A demon of our own design : markets, hedge funds, and the perils of financial innovation
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書誌事項
A demon of our own design : markets, hedge funds, and the perils of financial innovation
Wiley, c2007
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注記
Differs from <BA83015020> in pagination
Includes bibliographical references (p. 261-271) and index
内容説明・目次
内容説明
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.
目次
Preface ix
Acknowledgments xvii
About the Author xix
CHAPTER 1 ~ Introduction: The Paradox of Market Risk 1
CHAPTER 2 ~ The Demons of '87 7
CHAPTER 3 ~ A New Sheriff in Town 33
CHAPTER 4 ~ How Salomon Rolled the Dice and Lost 51
CHAPTER 5 ~ They Bought Salomon, Then They Killed It 77
CHAPTER 6 ~ Long-Term Capital Management Rides the Leverage Cycle to Hell 97
CHAPTER 7 ~ Colossus 125
CHAPTER 8 ~ Complexity, Tight Coupling, and Normal Accidents 143
CHAPTER 9 ~ The Brave New World of Hedge Funds 165
CHAPTER 10 ~ Cockroaches and Hedge Funds 207
CHAPTER 11 ~ Hedge Fund Existential 243
Conclusion: Built to Crash? 255
Notes 261
Index 273
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