ISBN: Ostalo
Oblast: Ekonomija
Jezik: Engleski
Godina izdanja: K36
Autor: Strani

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A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation


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.



Unutar tržišta, inovacije i rizik
Zašto tržišta i dalje padaju i zašto su finansijske krize veće nego ikad prije? Kao menadžer rizika za neke od vodećih kompanija na Vall Streetu - od Morgan Stanleija do Salomona i Citigroupa - i član nekih od najvećih svetskih hedge fondova, od Moore Capital-a do Ziff Brothers i FrontPoint Partnera, Rick Bookstaber je video duha unutar mašine i živo nam pokazuje svet koji je još rizičniji nego što mislimo. Upravo stvari koje su učinjene da bi tržišta bila sigurnija, stvorile su, u stvari, svet koji je daleko opasniji. Od pada Citigroupa 1987. godine koji je zatvarao jedinicu Salomon Arb, od ogromnih gubitaka na UBS-u do propasti dugoročnog upravljanja kapitalom, Bookstaber čitateljima pruža mesto u prvom redu za odluke menadžmenta koje su donele neke od najmoćnijih finansijskih ličnosti na svetu što je dovelo do katastrofe i opisuje uticaj njegovih sopstvenih aktivnosti na tržišta i pad tržišta. Veliki deo inovacije u poslednjih 30 godina prouzrokovao je pustoš na tržištima i koštao tri biliona dolara. Demon našeg sopstvenog dizajna govori o pokušaju čoveka da upravlja tržišnim rizikom i onim što je prouzrokovalo. U procesu prikazivanja onoga što smo učinili, Bookstaber osvetljava ono što budućnost ima za svet u kojem su kapital i moć prešli iz institucija na Vall Streetu u elitne hedge fondove sa visokim angažmanom.