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The Extra 2%: How Wall Street Strategies Took a Major League Baseball Team from Worst to First Hardcover – March 8, 2011

4.1 4.1 out of 5 stars 282 ratings

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What happens when three financial industry whiz kids and certified baseball nuts take over an ailing major league franchise and implement the same strategies that fueled their success on Wall Street? In the case of the 2008 Tampa Bay Rays, an American League championship happens—the culmination of one of the greatest turnarounds in baseball history.

In
The Extra 2%, financial journalist and sportswriter Jonah Keri chronicles the remarkable story of one team’s Cinderella journey from divisional doormat to World Series contender. When former Goldman Sachs colleagues Stuart Sternberg and Matthew Silverman assumed control of the Tampa Bay Devil Rays in 2005, it looked as if they were buying the baseball equivalent of a penny stock. But the incoming regime came armed with a master plan: to leverage their skill at trading, valuation, and management to build a model twenty-first-century franchise that could compete with their bigger, stronger, richer rivals—and prevail.

Together with “boy genius” general manager Andrew Friedman, the new Rays owners jettisoned the old ways of doing things, substituting their own innovative ideas about employee development, marketing and public relations, and personnel management. They exorcized the “devil” from the team’s nickname, developed metrics that let them take advantage of undervalued aspects of the game, like defense, and hired a forward-thinking field manager as dedicated to unconventional strategy as they were. By quantifying the game’s intangibles—that extra 2% that separates a winning organization from a losing one—they were able to deliver to Tampa Bay something that Billy Beane’s “Moneyball” had never brought to Oakland: an American League pennant.

A book about what happens when you apply your business skills to your life’s passion,
The Extra 2% is an informative and entertaining case study for any organization that wants to go from worst to first.

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Editorial Reviews

Review

“The rise of the Rays over the last half-decade has been so improbable it seems as if it was done by magic. It wasn’t. It took hard work, know-how, luck, and—as the title of this book suggests—those little moves on the margins that make all the difference. THE EXTRA 2% is far from a financial research paper, though—it is a fun, lively, and very smart read that might just make you into a Rays fan.” —Will Leitch, author of Are We Winning?

“Jonah Keri has given us a fascinating look at how the Tampa Bay (Devil) Rays became winners. THE EXTRA 2% is a captivating book if you love baseball, but it’s an even more captivating book if you love success.”
—Joe Posnanski, senior writer, Sports Illustrated

“Tampa Bay winning the American League East ahead of the Yankees and the Red Sox twice in three years is one of the most underappreciated sports accomplishments of the last twenty years. Jonah Keri has written a combination business book and wonderful collection of anecdotes that should allow the reader to easily answer the question ‘What was Tampa Bay thinking?’ as well as understand how difficult it will always be for a team in that market to open its competitive window for longer than three years at a time.”
—Peter Gammons, three-time National Sportswriter of the Year

“The Tampa Bay Rays—with their ma-and-pa-sized budget—have gone head to head with baseball’s two superpowers, the Yankees and the Red Sox. In the superb THE EXTRA 2%, Jonah Keri explains how and why in a way that will remind readers of Michael Lewis’s
Moneyball.”
—Buster Olney, senior writer, ESPN The Magazine, and author of How Lucky You Can Be

“All baseball fans ever ask for is hope: hope not only for a season out of their dreams, but also for leaders smart enough and imaginative enough to figure out how to make those dreams reality. In THE EXTRA 2%, Jonah Keri not only presents this blueprint followed to perfection but does so with a brilliant page-turner of a book that will satisfy fans of both baseball and first-rate writing.”
—Mike Vaccaro, columnist, the New York Post

“There are a million ways to build a World Series team, but no one has ever built one quite like the Wall Street escapees in Tampa Bay. After reading Jonah Keri’s brilliant account of the Rays’ rise from laugh track to payback, I found myself thinking, ‘The heck with Moneyball. Give me Equityball.’ ”
—Jayson Stark, senior writer, ESPN.com

About the Author

Jonah Keri is the co-author and editor of Baseball Between the Numbers: Why Everything You Know About the Game Is Wrong, as well as a contributor to ESPN.com, SI.com, Baseball Prospectus, The New York Times, The Wall Street Journal, and other publications. He writes the flagship stock market column for Investor’s Business Daily and has been named the lead baseball analyst for the new Bloomberg sports venture.

