Traders Guns and Money is a wickedly comic exposé of the culture, games and pure Get your Kindle here, or download a FREE Kindle Reading App. Traders, Guns & Money: Knowns & Unknowns in the Dazzling World of Derivatives, 3rd ed . Free Two-Day Shipping for College Students with Amazon Student. Traders, Guns. & Money. Knowns and unknowns in the dazzling world Free money. .. them – no risk,' Morrison wrote down with one of his pencils.
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Jul 30, Read ebook Ebook download Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives For Android Download file. Traders,. Guns and. Money. Knowns and unknowns in the dazzling world of derivatives 4 SHOW ME THE MONEY - GREED LOST AND Free money please sign up. Be the first to ask a question about Traders, Guns & Money Log in to get better recommendations with a free account. Continue with.
This worldwide bestseller reveals the truth about derivatives: Traders, Guns and Money will introduce you to the players and the practices and reveals how the real money is made and lost. Satyajit Das is a globally known and respected consultant in the area of financial derivatives and risk management. Would you like to tell us about a lower price? If you are a seller for this product, would you like to suggest updates through seller support?
This book really was closer to a text book study of derivatives or at least one man's life story of working in derivative markets on Wall Street, than anything having to do with guns. Though perhaps I just didn't go all in on the metaphor the author was trying to push on the reader.
I prefer the analogy that derivatives are closer to WMD's, not guns. The book is a bit more interesting reading in , as it was published in before the big crash. The author makes many points that you cringe reading in hindsight about just how out of hand things had gotten during the era of his authorship. Many "shame on us" moments, but when has that ever stopped us the American public before, and doubtful it will stop us in the future. If you are the right audience for this, dive right in, other wise pass on by as it's going to be a long journey.
Oct 21, Matthew rated it liked it Shelves: I take back what I said earlier, which is that Traders, Guns and Money is rather disappointing for such a critically acclaimed book.
I still stand by what I said about the book's tone -- from the punchy three-word title you could recognise it for the way it reads, sort of a stand up comic routine on the derivative markets.
The first half wasn't especially compelling, as the castigation of financial professionals is so generalised. You have to be offensive to be funny, I guess. Once you get past I take back what I said earlier, which is that Traders, Guns and Money is rather disappointing for such a critically acclaimed book. Once you get past that, the second half rocks -- perhaps because I don't take any personal offense, not being involved in derivatives.
It's a great insider's view of how and why derivatives evolved, with great and simple and cynical explanations of why various structures were created generally, to evade taxes, get around trading regulations, and other ways to give investors more yield and earn banks more fees. The anecdotes and narrative read like a late-night drink confessional -- probably exaggerated but sounding true enough in essence, and deeply educational.
As mentioned previously, it doesn't claim to be a rigorous, comprehensive risk management textbook which Das has written so it won't be that sort of educational if that's what you're looking for. But through anecdotes it gives a sharp sense of the culture of the people involved, something you could never find even in very good textbooks. Jan 28, Richard Thompson rated it liked it Shelves: I did learn a few things about derivatives from this book.
For example, I had not previously realized how mark to market accounting can be used to inflate profits and traders' bonuses and can lead to margin calls on illiquid top level CDO tranches when the failure of lower tranches causes a ratings downgrade in upper level tranches that would probably actually pay full value if held to maturity, so even if the models were right in predicting tiny risks of default, the accounting rules helped to I did learn a few things about derivatives from this book.
For example, I had not previously realized how mark to market accounting can be used to inflate profits and traders' bonuses and can lead to margin calls on illiquid top level CDO tranches when the failure of lower tranches causes a ratings downgrade in upper level tranches that would probably actually pay full value if held to maturity, so even if the models were right in predicting tiny risks of default, the accounting rules helped to accelerate the financial crisis.
The book does a good job in showing how derivatives can create an economic house of cards rather than having positive value in increasing liquidity and stability. But in trying to be light and numerous, the author frequently becomes too cynical and snarky. And he could have gone a bit deeper than he did in explaining the math and the modeling. Surely it can't all be as much of a shell game as the author suggests, or if it is, I wish that he would have given me a little more substance to reach that conclusion on my own.
This book was a fictionalized story about high finance that was less entertaining than anything written by Michael Lewis, but Lewis sets the bar pretty high.
It is about a trader who worked in the British banking system and his attempt to defend an Indonesian company that blew itself up with derivatives and leverage. The fake names Nero and Neverfail that he gives people are just a little too ridiculous. Most of the math that he is trying to explain is excellent.
Off-hand, the only numerical e This book was a fictionalized story about high finance that was less entertaining than anything written by Michael Lewis, but Lewis sets the bar pretty high.
The book does explain things like derivatives and CDOs, but a lot of that went flying over my head. His cynical view of the fail states of various business practices described in either chapter 2 or chapter 3 were hilarious.
Let me put it like this: Technicalities were never this much fun. Satyajit Das reveals the shenanigans behind the murky world of high finance and gives us a good laugh at the same time. What makes this book even better is that the first edition came out in , just before the world went into hell. Everything was hunky-dory at the time and this book shows us, in retrospect, it wasn't. Wonder how many people even considered this book at the Let me put it like this: Wonder how many people even considered this book at the time.
Of course, now we know what happened, this looks like the work of a genius. The book is genuinely funny, which is nothing short of a miracle considering the sheer amount of financial technicalities included in the book. If you're working in the financial sector, or plan to, read this book. View 2 comments. Detailed book on derivatives. Although it is an interesting read, it is so caustic in the generic description of the derivatives chaos that it quickly loses credibility.
