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Raphael read this and says "should you ever have the inclination to think you can make money as a so called 'day trader' from home, read this book and think again. It's an eye opener!
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Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives
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Warren Buffett once memorably described derivatives as "financial weapons of mass destruction". Read this sensational and controversial account of the often dazzling business of derivatives trading, and see if you agree.
No money is ever really made in financial markets. Markets merely transfer wealth. As to how to make money? Well, it is basically theft, misrepresentation, lies, cheating, deception or force. It is impossible to make the staggering amounts made in derivatives in good years honestly.
Traders, Guns & Money is a wry and wickedly comic exposé of the culture, games, and pure deceptions played out every day in trading rooms around the world, usually with other people's money. Whether you move in the financial world yourself, know people who do, or have money invested in stocks, shares or derivatives, this is a fascinating read guaranteed to make you think.
No money is ever really made in financial markets. Markets merely transfer wealth. As to how to make money? Well, it is basically theft, misrepresentation, lies, cheating, deception or force. It is impossible to make the staggering amounts made in derivatives in good years honestly.
Traders, Guns & Money is a wry and wickedly comic exposé of the culture, games, and pure deceptions played out every day in trading rooms around the world, usually with other people's money. Whether you move in the financial world yourself, know people who do, or have money invested in stocks, shares or derivatives, this is a fascinating read guaranteed to make you think.
334 pages, Paperback
First published April 20,2006
This edition
- Format
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334 pages, Paperback
- Published
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May 15, 2006 by FT Prentice Hall
- ISBN
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9780273704744
- ASIN
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0273704745
- Language
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English
About the author
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Satyajit Das is an international specialist in the area of financial derivatives, risk management, and capital markets. He works as a consultant to banks and other financial institutions in Europe, North America, Asia and Australia providing advice on trading, pricing and risk management of derivative transactions.
Das, as he likes to be called, is well known in Australia, Asia, South Africa and Europe as an expert in the field and recognised for his capacity to communicate complex financial subjects and trends in simple and non-technical language.
Das was born in Calcutta, India in 1957 and now lives in Sydney. He holds Bachelors' degrees in Commerce (Accounting, Finance and Systems) and Law from the University of New South Wales and a Masters degree in Business Administration from the Australian Graduate School of Management.
Das, as he likes to be called, is well known in Australia, Asia, South Africa and Europe as an expert in the field and recognised for his capacity to communicate complex financial subjects and trends in simple and non-technical language.
Das was born in Calcutta, India in 1957 and now lives in Sydney. He holds Bachelors' degrees in Commerce (Accounting, Finance and Systems) and Law from the University of New South Wales and a Masters degree in Business Administration from the Australian Graduate School of Management.
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Rating(4 / 5.0, 111 votes)
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111 reviews All reviews
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Read it in 2006, a serious aha erlebnis. System made no sense, as proven 2 years later. History of the Asian crisis was another aha moment. Living there then, a lot also made little financial sense. Impressive book. Very personal.
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Satyajit Das’ Traders, Guns, and Money: Knowns and Unknowns in the Dazzling World of Derivatives details the arcane world of derivatives trading. Das not suggest that derivatives are all bad—there is a logic in say a farmer wanting protection against uncertainty in prices—however, if unchecked there can be major problems and distortions in markets. Das’ book includes several case studies in derivatives bets going wrong, as well as his personal experiences. Although somewhat technical at times, this book is, on the whole an interesting read, providing insight into an area of finance many of us may not be familiar with.
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The Skinny: Fun, fast read about the wild world of derivatives. Essentially a series of mini stories through which different derivatives are explained.
The Good: First off, the fact that this was written right before the global financial crisis makes it extra interesting. As you read the stories all I could think about is how the derivatives for the GFC were being created. I think The Big Short may have gotten some inspiration from this book. Overall the book is a good read. The stories are humorous, the material is digestible, and it sheds a lot of light on a sector that is often super confusing. Laughed out loud more than I expected for sure.
The Bad: You will need some passing familiarity with derivatives to appreciate it properly but most concepts are explained well enough to follow, although you will still get confused here and there. Some parts are certainly more interesting than others. Too many gosh darn grammar and typos.
The Good: First off, the fact that this was written right before the global financial crisis makes it extra interesting. As you read the stories all I could think about is how the derivatives for the GFC were being created. I think The Big Short may have gotten some inspiration from this book. Overall the book is a good read. The stories are humorous, the material is digestible, and it sheds a lot of light on a sector that is often super confusing. Laughed out loud more than I expected for sure.
The Bad: You will need some passing familiarity with derivatives to appreciate it properly but most concepts are explained well enough to follow, although you will still get confused here and there. Some parts are certainly more interesting than others. Too many gosh darn grammar and typos.
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Really good book but I didn't understand some of it. I'm not in finance.
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Excellent book about the world of high finance. Shows how it's full of con artists and salesmen and people willing to do anything for a piece of the (huge) pie out there in the financial world. Definitely recommend this along with Frank Partnoy's book.
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anecdotal and pretty up front about its contrivances, it was descriptive without being bland. although i'm still not exactly sure what's going on.
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Provides a very comprehensive, tongue-in-cheek survey of the financial industry and thus provides a useful roadmap of where we have been and how we got here. Das' style tends to be a bit stocatto and the latter half of the book was a much slower read especially once Das gets into structured products. I wouldn't recommend this book to anyone who doesn't already have a decent grasp of derivatives.
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