Product details

  • Publisher ‏ : ‎ ESPN Books; First Edition (March 8, 2011)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 272 pages
  • ISBN-10 ‏ : ‎ 0345517652
  • ISBN-13 ‏ : ‎ 978-0345517654
  • Item Weight ‏ : ‎ 1.05 pounds
  • Dimensions ‏ : ‎ 6.44 x 0.94 x 9.58 inches
  • Customer Reviews:
    4.1 4.1 out of 5 stars 282 ratings

About the author

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Jonah Keri
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Jonah Keri currently covers baseball for CBS Sports and Sports Illustrated. He is the host of The Jonah Keri Podcast, on the Nerdist network.

He is the author of "Up, Up, and Away: The Kid, the Hawk, Rock, Vladi, Pedro, le Grand Orange, Youppi!, the Crazy Business of Baseball, and the Ill-fated but Unforgettable Montreal Expos" (Random House Canada, 2014).

He is the author of the New York Times bestseller "The Extra 2%: How Wall Street Strategies Took a Major League Baseball Team from Worst to First" (ESPN Books/Ballantine, 2011). He also edited and co-authored "Baseball Between the Numbers" (Basic, 2006), and has contributed to many other books.

From 2011 to 2015 Jonah was the Lead Baseball Writer for Grantland. From 1999 to 2010 he covered the stock market for Investor's Business Daily. Jonah's writing has appeared in ESPN.com, SI.com, The New York Times, The Wall Street Journal, Baseball Prospectus, FanGraphs.com, Bloomberg Sports, Montreal Gazette, and many other publications.

Jonah is a native of Montreal and currently lives in Denver. He profoundly hopes to see Tim Raines enter the Hall of Fame.


Customer reviews

4.1 out of 5 stars
282 global ratings

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Customers say

Customers find the book an interesting and entertaining read for sports fans. They appreciate the inside story of the Tampa Bay Rays organization and their success. The book provides a nice chronicle of the Rays' history and success. The author uses humor and analytics to relate the story. However, opinions differ on the depth of the book, with some finding it insightful and providing great insight into the organization, while others feel there is not enough analysis of the inner workings. There are mixed views on the writing style, with some finding it easy to read and straightforward, while others feel it has too many digressions and lacks inspiration.

AI-generated from the text of customer reviews

35 customers mention "Readability"35 positive0 negative

Customers find the book readable and interesting for sports fans. They describe it as an enjoyable read about baseball's transformation.

"...Keri, brilliantly uses a fun, light-hearted humor that allows for an interesting read while seamlessly switching back and forth between business and..." Read more

"...game is merely the opening act--and why they are done was really fascinating reading. And reading about Joe Maddon is interesting too...." Read more

"...This was one of the best baseball books of its year. "The Extra 2%" is a superb case study about the baseball business." Read more

"As a Rays season ticket holder, I was excited to read this book...." Read more

23 customers mention "Story quality"23 positive0 negative

Customers find the book's story engaging. They describe it as an interesting inside look at an organization built to last and be successful. The stories are entertaining, thought-provoking, and educational for readers of all disciplines. Readers appreciate the first-person narratives and the history of the Rays.

"...There are many lessons throughout the book that any business person, sports-related or not, should consider implementing in his or her organization...." Read more

"...And reading about Joe Maddon is interesting too. He has an unusual managing style, and getting to understand the why behind the "he did what?"..." Read more

"...really dry material, but Keri works in real-life, first-person stories into the narrative...." Read more

"...that really ties the whole thing together, but the stories themselves can be entertaining. Some are good, and some are lacking...." Read more

10 customers mention "Baseball knowledge"10 positive0 negative

Customers appreciate the book's baseball knowledge. They say it's a well-written case study about the baseball business. The book is structured and professional, with an unusual managing style.

