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A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation Posters
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List Price: $27.95Amazon.com's Price: $18.45 You Save: $9.50 (34%)Prices subject to change.
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Binding: Hardcover
Dewey Decimal Number: 332.64524
EAN: 9780471227274
ISBN: 0471227277
Label: Wiley
Manufacturer: Wiley
Number Of Items: 1
Number Of Pages: 288
Publication Date: April 06, 2007
Publisher: Wiley
Sales Rank: 39470
Studio: Wiley
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Editorial Review:
Product Description:
Inside markets, innovation, and risk
Why 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. The very things done to make markets safer, have, in fact, created a world that is far more dangerous. 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 readers a front row seat to the management decisions made by some of the most powerful financial figures in the world that led to catastrophe, and describes the impact of his own activities on markets and market crashes. Much of the innovation of the last 30 years has wreaked havoc on the markets and cost trillions of dollars. A Demon of Our Own Design tells the story of man’s attempt to manage market risk and what it has wrought. 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.
Average Rating: 
Rating:  -
The author's point of view is surprisingly neutral. He has nothing to sell except his belief that the changes in the markets over the last twenty years have increased susceptibility to huge price drops. This is due to the need to sell into a falling market, a common feature of hedging strategies. He exposes so many sophisticated schemes used by professionals that amateurs ought to be afraid to ever trade again. However, he says nothing about the credit bubble that undoubtedly existed at the time ... Read More
Rating:  -
There were a lot of interesting side stories. In fact I liked them better than the financial stuff. Great context for blow ups in markets. A little too much technical detail for me in the long run.
Rating: -
Bookstaber's "A Demon of our own Design" shouldn't be missed by anyone interested in what is going on in the financial markets today. His many years leading the risk management areas at top financial firms gave him a vantage point that he openly shares with his readers. His main topic is centered around understanding the volatility of an increasingly complex, tightly coupled global financial system as there is in place today.
I only wish I had read this book before the big market unwound ... Read More
Rating: -
I read this book back in December 07, the perfect timing for it would have been now, however.
A very simple conclusion from this book is that despite all the good intentions that the current bailout (TARP) might have, what we are doing is creating a new demon that will provoke a new crisis, with a different twist, anytime in the future.
Crisis are inevitable and we cannot go against financial innovations (like in the last 10 years with derivatives, CDS, MBOs, CDOs, etc.)
A better synchronicity ... Read More
Rating: -
Bookstaber has written a cogent, understandable and witty guide to the structural and human underpinnings of the current financial crisis. While this book requires thoughtful reading, it does not assume that the reader is technically savvy about markets or the plethora of financial instruments that have come to have such a dramatic impact on U.S. and world economies. I unhesitatingly recommend this book to anyone wishing a deeper understanding of the problems that can and have been created by financial markets and ... Read More
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