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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
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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.
- Print length272 pages
- LanguageEnglish
- PublisherESPN Books
- Publication dateMarch 8, 2011
- Dimensions6.44 x 0.94 x 9.58 inches
- ISBN-100345517652
- ISBN-13978-0345517654
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“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
Excerpt. © Reprinted by permission. All rights reserved.
Victory is yes after a thousand nos. --Rick Dodge, former St. Petersburg city administrator
Big Jim Thompson stalked the floor of the Illinois state legislature, sweat soaking through his shirt and streaming down his brow. The Illinois State Senate had narrowly passed a bill that would pay for a new stadium for the Chicago White Sox. It was now up to the House of Representatives to approve the bill. That meant Thompson, the six-foot-six, 230-pound Illinois governor, now had to crack some skulls.
The Senate’s vote had been contentious. Dissenting lawmakers blasted the bill. They asked why Illinois should shell out nine figures to build a new ballpark for White Sox owners Jerry Reinsdorf and Eddie Einhorn, both of them millionaires many times over, while the state’s schools went woefully underfunded. Now House members were expressing similar objections. Worse yet for Thompson, the clock was ticking. The General Assembly had until midnight Central Time to pass the stadium bill. If the House failed to get the necessary votes, July 1, 1988, would be forever remembered as the day one of baseball’s oldest franchises was forced out of town.
Twelve hundred miles away in Florida, St. Petersburg couldn’t sleep. Hundreds of thousands of dollars had been spent on committees and feasibility studies. Millions more were spent to remove toxic chemicals from a downtown plot of land that once housed a coal gasification plant. Another $138 million would be spent on a domed, multi-use stadium on that site, which the city had begun building--on spec--to attract a major league team.
Giddy with anticipation, St. Pete’s community leaders and baseball advocates watched the clock approach 1:00 a.m. Eastern Time. For months, speculation had grown that the White Sox wouldn’t get their deal and would bolt for Florida. Local newscasts had long ago embedded reporters at the Illinois Statehouse, and live reports were now streaming in from Springfield, Illinois. St. Petersburg’s hulking new stadium was half-completed, still awaiting an anchor tenant. In just a few minutes, the city would learn if the stadium plan variously described as courageous, reckless, and just plain ballsy would finally reel in the Major League Baseball team that the stadium’s builders craved.
As the deadline approached, Governor Thompson’s lobbying efforts intensified. He towered over House members, grasping shoulders, shaking hands, whispering threats to some, promises to others. Thompson saw the White Sox as a vital part of Chicago’s very self, a valuable institution with a history stretching beyond anyone’s living memory. The governor gradually swayed votes to his side. But every time he looked up, he would see that damned clock. All the pleading and cajoling was about to go to waste. With midnight about to strike, Thompson was still six votes short. The governor had only one move left.
He stopped the clock.
“We were live on the air, and twelve o’clock came and went,” recalled Mark Douglas, a former reporter for WTSP-TV St. Petersburg who was embedded at the Illinois Statehouse. “John Wilson, our news anchor at the time, says, ‘Mark, help me out here. I thought the vote had to be made by midnight.’ Sure enough, the clock in the chamber was stuck at a few minutes before midnight. Since they’d stopped the clock, they had not officially reached their deadline.”
Even by the down-and-dirty standards of Illinois politics, this was a jarring move. The state had seen countless Chicago aldermen rung up on racketeering and extortion charges, judges brought down for accepting bribes, mayors and state senators indicted or convicted on various charges. Two decades later, sitting governor Rod Blagojevich would be impeached and removed from office for a range of alleged infractions--including an alleged pay-to-play scheme in which he plotted to sell Barack Obama’s vacated Senate seat to the highest bidder--and later convicted on a charge of lying to the FBI. But never in Illinois history had lawmakers stopped time to get what they wanted.
Thompson took full advantage. The governor secured the votes he needed, then put the bill up for vote. The proposal was approved by a thin margin: 60–55.
“It’s a political resurrection from the dead,” Thompson beamed afterward.
Meanwhile, the mood turned to shock and anger in St. Pete. The city had collected nearly twenty thousand entries to name the new stadium. Thousands of Florida White Sox T-shirts were chucked into the trash. The local media eviscerated Thompson and the rest of the Illinois General Assembly.
In a court order the day after the vote, David Seth Walker, the longest-serving circuit judge in Florida history, summed up the unlikely chain of events that got the Chicago stadium bill passed. Only twice in the history of man had the passage of time stopped, Walker proclaimed. Citing the Bible, Walker noted that the first instance occurred when Joshua was surrounded by enemies and feared he’d be overpowered upon nightfall. He pleaded to the Lord, who responded with a miracle--making the sun stand still. The second time happened in the Illinois legislature.
Major League Baseball had just begun to take St. Petersburg for a roller-coaster ride. With a completed, mostly empty stadium, the city wouldn’t--couldn’t--jump off.
