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Review
EXTREME MONEY: THE MASTERS OF THE UNIVERSE AND THE CULT OF RISK, the new title from bestselling author Satyajit Das, is now available to pre-order on Amazon. "Funny, readable and peppered with one-liners from Groucho Marx, "Traders, Guns & Money" offers an ideal primer for anyone tempted to take a walk on the derivative side." James Pressley, Bloomberg.com ‘……a distinctly timely book ....Traders, Guns and Money, tries to reach out to the mathematically challenged to explain how the world of derivatives “really” works.’ Gillian Tett, Financial Times ‘The sexier side of finance ... at last ... a convincing picture of what life is like in today's modern financial industry.’ Corporate Financier ‘...a fascinating and compelling insight into the world of derivatives... a page turning quality more reminiscent of a John Grisham novel than a dissertation on derivatives.’ FINASIA ‘....more riveting than the Da Vinci Code...in the mould of Liars' Poker...an insider’s account of how derivatives markets work...’ Goola Warden, The Edge ‘this is possibly the best insider account of a career in investments since Michael Lewis's book Liar's Poker….I can't recommend this book strongly enough.' www. dna.bloggingstocks.com ‘... a beginner's guide to the often unsavoury and murky world of trading...a surprisingly gripping account ....’ Money Week ‘A worthwhile read for anyone with connection to the financial world.’ WorldFinance.com ‘…. must read for all CEOs, CFOs, bankers and anyone who cares about what banks are doing with their money.’ Lara Wozniak, www.financeasia.com ‘…an amusing, down-to-earth look behind the scenes of the derivatives market….There were several times I laughed out loud….’ www.runningofthebools.typepad.com ‘... a scalpel of a book’ Financial Engineering News “Das’ audacity is commendable as he does not hesitate to challenge the greatest intellectuals of quantitative finance like Myron Scholes and Fischer Black….Overall, he does a splendid job of portraying the obsessive mentality of the traders that anything can be traded.” Medill Money Mavens, August 2010
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From the Back Cover
‘…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 pulls back the skin on the derivatives and risk management industry to expose the blood, guts and circulatory system underneath…’ Nina Mehta, Financial Engineering News ‘... a beginner's guide to the often unsavoury and murky world of trading ... a surprisingly gripping account ...’ Money Week ‘ ... more rivetting than The Da Vinci Code...in the mould of Liar's Poker...an insider's account of how derivatives markets work...’ Goola Warden, The Edge, Singapore ‘The sexier side of finance ... at last ... a convincing picture of what life is like in today's modern financial industry.’ Corporate Financier ‘…a page-turning quality more reminiscent of a John Grisham novel.’ JASSA, Finsia Traders Guns & Money is a wickedly comic exposé of the culture, games and pure deceptions played out every day in trading rooms around the world. And played out with other people’s money. A sensational insider’s view of the business of trading and marketing derivatives, this revised edition explains the frighteningly central role that derivatives and financial products played in the global financial crisis.
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Product details
Series: Financial Times (Prentice Hall)
Paperback: 384 pages
Publisher: FT Press; 1 edition (July 17, 2010)
Language: English
ISBN-10: 0273731963
ISBN-13: 978-0273731962
Product Dimensions:
5.3 x 0.8 x 8.5 inches
Shipping Weight: 1.1 pounds
Average Customer Review:
4.0 out of 5 stars
107 customer reviews
Amazon Best Sellers Rank:
#191,253 in Books (See Top 100 in Books)
Sanyajit Das is a financial analyst who had written many books on derivatives and related topics, such as Extreme Money: Masters of the Universe and the Cult of Risk,Risk Management and Financial Derivatives,Credit Derivatives,Swap and Derivative Financing, etc. He has also revised this 2006 book [see: Revised edition.He wrote in the Preface, "[This book] is the record of my time in the derivatives industry. It is a collection of tales about the products, the people and the strange goings-on in the business... There is almost no literature that explains the industry in an accessible way. There is also little that sets out the practices, some of which are insane, of this mysterious area of finance. [The book] explains the industry, how it operates and what it does. The book does not attempt to make a case for and against derivatives, it just shows what REALLY goes on every day in the dealing rooms in major financial centers, the real life dramas and rational madness that shape modern markets. [The book] is intended for two audiences. People in banking and finance ... will find it a wry and entertaining read... This book is also for those who want an accessible introduction to this weird and wonderful world. It will perhaps confirm their worst fears and prejudices about these strange instruments, what they are used for and the people who trade them." (Pg. xiii)He recalls, "Many of today's traders hadn't been born when I stumbled accidently into derivatives trading. I had spent over 25 years in this world of traders, guns and money. The traders and money were clear enough. And you couldn't have financial weapons more powerful than derivatives---they were the big guns of the trade... How did I get there? I had followed the money... I had not known very much about derivatives when I started. How did I get here? ... This is that story. It is also coincidentally the story of the rise and rules of derivative trading---its 'knowns' and its 'unknowns.'" (Pg. 18)He points out, "The