"...And reading about Joe Maddon is interesting too. He has an unusual managing style, and getting to understand the why behind the "he did what?"..." Read more

"This is a decent effort about a decent team, but will really only be interesting to Rays fans and now Dodfer dans, now that the Rays former GM is..." Read more

"...34;The Extra 2%" is a superb case study about the baseball business." Read more

"...Some parts are almost documentary-like, well-written, structured, and professional...." Read more

4 customers mention "Rays content"4 positive0 negative

Customers find the book about the Rays interesting. They say it provides a nice chronicle of the franchise and their success.

"This book is an interesting read about the Tampa Bay Rays and their great success relative to their payroll...." Read more

"...Interesting background on the Rays if you are unfamiliar with that franchise...." Read more

"Nice chronicle of the Rays and their success. Not enough analysis of their inner workings, and how Wall Street experience really aided them." Read more

"Good book about the Rays, not as much strategy detail as MoneyBall..." Read more

3 customers mention "Humor"3 positive0 negative

Customers appreciate the humor used in the book.

"...The author, Jonah Keri, brilliantly uses a fun, light-hearted humor that allows for an interesting read while seamlessly switching back and forth..." Read more

"...The writing is okay. Some humorous jabs and quips seep in through parenthetical asides...." Read more

"...Jonah gives a great review of the remarkable Rays turnaround. He uses humor and his standard analytics to relate the story." Read more

19 customers mention "Depth"13 positive6 negative

Customers have different views on the book's depth. Some find it provides great insight into the Tampa Bay organization and how to apply quantitative thinking and quantitative analysis. They appreciate the well-supported description of the business of sport in America. However, others feel the book lacks sufficient detail and background information regarding decision making.

"...parts are almost documentary-like, well-written, structured, and professional...." Read more

"...glad we're seeing more books like this one these days with good, solid analysis, especially of teams that have been overlooked for too long, just..." Read more

"...The book doesn't really provide much insight as to HOW that happened, just that it did...." Read more

"...It really shows how qualitative thinking and quantitative analysis need to go hand-in-hand...." Read more

19 customers mention "Writing style"10 positive9 negative

Customers have different views on the writing style. Some find it okay and easy to read, while others feel there are too many digressions, the writing is uninspired, and the book lacks structure. They mention it's unfocused and poorly edited.

"This book is well written, and tells an interesting story of how outsiders can improve the inside with complex statistical theory...." Read more

"...It would be difficult to read this book and not have a new appreciation for the Tampa Bay Rays and what the organization had to overcome to escape..." Read more

"...The writing is okay. Some humorous jabs and quips seep in through parenthetical asides...." Read more

"...But the writing also leaves something to be desired. Too many digressions within the writing--as if the writer had a good tidbit of information that..." Read more

Top reviews from the United States

  • Reviewed in the United States on October 13, 2015
    The Extra 2% is a charming book that touches on many aspects of business while being disguised as a true underdog story in the baseball world. The author, Jonah Keri, brilliantly uses a fun, light-hearted humor that allows for an interesting read while seamlessly switching back and forth between business and baseball. It would be difficult to read this book and not have a new appreciation for the Tampa Bay Rays and what the organization had to overcome to escape the mockery that came with trolling the bottom of the American League East division for so long.
    The heart of this book is built around the detailed development of the main “players” in this story which included the owners, executives, coaches and players and how putting the right people in the right places can dramatically change the overall culture of the organization and its surrounding community. It is apparent that it does not take an experienced sports mind to revive a baseball organization but someone who has the mindset that “Fortune Favors the Bold.”
    Jonah does an exceptional job of painting a clear picture of the failures that occurred within the organization and the steps new management underwent to take the Rays from “worst to first” on and off the field. There are many lessons throughout the book that any business person, sports-related or not, should consider implementing in his or her organization. It is evident that some of those lessons are demonstrated through the Ray’s understanding of the importance of patience, sticking to their long-term vision, and trusting the process no matter what. These lessons became the foundation for many decisions and were effective more often than not despite much criticism.
    The Extra 2% teaches you how vital it is to properly use your competitive advantage and no one did that better than the Rays’ ownership. The idea behind finding the “extra 2%” (that little, but essential, edge on the competition) will always exist, in baseball as in business. By the time you finish this book you will find yourself wishing that the “new look” Rays had won the 2008 World Series so that they could have pulled off the (almost) impossible Cinderella Story.
    One person found this helpful
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  • Reviewed in the United States on December 25, 2011
    This book is well written, and tells an interesting story of how outsiders can improve the inside with complex statistical theory. It also explains how the Wall Street masters of the universe tired of whatever they do, bought the Tampa Bay (nee Devil) Rays and improved the franchise's bottom-line rapidly.

