A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation
| Author | : | |
| Rating | : | 4.25 (890 Votes) |
| Asin | : | 0470393750 |
| Format Type | : | paperback |
| Number of Pages | : | 304 Pages |
| Publish Date | : | 2017-09-08 |
| Language | : | English |
DESCRIPTION:
Bookstaber apart is that he has spent his career designing derivatives, working on Wall Street and running a hedge fund." (The Wall Street Journal)"Every so often a book pops out of the pile with something original to say, or an original way of saying it. Richard Bookstaber, in A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation, accomplishes both of these rare feats." (Fortune)"a must-read amidst the current market chaos" (BusinessWeek)
"Undoubtedly, one of the best books in my financial markets collection" according to Santiago Herrera. Loved this book. I cannot explain how much I've learned and how much I have highlighted and commented on this book. The main topic of the book is complexity (as bred by a constant urge to innovate in financial products) and how it related to financial crises. The author asks a fundamental question that not many have asked (unless asked trivially): Do we need to further innovate in financial markets? Is it beneficial that we have squared-CDOs and credit default swaps linking areas of the financi. Steve Klein said The man that got it right. Richard Bookstaber published this book in "The man that got it right" according to Steve Klein. Richard Bookstaber published this book in 2007 indicated he wrote it well over a year before the crisis. The book articulates the primary concerns of the financial innovation unleashed in the last The man that got it right Richard Bookstaber published this book in 2007 indicated he wrote it well over a year before the crisis. The book articulates the primary concerns of the financial innovation unleashed in the last 30 years on the system that are the roots of the 2008 meltdown. The combination of excessive leverage and "tightly coupled systems" like the interconnectedness of the institutions that make up the financial system due to counter party risk and liquidity feedback loops, will mean that fairly small, une. 0 years on the system that are the roots of the 2008 meltdown. The combination of excessive leverage and "tightly coupled systems" like the interconnectedness of the institutions that make up the financial system due to counter party risk and liquidity feedback loops, will mean that fairly small, une. 007 indicated he wrote it well over a year before the crisis. The book articulates the primary concerns of the financial innovation unleashed in the last The man that got it right Richard Bookstaber published this book in 2007 indicated he wrote it well over a year before the crisis. The book articulates the primary concerns of the financial innovation unleashed in the last 30 years on the system that are the roots of the 2008 meltdown. The combination of excessive leverage and "tightly coupled systems" like the interconnectedness of the institutions that make up the financial system due to counter party risk and liquidity feedback loops, will mean that fairly small, une. 0 years on the system that are the roots of the "The man that got it right" according to Steve Klein. Richard Bookstaber published this book in 2007 indicated he wrote it well over a year before the crisis. The book articulates the primary concerns of the financial innovation unleashed in the last The man that got it right Richard Bookstaber published this book in 2007 indicated he wrote it well over a year before the crisis. The book articulates the primary concerns of the financial innovation unleashed in the last 30 years on the system that are the roots of the 2008 meltdown. The combination of excessive leverage and "tightly coupled systems" like the interconnectedness of the institutions that make up the financial system due to counter party risk and liquidity feedback loops, will mean that fairly small, une. 0 years on the system that are the roots of the 2008 meltdown. The combination of excessive leverage and "tightly coupled systems" like the interconnectedness of the institutions that make up the financial system due to counter party risk and liquidity feedback loops, will mean that fairly small, une. 008 meltdown. The combination of excessive leverage and "tightly coupled systems" like the interconnectedness of the institutions that make up the financial system due to counter party risk and liquidity feedback loops, will mean that fairly small, une. Abacus said Great book just released before the financial crisis. Reading this book five years after its release, one has to admire how prescient the author was. He gives you a brilliant insider account of all the ways our financial system has faltered and will falter. Less than a year after the book release the financial system crashed for reasons detailed in the book including leverage, liquidity, regulatory, and complexity issues. This book is superior to Taleb's just released Antifragile: Things That Gain from Disorder that covers the same subject.The aut
Much of the innovation of the last 30 years has wreaked havoc on the markets and cost trillions of dollars. The very things done to make markets safer, have, in fact, created a world that is far more dangerous. Inside markets, innovation, and riskWhy do markets keep crashing and why are financial crises greater than ever before? As the risk manager to some of the leading firms on Wall Street–from Morgan Stanley to Salomon and Citigroup–and a member of some of the world’s largest hedge funds, from Moore Capital to Ziff Brothers and FrontPoint Partners, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think. In the process of showing what we have done, Bookstaber shines a light on what the future holds for a world where capital and power have moved from Wall Street institutions to elite and highly leveraged hedge funds.. A Demon of Our Own Design tells the story of man’s attempt to manage market risk and what it has wrought. From the 1987 crash to Citigroup closing the Salomon Arb unit, from staggering losses at UBS to the demise of Long-Term Capital Management, Bookstaber gives r