Long before Vince Naimoli made baseball miserable for an army of sad, black, gold, green, purple, and teal-clad fans, the people of St. Petersburg pined for any major league club at all. But once an MLB team finally came to St. Pete, it stunk. Imagine you’re a Chicago Cubs fan, doomed to follow a team with no hope of winning the big one . . . no matter what the theoretical odds say. Only instead of playing in picturesque Wrigley Field under bright blue skies, you watch your Cubbies lope after fly balls in a windowless warehouse somewhere in Indiana--a warehouse you waited half your life to get built. Use the Tampa Bay Devil Rays conversion system, where ten years of losing (most of those under the worst owner in sports) feel like a hundred, and you have a sense of the despair that rained down on St. Pete. It would take a complete management overhaul, a new generation of young star players, and a full-blown exorcism to finally turn the tide.
The city’s baseball history wasn’t always so glum. St. Pete had plenty of happy baseball memories dating back a lifetime before Major League Baseball ever arrived.
In 1902, the St. Petersburg Saints started play as a semipro team. The Saints eventually evolved into a minor league team, before folding in 1928. Another minor league club called the Saints emerged nearly two decades later. That team would later become the St. Petersburg Cardinals, and eventually the St. Petersburg Devil Rays, going through five different major league affiliations. St. Pete gained greater recognition as the birthplace of spring training in Florida. Starting in 1914 and spanning ninety-four years, the city played host to eight spring training teams. Babe Ruth played there. Bob Gibson pitched there. Casey Stengel managed there. Still, the city’s baseball track record was far from perfect; St. Pete had suffered through its share of minor league attendance problems. It would take a while for the city to pop up on Major League Baseball’s radar as a viable candidate for relocation or expansion.
Jack Lake was one of the first civic leaders to push for a big league team in the Tampa Bay region. By the late 1960s, the longtime publisher of the St. Petersburg Times was using his influence to rally local businessmen, politicians, and other influence peddlers to the cause. Those lobbying efforts eventually gained momentum. In 1977, Florida’s legislature formed the Pinellas Sports Authority--named after St. Petersburg–encompassing Pinellas County--which the state hoped would play a leading role in attracting Major League Baseball to the area. Three years later, the St. Petersburg Chamber of Commerce formed a dedicated baseball committee. In 1982, the city offered a stadium site to the sports authority for $1 a year in rent, the first of many major concessions that local government would grant along the way. The next year, St. Pete’s city council approved the new stadium project.
The ensuing two-year period marked a tumultuous time for St. Petersburg’s stadium efforts. First, the county withdrew its support in 1984. The city and Pinellas Sports Authority countered with a lawsuit the next year and eventually prevailed. A public hearing followed, exposing passions on both sides. Stadium backers didn’t want to see two decades of lobbying and goodwill wasted, even if they hadn’t yet locked down a baseball team to actually play there. Local residents didn’t want their tax dollars funneled into a new ballpark, a stance other cities would have done well to follow, given the billions of dollars in taxpayer money thrown into baseball team owners’ pockets during the stadium-building boom that would soon follow. But against opponents’ protests, the city council voted to proceed with the stadium project anyway. On November 22, 1986, St. Pete staged what it called “the World’s Largest Groundbreaking.”
As the stadium took shape, a handful of MLB owners began offering their support. Philadelphia Phillies owner Bill Giles was one of the first to speak out on St. Petersburg’s behalf. Giles was a member of the National League expansion committee, and he had plenty of local knowledge--the Phillies had played their spring training games in nearby Clearwater since 1947. When St. Pete applied for expansion, Giles aimed to learn more about the city’s credentials.
Giles took a group of Phillies personnel and outfielder Von Hayes to St. Pete’s new dome to see how the roof would play in a live baseball game. A Phillies coach hit a towering pop-fly to left field. Hayes looked up at the white, Teflon-coated fiberglass roof, squinted, then covered his head and scampered away. St. Pete officials looked on in horror--one pop-up and the whole deal was about to be blown. A few seconds later, Hayes started laughing. The dome’s roof was made of the same material as the roof in Minnesota’s Metrodome, and Hayes could see the ball just fine. Score one for the Philadelphia pranksters.
Giles and Mets owner Fred Wilpon also led a contingent of MLB executives who flew in to survey the market. The owners toured the new dome, explored the surrounding downtown area--by then seeing redevelopment--and surveyed the local traffic patterns, including the oft-lamented Howard Frankland Bridge. The three-mile bridge over Tampa Bay heightened the rivalry between the twin cities; the Tampa Tribune ran an editorial showing an island in the middle of Tampa Bay, near the bridge, as the ideal place for an expansion baseball team to play.
Giles weighed those and other factors and still came away impressed, reporting his findings to the rest of the committee. Putting a team in downtown St. Pete would tap into a large metropolitan area that could also draw from the twin city of Tampa, communities like Bradenton to the south, and even the greater Orlando area less than two hours away.
