A Demon of Our Own Design (PDF)
Markets, Hedge Funds, and the Perils of Financial Innovation
(Sprache: Englisch)
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...
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...
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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.
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.
Inhaltsverzeichnis zu „A Demon of Our Own Design (PDF)“
Preface. 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.
Autoren-Porträt von Richard Bookstaber
Richard Bookstaber ran an equity hedge fund at FrontPoint Partners and 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 PhD in economics from MIT. He now works at a hedge fund in Connecticut.
Bibliographische Angaben
- Autor: Richard Bookstaber
- 2007, 1. Auflage, 304 Seiten, Englisch
- Verlag: John Wiley & Sons
- ISBN-10: 0470134984
- ISBN-13: 9780470134986
- Erscheinungsdatum: 24.09.2007
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