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A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation Posters
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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 the book was written, and whose bursting showed that risk reduction strategies based on derivatives only work when not widely used.
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.
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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 earlier this year. He called the risk of the 2008 financial markets meltdown at least a year before events occurred. He was very close to the action during all financial crisis of the past 25 years, including 1987, LTCM and 2001/3. The lessons learned and the trend identified between these crisis leads to a coherent proposition on understanding risk that is both innovative and useful for the average investor.
A final comment on style: the book is very readable, even entertaining. This is no small feat when you cover dry and tedious topics such as risk management. He pulls no punches; is articulate and accessible even to the non-financially savvy reader.
Hope you enjoy and learn from it as much as I did.
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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 among financial institutions and one regulatory agency (not several agencies that do not communicate between themselves as they should) could be a solution.
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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 instruments.
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