    The book is sort of a sequel to Moneyball in some ways, though it is written by a different author. It covers how things have changed in the 7 years since that book made Billy Beane famous (again).

    The book's descriptions of what some would think to be gimmicks--like camp out inside Tropicana Field Night and Saturday Night Concerts where the baseball game is merely the opening act--and why they are done was really fascinating reading.

    And reading about Joe Maddon is interesting too. He has an unusual managing style, and getting to understand the why behind the "he did what?" was fascinating. Good book. Worth the read.
  • Reviewed in the United States on December 17, 2014
    This is a decent effort about a decent team, but will really only be interesting to Rays fans and now Dodfer dans, now that the Rays former GM is running the Dodger Front Office. This is no Moneyball. It's not a revolutionary look at a different way to play the game. Many of the successes of the new team leadership detailed in the book are really defined by in contrast to the Rays original owner, Vince Namoli, and can be summed up with three words: "Don't be stupid." A major league owner who nickels and dimes fans is going to be hated; one who does that with an expansion team will lose; one who signs washed up veterans and loses games will be mocked. All of this we have seen before and most callers to talk radio shows could basically do half the job, or more. The Rays faced special problems, including the presence of the Yankees (both in their division, and literally their market), but some of those were neither the fault of the old owner, nor have they been fixed by the new owners. Indeed, the book while acknowledging some success by the old regime, ignores the fact that bad luck and choices that most good baseball people would make caused a good deal of the problems. By the same token, it seems to overly credit the new regime with moves, including draft picks, that the old regime made. It. Also gives great insight into Joe Maddon, a crucial part of the Rays success. But it ignores that Maddon's methods weren't Wall Street--they were simply basic principles of coaching and teaching. If other coaches run pointless drills during sprung training while Maddon's practices teach players how to play better, this is not a 2% solution--it's just a failure of most major league managers, where college and minor league instructors succeed. In the end, the only central thesis that holds is that Namoli was a bad owner.

    Interestingly, this book may give insight to the Rays regime as they spread into the rest of baseball. And combined with recent moves, it will cause worries. Friedman applies Wall Street strategies, as the title implies, in order to succeed in a tough situation. How does that apply to the rest of baseball? Not well. Player arbitrage and the like don't really work for a fan base. Moneyball was about finding value where others did not. It's premise was how could Billy Beane replace three high-priced talents that left the As for free agency, and then gets into explaining the fundamental difference in approach that the As used, which has largely revolutionized how front offices have looked at the game. But, even while it was a literary starting point, it revealed a truth--even Billy Beane would have re-signed Jason Giambi and Johnny Damon if he'd had the resources. And successful acolytes of his with vast resources--like Theo Epstein in Boston--have done just that. Indeed, the book mentions that the Yankees Brian Cashman and his baseball operations department are just as talented as Friedman and his team, and points out that after missing the playoffs and losing the division to the Rays in 2008, they took a very defective strategy and went out and bought the best talent available, steamrolling to another world championship the next year. The book does not give any hint that Friedman would operate effectively in such a scenario, and when compared to his early moves with the Dodgers, including a pointless salary dump of their best hitter, it suggests that he does not get it. In the end, it may really be an example of modernWall Street--hedge trade, arbitrage, but don't worry about real long-term value. The problem with that is that this was the Wall Street thinking when Steinberg, Sterner, and Friedman left the street for baseball, but just before that Wall Street thinking nearly destroyed the entire economy.

