A Demon of Our Own Design Markets Hedge Funds and the Perils of Financial Innovation 1st Edition by Richard Bookstaber ISBN 0471227277 9780471227274
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Product details:
ISBN 10: 0471227277
ISBN 13: 9780471227274
Author: 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.
Table of contents:
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
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Tags: Richard Bookstaber, Demon, Own Design, Markets, Hedge Funds, Financial Innovation