The author uses its experience to attack all bankers and financial institutions under all available lenses. Banking practices are joked about. Excesses, fraud and wrongdoing are not distinguished from serious, ethical work. It is hard to differentiate the joke from the reality. Mar 30, Stuart rated it liked it Shelves: No matter how hungry investors are for yield, if you don't understand the product, don't buy it".
Jul 04, Faisal rated it liked it Shelves: The book literally gave me the opportunity to get an insider's look into quantitative finance. At some point while reading, however, I felt The author sounded a bit delusional, especially when describing the people that ran exotic options and futures desks at big institutions and hedge funds. Overall, it's pretty much an average book. Expected better than this. Dec 21, Daanve rated it it was amazing.
Read it in , a serious aha erlebnis. System made no sense, as proven 2 years later. History of the Asian crisis was another aha moment.
Living there then, a lot also made little financial sense. Impressive book. Very personal. Dec 19, Ken Nickerson rated it really liked it. Some new information in here about trading that was from a direct, "hands-on" perspective that I was lacking. A quick read that's both informative and enjoyable. Three and a half.
Pretty great. Jul 03, Tom rated it really liked it Shelves: Great book. I learned a ton, but it jumps around a little and could use another review by the editor to clean up some typos. Feb 16, Berk Gurhan rated it really liked it. Best book on finance that I have read.
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I love a book written by someone with deep experience in a field but who is cynical of the industry, they tend to have the best stories. The tone of this book is quite funny. It points out how most financial derivatives are just a sophisticated form of gambling but one where the house edge is often very unclear.
You probably need a basic understanding of finance and derivatives to enjoy this book because it can get a little technical. I certainly learned a lot more about derivatives after readin I love a book written by someone with deep experience in a field but who is cynical of the industry, they tend to have the best stories.
I certainly learned a lot more about derivatives after reading this. Some chapters get a little repetitive but overall the book is really interesting. The examples of companies using derivatives to inflate their balances sheets or to comply with EU regulations before a merger just go to show how much craftiness and deception can come from the finance industry. Interesting Inside perspective Gives a great inside of view of the financial crash of Gives an economic perspective of how financial markets work and adds quite a bit of humorous commentary to ease a complicated financial breakdown of the inside workings of the controllers of the nations money.
Mar 20, Stanley Lee rated it really liked it. Jan 16, Obat Aborsi Janin rated it it was amazing. This review has been hidden because it contains spoilers. To view it, click here. Big Debt Crises. Ray Dalio. Satyajit Das. Extreme Money: Masters of the Universe and the Cult of Risk. When Genius Failed: Roger Lowenstein.
Dead Companies Walking: Scott Fearon. About the Author Satyajit Das is a globally known and respected consultant in the area of financial derivatives and risk management.
Read more. Product details Paperback: English ISBN Try the Kindle edition and experience these great reading features: Share your thoughts with other customers. Write a customer review. Top Reviews Most recent Top Reviews. There was a problem filtering reviews right now. Please try again later. Paperback Verified Purchase. As an academic exercise to keep the brain working while I was laid off as a year-old guy in Dec of , I have read many of the 'Financial Crisis' books over the last years.
This one is in my top 3. Das is extremely bright, well read, and perceptive. The book goes well beyond the nuts and bolts of the quants.
It is a great primer on the broad picture of our financial services industry His other book, 'Masters of the Universe Das' book Traders, Guns and Money is an interesting tale of derivatives but his scattered and somewhat vulgar writing style leaves some finesse to be desired. He does a great job of explaining the basics of derivatives to the average reader, while also appealing to more experienced investors and financiers.
Although Traders, Guns and Money is an interesting read, it definitely was a challenging book to complete due to the nature of Das's writing. His writing style is very post-modern with deep-seeded sarcasm, and the stories are, at times, vulgar. It combines light, reading-for-pleasure with learning; an interesting twist on the usual finance book.
Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives by Satyajit Das
It is not reminiscent of the cheesy semi-story-telling accounting pieces that crop up from time to time. Any reader is bound to learn something from this book, whether it be a different take on old methods or an area of risk management never considered. It is fascinating at times, if you can look past the over-the-top stories.
Das takes the reader through several aspects of derivatives: Interestingly, the book was written in , pre-recession and credit-crisis. In this edition, there is an Afterword that has an explanation of the crisis through a derivatives-based lens; this is no easy task. There were so many things that went wrong: In the words of Das, "The risks of a diffuse, globally interlinked, highly leveraged financial system were ignored" p.
A few highlights throughout the book are Das' take on risk management and explanation of the buy-side and sell-side of derivatives.
He spins the evolution of each of these areas into a new light, showing how "dazzling" the world of derivatives has become. He claims the sell-side is telling beautiful lies to the sell-side, who is telling true lies.
Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives
At the beginning of chapter three, Das states, "The buy side thinks they are smarter than the sell side, they think that dealers lie. The sell side thinks that they are smarter than the buy side, they think that clients lie.
Clients think that dealer are overpaid Another highlight for me was his discussion of the Asian Currency Crisis throughout the novel, in chapter eight, and then in detail in the Epilogue. When Asia become "hot" with investors, the company could barely sustain the movement of capital in and out of their country. Also, China had become a major place for production due to their inexpensive labor force and cheap production system.
The Asian countries had pegged their currencies to the US Dollar, and their currency depreciated greatly, leaving them in a crisis. The convertible bonds for Asian companies had been in US dollars, and no one had thought to hedge that risk.
In the end, these countries were left in a bind Traders, Guns and Money tells many stories, and one in particular regarding risk management. This story stuck with me throughout my reading because it embodies the job of so many financial analysts today- they never want to be too shocking and scare their bosses. Embed Size px. Start on. Show related SlideShares at end.
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