins mit dem Feuerlöscher übergezogen bekommen, es überlebt und seit dem langweilt er sich durch Buch. Bei "Angst" habe ich nur Angst, dass dieses Buch nicht endet.
Ich warte immer noch auf den Thrill bei diesem Thriller. Es ist nämlich bisher nichts passiert, außer sehr fiktionales Börsengelabere und die Einführung unsympathischer Charaktere, die ich nicht näher kennenlernen will. Der Börsenvisionär hat eins mit dem Feuerlöscher übergezogen bekommen, es überlebt und seit dem langweilt er sich durch Buch. Bei "Angst" habe ich nur Angst, dass dieses Buch nicht endet.
March 22, 2012
I think this book is more ambitious than it appears to be. A thriller set in the world of European high finance and IT, it is decorated with glass office buildings and large Mercedes cars, but populated with immensely unlikable characters, one of whom creates a monster. Robert Harris is trying for Frankenstein here - after all, it was Dr. Frankenstein's lack of insight and not his technical expertise that really created the monster - and it is a similar lack of insight into the nature of the organism he has created that dooms Harris's protagonist, Alex.
Alex is nominally a physicist, but his expertise really lies in the identification of data predictors and analysis. So he has created an algorithm that analyzes the activity of the financial markets in order to make a shit-ton of money doing microtrades and predicting market events. And in the tradition of bad robots everywhere, the algorithm begins to work too well. It's at this point that one might expect the computer to start maximizing its efficiency by bypassing unpredictable human intervention and manipulating events itself - a la War Games - but that's not what it does. Instead, it appears to have identified so strongly with its creator that it attempts to make all his dreams come true. With hilarious results! No. Not hilarious. I'm kidding.
Where the book fails is in establishing this connection between Alex and his monster. Alex is your standard slightly Aspy science guy, but not until the very end of the book do we find him alone with the algorithm. We don't see the long hours crafting it, fine-tuning it, lovingly placing the bolts into the creature's neck, so to speak. So the book fails the belief test when we are asked to believe that the algorithm wishes to please its master, but also when Alex quite stupidly underestimates its foresight.
On the other hand, I was extremely impressed with the readability of this book. It's truly a one-sitting book. And there are some very cogently expressed insights about computers and about finance. There's a paragraph or two about the tasks we expected robots to take off our hands - housework and labor - and what computers turn out to be actually better than us at - analysis and decision-making - that made me close the book and think for a minute or two. This put me in mind of Cory Doctorow, Neal Stephenson, and William Gibson.
Alex is nominally a physicist, but his expertise really lies in the identification of data predictors and analysis. So he has created an algorithm that analyzes the activity of the financial markets in order to make a shit-ton of money doing microtrades and predicting market events. And in the tradition of bad robots everywhere, the algorithm begins to work too well. It's at this point that one might expect the computer to start maximizing its efficiency by bypassing unpredictable human intervention and manipulating events itself - a la War Games - but that's not what it does. Instead, it appears to have identified so strongly with its creator that it attempts to make all his dreams come true. With hilarious results! No. Not hilarious. I'm kidding.
Where the book fails is in establishing this connection between Alex and his monster. Alex is your standard slightly Aspy science guy, but not until the very end of the book do we find him alone with the algorithm. We don't see the long hours crafting it, fine-tuning it, lovingly placing the bolts into the creature's neck, so to speak. So the book fails the belief test when we are asked to believe that the algorithm wishes to please its master, but also when Alex quite stupidly underestimates its foresight.
On the other hand, I was extremely impressed with the readability of this book. It's truly a one-sitting book. And there are some very cogently expressed insights about computers and about finance. There's a paragraph or two about the tasks we expected robots to take off our hands - housework and labor - and what computers turn out to be actually better than us at - analysis and decision-making - that made me close the book and think for a minute or two. This put me in mind of Cory Doctorow, Neal Stephenson, and William Gibson.
This entire review has been hidden because of spoilers.
November 13, 2020
Despite our joy with the two previous Robert Harris novels we had read, this standalone “thriller”, “Fear Index”, really tested our almost lifetime resolve to finish every book we start. When the plot of a 19-chapter novel doesn’t heat up until chapter 17, it takes one nearly three awful hours of slogging to get there. Even then, a strange and dissatisfying conclusion added no value to the journey.
It wasn’t exactly the subject matter; we are personally quite familiar with the aspects and concepts of financial market day trading, and the computer technology hypotheses involved in artificial intelligence. But combine that with money-sick characters about whom we cared not a whit, with barely a sniff of suspense, this story will surely try most reader’s patience. We’re frankly amazed that as many reviewers tolerated it to good ratings as seems to be the case, despite a plethora of one- or two-star reactions, including ours.
The chapter-heading citations, mostly from Darwin’s “Origin of the Species”, were apparently an attempt to add some sort of overarching philosophy on the future of mankind – we hate to seem obtuse, but they were too esoteric for our taste. Bottom line, we wish we had something positive to say, but this one is not recommended. {1.5}
It wasn’t exactly the subject matter; we are personally quite familiar with the aspects and concepts of financial market day trading, and the computer technology hypotheses involved in artificial intelligence. But combine that with money-sick characters about whom we cared not a whit, with barely a sniff of suspense, this story will surely try most reader’s patience. We’re frankly amazed that as many reviewers tolerated it to good ratings as seems to be the case, despite a plethora of one- or two-star reactions, including ours.
The chapter-heading citations, mostly from Darwin’s “Origin of the Species”, were apparently an attempt to add some sort of overarching philosophy on the future of mankind – we hate to seem obtuse, but they were too esoteric for our taste. Bottom line, we wish we had something positive to say, but this one is not recommended. {1.5}
September 7, 2022
Harris at his best.
Fast paced and the plot is disconcertingly plausible.
Fast paced and the plot is disconcertingly plausible.
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