Tuesday, February 26, 2013
Book Review: The Extra 2%
This book review was originally posted on Reed Reads. I got the chance to read The Extra 2%: How Wall Street Strategies Took a Major League Baseball Team from Worst to First by Jonah Keri and thought this it was a fantastic book. The book begins by talking about the early parts of the Tampa Bay Devil Rays franchise - how they came to be, and how they first ran things under the initial owner and general manager. It was a period marked by futility, alternating strategies, and a lot of losing. Fans lost interest, and the D-Rays were a joke of an MLB franchise. Around the mid 2000s, they were sold to a buyer that had a history on Wall Street. The people he hired to run the team also had extensive experience on Wall Street, which is where the title of the book comes from. It talks about some of the areas where the Rays looked for inefficiencies in the market to build the baseball team, since they knew they would not have the financial resources to compete against teams like the New York Yankees or Boston Red Sox. The book's most obvious comparison is Moneyball by Michael Lewis. It wants to be like that, and reaches out for the same fans that liked Moneyball. It is not that good - the detail into what makes the Rays successful is not shown in nearly as much detail as Lewis' famous book, but it is a great look into an MLB franchise.