Traders, Guns and Money: Knowns and unknowns in the dazzling world of derivatives Revised edition

Paperback | February 13, 2010

bySatyajit Das

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"Traders Guns and Money "is a wickedly comic expose of the culture, games and pure deceptions played out every day in trading rooms around the world. And played out with other people's money.

A sensational insider's view of the business of trading and marketing derivatives, this revised edition explains the frighteningly central role that derivatives and financial products played in the global financial crisis.

This worldwide bestseller reveals the truth about derivatives: those financial tools memorably described by Warren Buffett as 'financial weapons of mass destruction'. "Traders, Guns and Money" will introduce you to the players and the practices and reveals how the real money is made and lost.

The global financial crisis took almost everyone by surprise and even now new problems keep appearing and solutions continue to be elusive. In the original version of "Traders, Guns and Money," Satyajit Das provided a highly prescient insight into the structure and risk of the world financial system exposing the problems that are becoming readily apparent. In a 2006 speech - The Coming Credit Crash - Das argued that: "an informed analysis ... shows that risk is not better spread but more leveraged and (arguably) more concentrated.... This does not improve the overall stability and security of the financial system but exposes it to increased risk of a "crash."

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From the Publisher

"Traders Guns and Money "is a wickedly comic expose of the culture, games and pure deceptions played out every day in trading rooms around the world. And played out with other people's money. A sensational insider's view of the business of trading and marketing derivatives, this revised edition explains the frighteningly central role t...

From the Jacket

‘a distinctly timely book ... Traders, Guns & Money tries to reach out to the mathematically challenged to explain how the world of derivatives “really” works.’Gillian Tett, Financial Times ‘...a scalpel of a book that pulls back the skin on the derivatives and risk management industry to expose the blood, guts and circulatory system u...

Satyajit Das is a leading international authority in the area of financial derivatives and treasury management. He was the treasurer for the TNT Group on Australia for six years. Prior to this he worked in the Commonwealth Bank of Australia, Citicorp Investment Bank and Merrill Lynch Capital Markets. He is the author of Swap Financing ...

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Format:PaperbackDimensions:384 pages, 8.49 × 5.34 × 0.79 inPublished:February 13, 2010Publisher:Pearson EducationLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0273731963

ISBN - 13:9780273731962

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Customer Reviews of Traders, Guns and Money: Knowns and unknowns in the dazzling world of derivatives Revised edition

Reviews

Rated 2 out of 5 by from Lacks focus I bought the book based on a few reviews I had seen; mostly favorable. Where the book is, for the most part, a fairly light read, it lacks focus on both content and direction. No doubt his experiences and tongue-in-cheek style are at times amusing, however, his 'expose' of the industry is less than surprising. My sincerest concern for the book is that Mr. Das doesn't seem to have had a story to tell. At times the book discusses 1 particular transaction that he had knowledge of, but at other times it rambles about the greedy nature of traders (most of the book). In the oddest part of the mostly light book, Mr. Das attempts to describe the options model of Black Scholes...there are pages of formula, significantly more advanced than most readers will comprehend; and for those that do understand it, there seems to be no point to have included it. Bottom line is that it appears this book was put out merely to try to capitalize on the interest in the media with respect to the topic of derivatives and their dangers. Sadly, this book sheds no new light on this topic (even from a 2006 perspective).
Date published: 2009-04-02
Rated 5 out of 5 by from Great for experienced investors and neophytes I've read many books on the markets--both anecdotal ones such as Mike Lewis's "Liar's Poker" and Frank Partnoy's "F.I.A.S.C.O." and more academics ones such as Mark Anson's "Handbook of Alternative Investments" and Alexander Ineichen's "Absolute Returns". Never, though, have I read one as well-balanced as Satyajit Das's "Traders, Guns & Money". Mr. Das has something that other writers lack: range and depth of experience. He's written many academic texts on derivatives and is a 25-year veteran of the industry--and it shows. He's been on the buy-side, sell-side, middle-man and consulting and he doesn't pull any punches as he describes the players' motivations, personalities and inherent weaknesses. He also has a quant's understanding of the various products and permutations out there, but in explaining them he always takes the language back to Earth--which is a boon for all readers. If you're at all interested in structured products (this includes Principal Protected Notes), derivatives or financial engineering, and whether you're at the start or end of your financial career you'll find this book interesting, enlightening and downright fun.
Date published: 2006-07-17

Extra Content

Table of Contents

Prologue

 

Introduction to the paperback edition

 

1. Financial WMDs - derivatives demagoguery

 

2. Beautiful Lies - the 'sell' side      

 

3. True Lies - the 'buy' side

 

4. Show Me The Money - greed lost and regained

 

5. The Perfect Storm - risk mismanagement by the numbers

 

6. Super Models - derivatives algorithms

 

7. Games Without Frontiers - the inverse world of structured products

 

8. Share and Share Alike - derivative inequity

 

9. Credit Where Credit Is Due - fun with CDS and CDO

 

Afterword – Credit Crunch – The New Known Known of Financial Markets

 

 

Editorial Reviews

EXTREME MONEY: THE MASTERS OF THE UNIVERSE AND THE CULT OF RISK, the new title from bestselling author Satyajit Das, is now available to pre-order on Amazon. "Funny, readable and peppered with one-liners from Groucho Marx, "Traders, Guns & Money" offers an ideal primer for anyone tempted to take a walk on the derivative side." James Pressley, Bloomberg.com ‘a distinctly timely book ....Traders, Guns and Money, tries to reach out to the mathematically challenged to explain how the world of derivatives “really” works.’Gillian Tett, Financial Times‘The sexier side of finance ... at last ... a convincing picture of what life is like in today's modern financial industry.’ Corporate Financier‘...a fascinating and compelling insight into the world of derivatives... a page turning quality more reminiscent of a John Grisham novel than a dissertation on derivatives.’FINASIA‘....more riveting than the Da Vinci Code...in the mould of Liars' Poker...an insider’s account of how derivatives markets work...’  Goola Warden, The Edge‘this is possibly the best insider account of a career in investments since Michael Lewis's book Liar's Poker.I can't recommend this book strongly enough.'www. dna.bloggingstocks.com‘... a beginner's guide to the often unsavoury and murky world of trading...a surprisingly gripping account ....’Money Week    ‘A worthwhile read for anyone with connection to the financial world.’WorldFinance.com‘. must read for all CEOs, CFOs, bankers and anyone who cares about what banks are doing with their money.’Lara Wozniak, www.financeasia.com ‘an amusing, down-to-earth look behind the scenes of the derivatives market.There were several times I laughed out loud.’www.runningofthebools.typepad.com ‘... a scalpel of a book’ Financial Engineering News“Das’ audacity is commendable as he does not hesitate to challenge the greatest intellectuals of quantitative finance like Myron Scholes and Fischer Black.Overall, he does a splendid job of portraying the obsessive mentality of the traders that anything can be traded.”Medill Money Mavens, August 2010