major defender of derivatives was Alan Greenspan, Chairman of the Federal Reserve Bank of New York... The head of the central bank's role as cheerleader for the derivatives lobby was curious." (Pg. 20) He recalls, "We needed 'innovation,' we were told. We created increasingly odd products. These obscure structures allowed us to earn higher margins than the cutthroat vanilla business... New structures that clients actually wanted were not that easy to create... The truth was that we weren't very creative but by golly, we were good at plagiarism. We chased our tails some more." (Pg. 41) Later, he adds, "Survival requires keeping your head down. There was no point in resisting the latest fad. I just nodded and kept doing what I always did---trying to make money. No management fad lasted long. Before you know it, we would have a new 'business model' and would be entering a 'new paradigm.'" (Pg. 74)He observes, "Greenspan had been right---risk had truly been unbundled. We had just packaged it right back up and shoved it down the eager throats of the wealthy taxpayers of Orange County. Warren Buffett was also right---when the tide did finally go out, as it did rapidly in 1994, we learnt that Orange County was swimming naked." (Pg. 50) Later, he notes, "Some dealers warned Orange County about the risks they were running. At the time, Robert Citron regarded himself as a genius, encouraged in this belief by the dealers who were cashing in on his brilliance... Dealers love sophisticated investors. They are easy pickings." (Pg. 127) He concludes, "Who was paying for the party? It turned out to be Orange County taxpayers." (Pg. 214)He comments, "Traders become locked into a life that is focuses exclusively on work and making money. They dress well and live well. Their reading consists of work materials, an occasional business book... and the odd pulp fiction or spy novel at airports... They exist in an isolated world or premium class business travel, limo transfers and five-star hotels. Butlers, valets, maids, cooks, lifestyle assistants and personal trainers surround them. This becomes the reality of existence. Others perform the simple acts of living for them. They cease to be capable of doing anything for themselves." (Pg. 78) He observes, "There is a lot of activity around bonus time, very little of which has anything to do with trading... the day after the cheque clears there is frequently a glut of personnel announcements... Bonuses also drive spending. Luxury car dealers' fortunes are closely tied to the level of bonuses in banking..." (Pg. 147)He recounts that "a mathematician, had taught at the university and, tired of seeing his students earn far more than he did, joined the migration to banking. From time to time he visited his former academic colleagues to discuss the latest research. They were derisive about his job: they were involved in interesting work. The maths he used to model derivatives was trivial, undergraduate stuff. He consoled himself with the fact that he took home, in a good year, ten times what they made. He was a POW---a prisoner of Wall Street. It was about the money." (Pg. 183-184)The book can be somewhat disconcerting, in how it flits from one topic to another, interspersed with Das's personal recollections. Nevertheless, this is a fascinating (and somewhat prescient!) view of the derivatives and financial services industry, originally written just before the financial collapse of 2007-2009. It will be very welcome reading for anyone studying this era.
Many times I was ready to let this one go. Glad I persisted. It was worth reading, but I cannot say that he is successful in what he endeavors to achieve. You get only a brief glimpse into the world of derivatives. He loses a great opportunity in his example of an embedded reverse floating interest rate swap. All he had to say was that the investor is a counter party to himself in this piece of financial fluff. And then explain why. Because to the rest of us the world of financial engineering is seemingly worth trying to understand when the truth is that its creations are more inspired than believable. Or credible, since it all boils down to credere, to believe or to trust. And if you trust these wizards you deserve to lose all your worldly wealth and all your self-respect. Mr. Das is a wizard as well because he succeeded in selling you a book that he himself does not believe in.
This book made me realise how much half knowledge of derivatives I possessed prior to reading. But then I am not an expert, just a casual market participant (gulp).Does it matter? Even to an occasional observer of banks and financial systems (and therefore everything else that follows), I think it behoves us to appreciate the consequences of blind pursuit of risk and return. The leveraged market and its players is explained by its author in a lucid and at times darkly humorous sequence of anecdotes, diagrams and the odd formula. The author anchors what might have otherwise been a dry and esoteric discourse, to an Indonesian company dealing with the financial and legal consequences of a hedged transaction that goes horribly wrong. It has a personal element; loss of someone's capital. In fact the focus of the book is mostly about risk of catastrophic loss in a world with asymmetric knowledge. In a zero sum game someone must have won, but who? Clearly brokers and professional traders; else we are left to guess.If you believe that derivatives is a must know subject, then this book will provide useful insight. It's author is or was a market participant who thought about connections, including cause and effect relationships as they happened. I found those insights both useful and enjoyable, and more than a little disturbing.
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