The Fifth Risk

EDITED BY MICHAEL LEWIS

  Panic

  Copyright © 2018 by Michael Lewis

  All rights reserved

  First Edition

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  Book design by Chris Welch Design

  Production manager: Julia Druskin

  Digital production: Joe Lops

  JACKET DESIGN AND PHOTOGRAHS BY PETE GARCEAU

  ART DIRECTION BY INGSU LIU | JACKET CONCEPT BY HARRY

  CAMPBELL

  The Library of Congress has cataloged the printed edition as follows:

  Names: Lewis, Michael (Michael M.), author.

  Title: The fifth risk / Michael Lewis.

  Description: First edition. | New York : W. W. Norton & Company, 2018.

  Identifiers: LCCN 2018038204 | ISBN 9781324002642 (hardcover)

  Subjects: LCSH: United States—Politics and government—2017– |

  Administrative agencies—United States—Management. | Government

  executives—United States. | Public administration—United States. |

  Civil service—United States.

  Classification: LCC E912 .L48 2018 | DDC 320.973/090512—dc23

  LC record available at https://lccn.loc.gov/2018038204

  ISBN 978-1-324-00265-9 (e-book)

  W. W. Norton & Company, Inc., 500 Fifth Avenue, New York, N.Y. 10110

  www.wwnorton.com

  W. W. Norton & Company Ltd., 15 Carlisle Street, London W1D 3BS

  Table of Contents

  Title

  Contents

  Prologue: Lost in Transition

  I. Tail Risk

  II. People Risk

  III. All The President’s Data

  Acknowledgments

  Also by Michael Lewis

  Copyright