    A note on the writing itself. Like I said, the central argument of the book is overstated--the old regime not nearly so bad, and the new regime not nearly as good. But the writing also leaves something to be desired. Too many digressions within the writing--as if the writer had a good tidbit of information that he really wanted to tell you about, but not really on point. The style was sometimes awkward, making it necessary to re-read sentences or paragraphs. Maybe this was just being too clever. But the examples in the argument had problems. The same players and circumstances would be referenced multiple times, but sometimes for inconsistent reasons. Carlos Pena went from being smartly cast off, to being a lucky re-sign to plug a hole, to a star hitter at the core of the team, to being not a great player but a really good clubhouse presence. All of these were viewed as positive moves, but in the end, it is either evidence for inconsistent points about the new regime. Talented rookies were viewed as key players in re-establishing the Rays brand in Tampa and creating long-term connections with the community, but their trades two years later are labeled brilliant moves of baseball arbitrage.
    3 people found this helpful
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Top reviews from other countries

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  • ExecN
    5.0 out of 5 stars Liked
    Reviewed in Canada on August 26, 2016
    Great book about sabre-metrics and follow-up to Moneyball!
  • Mark Pack
    3.0 out of 5 stars Harder going than Moneyball for non-baseball fans, although still much to interest fans and non-fans alike
    Reviewed in the United Kingdom on November 15, 2014
    Jonah Keri's The Extra 2% is the story of what happened when three financial industry experts took over a failing baseball team with an unpopular owner and tried to turn it round. As the full title reveals, they did rather well.

    The book came several years after the famous bestseller Moneyball: The Art of Winning an Unfair Game, itself the tale of a similar turnaround of a small and financially limited team into one that could compete with - and beat - vastly richer rivals.

    The Extra 2% is harder going than Moneyball for non-baseball fans, although the basic story - of spotting new ways of doing things in order to get a competitive edge - is of interest to more than just baseball fans.

    Whilst Moneyball gives much more detail as to how its protagonists found their edge, The Extra 2% does a great job at explaining how jaw-droppingly bad in many ways the previous Tampa Bay Rays regime was.

    This book also has the extra interest of the financial backgrounds of the three people who took over and revolutionised the Tampa Bay baseball franchise. Financial experts have a rather checkered reputation, to put it mildly, especially when they have tried to apply their values outside of the financial markets. So Jonah Keri's account is an interesting tale of both the pitfalls and benefits of taking basic financial attitudes such as seeking opportunities for arbitrage and applying them to areas very different from the financial markets.

    Keri's account shows how the wisest financial experts do not simply look to cut costs - the mistake made by the previous owner of the Rays - but rather look to make effective investments. Other than that, the book is rather silent on quite what the new team did to turn round the club so dramatically, perhaps in part because the publicity given to specific techniques in Moneyball made it easier for others to emulate them. The Rays team are wise in their reticence to explain the reasons for their own success.

    Still, it's an interesting book - and if you're interested in the wider lessons about how modern sport works and how attitudes of mind formed in the financial markets work elsewhere, then the lack of hard-edged baseball analysis isn't a drawback.
  • ショーンズ
    3.0 out of 5 stars 基本的に野球の本
    Reviewed in Japan on June 5, 2011
    タイトルにあるウォールストリートの話はあまり突っ込んで語られません。レイズの経営陣が、ウォールストリート出身という話や、球団がリスクを負わない球団が行使できるオプションが、リスク無しで利益を上げられる裁定取引に例えられている位です。

    ただ野球本としては、すごく面白い!レイズが強くなっていく過程が、丁寧に書かれています。100敗を避けるための補強をしないとか、怪我の兆候を察知する専門家がいるなど野球ファン必読のエピソード満載です。ちなみに、広島バリントンのドラフト1位秘話が79ページに載っていますので、そこだけでも是非読んでみてください。
  • PompousMoose
    4.0 out of 5 stars You'll love it!
    Reviewed in Canada on July 9, 2015
    For those of you who enjoy Jonah Kerri's writing style, you will love this book by reading the first 10 pages.

    Lots of insights from a basebal insider that has a passion for out of the box thinking and analytical approaches to baseball.
  • David R. Lingwood
    5.0 out of 5 stars Five Stars
    Reviewed in Canada on August 18, 2017
    excellent