A Demon of Our Own Design

1. Auflage 2007
ISBN: 978-0-471-22727-4
Verlag: John Wiley & Sons

Buch, Englisch, 288 Seiten, Format (B × H): 156 mm x 234 mm, Gewicht: 472 g

Praise for A Demon of Our Own Design

"This book is powerful stuff. When the hero of the story is a cockroach, you are assured of a controversial, illuminating, and fascinating discovery of where the financial risks really lurk and how to avoid them. Bookstaber knows whereof he speaks: I have read every word of his sophisticated essays on why market crises are inevitable, why investors are their own worst enemies, and how regulators should keep out of their way."
--Peter L. Bernstein, author of Against the Gods: The Remarkable Story of Risk

"Are you ready for the real deal? An insider, everysider view of the Wall Street calamities that have kept investing tantalizingly hot and frighteningly volatile since the crash of '87. For an in-depth, curtains-open, and coolly written exposition of Wall Street, Bookstaber is my man."
--Mark Rubinstein, Professor of Finance, UC Berkeley

"Exactly WHY do markets misbehave? Rick Bookstaber draws on his extensive knowledge of today's complex financial markets to set forth many of the reasons endogenous risk is so large AND so ominous. He understands one of the most sobering aspects of this risk: its sources are far too complex to be meaningfully assessed. This gives lie to current regulatory bromides that 'everything will be OK provided that we better assess and manage risk,' for the risks that matter most are non-assessable!"
--H. "Woody" Brock, President, Strategic Economic Decisions, Inc.

"Rick Bookstaber was at the nexus of many of the financial crises of the past twenty-five years. His recollections and smart analyses of markets, meltdowns, and the people who caused them make for a genuine thriller."
--Emanuel Derman, author of My Life as a Quant

Autoren/Hrsg.

Bookstaber, Richard

Fachgebiete

• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Unternehmensfinanzierung

Inhaltsverzeichnis

Acknowledgments.

About the Author.

CHAPTER 1: Introduction: The Paradox of Market Risk.

CHAPTER 2: The Demons of '87.

CHAPTER 3: A New Sheriff in Town.

CHAPTER 4: How Salomon Rolled the Dice and Lost.

CHAPTER 5: They Bought Salomon, Then They Killed It.

CHAPTER 6: Long-Term Capital Management Rides the Leverage Cycle to Hell.

CHAPTER 7: Colossus.

CHAPTER 8: Complexity, Tight Coupling, and Normal Accidents.

CHAPTER 9: The Brave New World of Hedge Funds.

CHAPTER 10: Cockroaches and Hedge Funds.

CHAPTER 11: Hedge Fund Existential.

Conclusion: Built to Crash?

Notes.

Index.

Über Autor(innen)

Richard Bookstaber runs an equity hedge fund in Greenwich, Connecticut. He was the director of risk management at Ziff Brothers Investments and at Moore Capital Management, one of the largest hedge funds in the world. He served as the managing director in charge of firm-wide risk management at Salomon Brothers and was a member of Salomon's powerful Risk Management Committee. Mr. Bookstaber also spent ten years at Morgan Stanley in quantitative research and as a proprietary trader, concluding his tenure there as Morgan Stanley's first market risk manager. He is the author of three books and scores of articles on finance topics ranging from options theory to risk management. Bookstaber received a Ph.D. in economics from MIT.