Still, St. Pete residents remained skeptical of MLB’s interest. They didn’t want to become that guy who gets all the compliments from female friends, before being deemed too nice to date. Indeed, when the White Sox began exploring a move south, they laid the flattery on thick.
“Florida is the last virgin franchise area in the country,” Mike McClure, White Sox VP for marketing, said at the time. “It is the greatest opportunity in baseball since Walter O’Malley took the Dodgers west to Los Angeles.”
Were McClure, Jerry Reinsdorf, and other White Sox execs being sincere in their at times over-the-top praise for St. Pete? Or were they using the threat of a move as a weapon they could wield against reluctant politicians who balked at building them a new stadium on the public dime?
It was a little of both.
“Reinsdorf initially [didn’t want] to come to Florida,” said Rick Dodge, St. Petersburg’s longtime city administrator and one of the leading forces behind the city’s drive to build the stadium and attract a team. “He owned the Bulls, he was really a Chicago guy. But even after Illinois passed legislation to build the new stadium, everything got delayed and nothing happened. He went from someone who was casually interested to, the further we got into this, the more he saw a potential market.
“There was never a misunderstanding,” Dodge mused. “We were always the alternative if they couldn’t get the deal done. But it’s just like romancing someone. At some point you fall in love and you don’t even know it.”
Despite the White Sox letdown, St. Pete pushed ahead with stadium construction, and the Florida Suncoast Dome opened in the spring of 1990. The plan called for the stadium to host various sporting events, concerts, and other shows until a baseball team could be drawn to the area. At that point, the city would retrofit the Dome to meet the baseball-specific needs and requests of the team’s owners. The Dome lured various musicians, Davis Cup tennis, arena football, and NBA exhibition games. The stadium would later find more use when its first anchor tenant, the NHL’s Tampa Bay Lightning, took up residence in 1993.
Still, attracting a baseball team remained St. Pete’s top priority for the stadium. And as Major League Baseball’s 1991 expansion process evolved, St. Petersburg looked like one of the top candidates.
You could forgive Dodge for feeling like Charlie Brown, looking out at Lucy holding the football and wondering if this would finally be the time he’d get to kick. Again and again, baseball owners and other insiders had assured Dodge and other city officials that their time would come. They’d done so every time a team approached St. Pete, only to back out when the owners either got the huge local public subsidy they’d been seeking all along or simply got cold feet.
The Minnesota Twins, Texas Rangers, Seattle Mariners, and Oakland A’s all made overtures to St. Pete. Even the venerable Detroit Tigers secretly sent a delegation to Florida. Texas and Seattle would secure lucrative new stadium deals after first flirting with St. Pete. Detroit got its own new park, though the Tigers used less public saber-rattling to make it happen. Talks with Twins ownership progressed further, before the team opted to stay in Minnesota; state lawmakers would eventually fold and build a shiny new park for the Twins, though long after the team had mulled moving to St. Pete. Only the A’s stadium situation remains in limbo to this day, with the team vying to move to San Jose and the Bay-sharing San Francisco Giants exercising nebulous territorial rights to block the move--some two decades after exploring a move to St. Pete.
St. Petersburg had become a stalking horse. The A’s and Twins had failed to parlay the threat of a St. Pete move into a new stadium deal, at least directly. But several other teams leveraged local panic over a possible Florida move to get the favorable stadium deals they wanted. Best of all, team owners didn’t have to make many threats themselves. The Commissioner’s Office could make the threats for the owners while they remained above the fray, the downtrodden businessmen who just wanted to make an honest buck. To Major League Baseball and its owners, the message was obvious: Tampa Bay offered much more value as an exploitable, untapped market than it ever could as the home of a major league team.
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
- Best Sellers Rank: #934,869 in Books (See Top 100 in Books)
- #366 in Sports Industry
- #776 in Baseball Biographies (Books)
- #1,724 in Baseball (Books)
- Customer Reviews:
About the author

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.
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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.
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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
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
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
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
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
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
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
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- Reviewed in the United States on October 13, 2015The 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.
- Reviewed in the United States on December 25, 2011This 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, 2014This 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.
Top reviews from other countries
ExecNReviewed in Canada on August 26, 20165.0 out of 5 stars Liked
Great book about sabre-metrics and follow-up to Moneyball!
Mark PackReviewed in the United Kingdom on November 15, 20143.0 out of 5 stars Harder going than Moneyball for non-baseball fans, although still much to interest fans and non-fans alike
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.
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ショーンズReviewed in Japan on June 5, 20113.0 out of 5 stars 基本的に野球の本
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。
PompousMooseReviewed in Canada on July 9, 20154.0 out of 5 stars You'll love it!
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. LingwoodReviewed in Canada on August 18, 20175.0 out of 5 stars Five Stars
excellent

