INVENTING MONEY NICHOLAS DUNBAR PDF

Flash Boys by Michael Lewis Why Aren’t They Shouting? by Kevin Rodgers Inventing Money by Nicholas Dunbar Bloomberg by Bloomberg by Michael R. Inventing Money: The Story of Long-Term Capital Management and the Legends Behind It (). By Nicholas Dunbar John Wiley & Sons, Inc., Third Avenue. This excellent book is focused on the demise of Long-Term Capital Management (LTCM) – a hedge fund which imploded in

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Inafter launching the television production company Flicker Films, a chance encounter with some old Harvard friends set him on a new path of finance and science writing, focusing on the derivatives industry. Mar 13, Doug rated it it was amazing. He spent the next few years working in feature films and television, in a wide range of capacities.

Good job of explaining wickedly complex modern finance. No trivia or quizzes yet. Want to Read saving…. It’s amazing that history repeated itself less than Easily one of the best books I have ever read. Jesse Mckendry rated it really liked it Oct 27, Better than Lowenstein’s book.

Until suddenly it all went very wrong. Instead of invwnting Greek Gods pulling the threads of the tale, modern finance lurks behind the scenes.

How brilliant academics and traders made and lost billions of dollars. Based on extensive research and interviews, Inventing Money takes the reader on a fascinating journey.

Of course, that financial crisis looks quaint now.

Leveraging beyond what should be acceptable! It was also very interesting to see how seemingly foolproof trading strategies could unravel very quickly when underlying fine-print assumptions like the assumption of liquid markets were violated, and how liquidity problems could have severe consequences.

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Dunba, this book is a good compliment to more technical books on option pricing etc. The Washington Post described the collapse of the massive hedge fund Long-Term Capital Management as “one of the biggest financial missteps ever to hit Wall Street.

InDunbar decided to leave academia. Mar 15, John Shelburne rated it it was amazing.

Inventing Money by Nicholas Dunbar

Therefore, this book is Inventing Money tells the story of the rise and fall of Long Term Capital Nicolas and its main characters. Markets have their dark side as well. LTCM was the fund that was too big to fail, the brightest star in the financial world. Other editions – View all Inventing Money: The Song of a Martingale.

Olivier Van Parys rated it really liked it Jul 26, Incredibly, it was the assumptions buried deep in the small print of Scholes and Mertons theory on option pricing that had mone to break down, and during that fateful summer of this breakdown was further aggravated by the regulatory-approved risk management systems designed to avert such a disaster. Contents The Theory of Speculation. Want to Read Currently Reading Read. It’s amazing that history repeated itself less than a decade later on a much larger scale.

Built on genius, by legends of Wall Street and two Nobel laureates, it spiralled invening ever greater heights, commanding unimaginable wealth. Sep 12, Tim O’Hearn rated it really liked it Shelves: The Garden of Forking Paths. Also, the counterparties didn’t know about the offsetting trades because of secrecy from LTCMso they thought the risk was higher than it actually was.

A brave inventint ambitious work, Inventing Money was written by leading financial journalist Nicholas Dunbar. I read it a while ago.

For the last four years Dunbar has been working as a journalist for financial publications. I was prompted into buying this book after seeing a truly hopeless Channel 4 documentary about the LTCM collapse which attempted – but failed entirely – to explain what LTCM was all about: Even more astounding is reading the book post Mortgages are packaged bonds and traded in a huge mortgage backed securities market.

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He is 33 and lives in London. Oct 17, Andy rated it really liked it. If professional advice or other expert assistance is required, the services of a competent professional person should be sought. In the second act LTCM applies financial models that assume that markets are logical and will always tend toward equilibrium.

Inventing Money: The Story of Long-Term Capital Management and the Legends Behind It

Eugene Shen rated it liked it Aug 08, The Theory of Speculation. Kevin Wilson rated it really liked it Mar 25, The Science of Fear and Greed. You are currently using the site but have requested a page in the site.

While market equilibrium may be true in the long run, there can be “mispricings” that can persist invdnting periods of time long enough to lose five billion dollars.

Built on genius, by legends of Wall Street and two Nobel laureates, it spiralled to ever greater heights, commanding unimaginable wealth. LTCM makes huge financial bets, in thousands of market positions. He clearly explains the interest rate swaps, options and interest rate yield curve spreads which were the basis of LTCM’s investments. Stoyan Iliev rated it really liked it Jan 12,