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List of figures and tables xiii
Preface to the revised edition xv
Preface to the first edition xvii
Prologue 1
Miracles and mirages 2
Serial crimes 5
Beginning of the end/end of the beginning 9
Knowns and unknowns 12
Unreliable recollections 13
Summary judgment 17
1 Financial WMDs - derivatives demagoguery 19
School days 21
It's all Chinese to me 22
A derivative idea 23
Betting shops 25
Secret subtexts 27
Leveraged speculations 29
Under the radar 32
Whole lotta swapping going on 33
The golden age/LIBOR minus 50 37
Warehouses 40
Serial killings 43
Forbidden fruit 45
Derived logic 50
2 Beautiful lies - the 'sell' side 53
Smile and dial 55
Market colour 56
Rough trade 59
Analyze this 62
Class wars 64
Ultra vires 66
Feudal kingdoms 67
Uncivil wars 68
Golden rules 70
Business models 71
The medium is the message 74
Bondage 75
Tabloid cultures 76
Conspicuous currency 77
Ethnic cleansing 79
Foreign affairs 80
FILTH 81
Lost in translation 82
A day in the life 83
3 True lies - the 'buy' side 87
Turn of the fork 88
Risky business 89
Magic kingdoms 91
Stripping or stacking/hedging perils, again 95
Me too 97
'Zaiteku' or the bride stripped bare 98
The gamble in P & G 101
Tobashi, baby 105
Gnomes of Zermatt and Belgian dentists 107
Death swaps 108
Investment fashions 110
Alpha, beta, zeta 112
Looking after the relatives 115
Agents all 116
Unique selling propositions 117
4 Show me the money - greed lost and regained 121
Money uncertainty 122
Toll booths 123
Take a seat 125
Efficient markets 126
On the platform 127
A day at the races 129
Black swans, black sheep 130
Trading places 131
Secret intelligence 133
Overwhelming force 134
Oracle of Delphi 135
Free money 137
The colour of money 138
In reserve 140
A comedy of errors 141
Black holes 143
What's the number? 146
Nothing like excess 148
Nice work if you can get it 149
Dukes of Hazard 151
5 The perfect storm - risk mismanagement by the numbers 153
Shock therapy 154
Holy risk! 155
Bisk spin 156
Risqué matters 158
Placebo effects 160
Among the unbelievers 162
Risk cults 164
In the long run… 167
Modus operandi 169
Secret trader's business 170
Let the good times roll 171
The perfect storm 172
Weather forecasts 173
Endgame 175
Mean risk 176
Extreme sports 177
6 Super models - derivative algorithms 181
Out of the sheltered workshops 182
Rocket science 184
Culture wars 185
Conveyor belts 187
Trivial pursuits 188
Grand oprey 189
The quest 190
Genesis 193
Gospels 196
Greek tragedies 198
Failing the model test 200
CSI (Crime Scene Investigation) 1987 - 'Oh LOR-dy!' 202
CSI 1992 - ERM (extremely risky, man!) 203
CSI 1998 - selling England by the pound 204
CSI 1998 - Asian fever 206
Model envy 208
Omitted variable bias 209
7 Games without frontiers - the inverse world of structured products 211
Driving over lemons 212
The best of times … the worst of times 214
Ghostbusters 216
It wasn't me, sir 217
Heaven and hell 217
Split personality 220
Golfing holidays 222
The flood 224
Power to the people 226
Recycling junk 230
Six packs 232
Take no prisoners 234
The usual suspects 236
8 Share and share alike - derivative inequity 241
Billion dollar baby 242
Self arbitrage 245
Arbitraging others 246
Taking it over 248
Buying back the farm 249
Who's fooling who? 250
Strippers 253
Pearls of wisdom 254
Own goals 257
Taxing times 260
Fund times 262
9 Credit where credit is due - fun with CDS and CDO 265
Credit wars 266
Credit epiphanies 267
First-to-credit derivatives 269
Remote credit 271
Mistaken identity 274
Heard it on the grapevine 276
Guaranteed delivery 277
Re-re-re-re-restructuring - CDS stutters 279
Beyond the push and pull 281
Imitation and flattery 282
Tranche warfare 285
It's super 287
A capital idea 289
The arbitrage age 290
Hangovers 291
UFOs 292
Geeks with Greeks 293
Never believe your own lies 295
Russian dolls 297
Black holes 298
Epilogue 301
The Asian century redux 302
Vexatious litigation 305
The more things change 308
Hot tubbing 310
Rogue trader 313
Bangs and whimpers 316
The China Club 317
BOAT (Best of all time) 318
Knowns and unknowns 319
Afterword: Credit crunch - the new known known of financial markets 321
Living in the Age of Kali … 321
Supersize my debt! 322
Would you like debt with that? 323
The new liquidity factory 325
Lying NINJA mortgagors 325
The lines of transmission 327
It's different this time! 329
The bear comes out of hibernation 330
Waiting for the other shoe to fall … 331
Financial shell games 333
The short and long of it all 336
Model shock 336
Missing the mark 337
Truth in labelling 339
Regulatory irregularities 341
Reversion to mean 342
Credit crunch 343
Notes 345
Index 349
| Price | Condition | Delivery | Seller | Action |
| $99.99 | Digital |
| WonderClub |
David Wnorowski
reviewed Traders, Guns and Money: Knowns and unknowns in the dazzling world of derivatives Revised edition on August 19, 2011
Traders, Guns and Money: Knowns and unknowns in the dazzling world of derivatives Revised edition
Das, a derivatives and risk expert, takes a very snarky look at these complex products that exploded the financial world in 2008 (though he is writing in 2006). Few people understand them, but whenever investors are flush with cash, money has to end up somewhere, and it's often seeking the highest return. The quants who create them may understand the equations, but not the real world consequences. The salespeople who sell them don't really understand them, and the buyers - in a system ruled by asymmetric information, where the seller always knows more than the buyer - rarely ever do. Although not as dull or abstruse as a textbook, which Das also writes, this book does go into the weeds, and readers who have no knowledge whatsoever of derivatives will find themselves floating on a sea of mysterious acronyms, coupled with diagrams and flow charts.
Das keeps it punchy with chapterette headings such as "Rough Trade," "Bondage," "Dukes of Hazard," and "Tranche Warfare." He tells us that heading into a trial preparation as a plaintiff's expert witness, where an Indonesian noodle company that had been snookered on some derivatives was suing the issuer, he had looked up Portia's "quality of mercy" speech from The Merchant of Venice as a precaution.
The book is plagued by typos: missing apostrophes and quotation marks, and astonishingly, a consistent misspelling of Warren Buffett's name. Former Salomon head John Gutfreund is repeatedly referred to as "John Gutenfreund."
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Add Traders, Guns and Money: Knowns and unknowns in the dazzling world of derivatives Revised edition, ' a distinctly timely book ... Traders, Guns & Money tries to reach out to the mathematically challenged to explain how the world of derivatives really works.' Gillian Tett, Financial Times '...a scalpel of a book that pul, Traders, Guns and Money: Knowns and unknowns in the dazzling world of derivatives Revised edition to the inventory that you are selling on WonderClubX
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Add Traders, Guns and Money: Knowns and unknowns in the dazzling world of derivatives Revised edition, ' a distinctly timely book ... Traders, Guns & Money tries to reach out to the mathematically challenged to explain how the world of derivatives really works.' Gillian Tett, Financial Times '...a scalpel of a book that pul, Traders, Guns and Money: Knowns and unknowns in the dazzling world of derivatives Revised edition to your collection on WonderClub |