The Power of Nothing to Lose The Hail Mary Effect in Politics, War, and Business

"What do Rosa Parks, Mohamed Atta, Aaron Rodgers, George Washington,and Adolf Hitler, have in common...Silber has the answer." - Keen On Podcast

"Fascinating." - Tobias Carlisle, The Acquirers Podcast

"[William L. Silber's] comments are pertinent in the present day of cryptocurrencies, the 'retailization' of options trading, NFTs, and meme stocks, among others." - The Contrarian Investor Podcast

"Silber uses specific examples of how 'the power of nothing to lose' has benefited many people who have changed the course of history, from Rosa Parks to star athletes such as Venus Williams." - Sofia Pitt, CNBC

"Silber is a charming narrator, and the stories in this book range from the Montgomery bus boycott to the mating habits of spiders to the sinking of the Lusitania. The insight linking these episodes is both simple and profound: when people (or spiders) have nothing to lose, caution deserts them. Refugees seeking asylum, presidents facing term limits, patients with terminal illnesses, Adolf Hitler in December 1944: all illustrate how desperate people will rationally gamble for redemption. Read Silber for the pleasure of his prose. But also read him for his wisdom." - Sebastian Mallaby, Senior Fellow at the Council on Foreign Relations, and author of More Money Than God: Hedge Funds and the Making of a New Elite

"'Freedom's just another word for nothin left to lose,' sang Janis Joplin, who proceeded to lose her life to drugs and drink at the age of 27. As Bill Silber shows in this enthralling and entertaining book-which I devoured in a single sitting-all kinds of people through history have acted recklessly in the belief that they had nothing to lose, from second-term presidents pardoning crooked cronies to quarterbacks throwing Hail Mary passes. Taking a big risk is the smart thing to do when your downside is truly limited, Silber argues. Indeed, it can make you a hero. But gamblers often underestimate the potential losses of the long shot, especially if those losses are likely to be borne by others. One of the world's most brilliant teachers of finance, Bill Silber knows that the best way to teach the tricky math of options-pricing is to wrap it in good yarns from sports, politics and history. The Power of Nothing to Lose brings together some of his best stories-and kindly omits the math." - Niall Ferguson, Milbank Family Senior Fellow, the Hoover Institution, and author of The Ascent of Money

"'As Bill Silber shows in this enthralling and entertaining book--which I devoured in a single sitting--all kinds of people through history have acted recklessly in the belief that they had nothing to lose, from second-term presidents pardoning crooked cronies to quarter-backs throwing Hail Mary passes. One of the world's most brilliant teachers of finance, Bill Silber knows that the best way to teach the tricky math of options-pricing is to wrap it in good yarns from sports, politics and history. The Power of Nothing to Lose brings together some of his best stories--and kindly omits the math." - Niall Ferguson, Milbank Family Senior Fellow, the Hoover Institution, and author of The Ascent of Money

"A brisk look at times when it pays off to take a chance." - Kirkus Reviews

"Silber has a great eye for forces that have driven important decisions in history. This book weaves together gripping accounts of risky behavior by politicians, generals, and business leaders, and how they impacted society in surprising ways. I couldn't put this book down." - Thomas J. Sargent, Nobel Laureate in Economics