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A Demon of Our Own Design By Richard Bookstaber

A Demon of Our Own Design
by Richard Bookstaber

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Why do markets keep crashing and why are financial crises worse than ever? As a leading Wall Street risk manager, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think.
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A Demon of Our Own Design Summary


A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation by Richard Bookstaber

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.

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A Demon of Our Own Design Reviews


"Richard Bookstaber's fine book on modern financial innovation". Financial Times Wednesday 17 June 2008

About 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.

Table of Contents


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.

Additional information

GOR003335402
A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation by Richard Bookstaber
Richard Bookstaber
Used - Very Good
Paperback
John Wiley and Sons Ltd
2008-11-14
304
0470393750
9780470393758
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us.