Category: Books

More Money Than God

“In November 2008, after two months of market pandemonium, five hedge-fund barrons were called to testify in Congress, in what promised to be a show trial. But someway through the proceedings, an unexpected tone emerged. “”   “More Money Than God” has been written by Sebastian Mallaby, the Paul Volcker Senior Fellow in International Economics more »

When Genius Failed

“At Long-Term there was radio silence. Its markets were tumbling, especially the equity volatility trade. The latest quote was 41 percent! It almost didn’t matter now. The firm had come to a halt. Trading had ceased, the phones were finally quiet. There was no one to call; the people the partners had been talking to more »

Boomerang

“When people pile up debts they will find it difficult and perhaps even impossible to repay, they are saying several things at once. They are obviously saying that they want more than they can immediately afford. They are saying less obviously that their present wants are so important that, to satisfy them, it is worth more »

The Black Swan

“The sighting of the first black swan might have been an interesting surprise for a few ornithologists, but that is not where the significance of the story lies. It illustrates a severe limitation to our learning from observations or experience and the fragility of our knowledge. One single observation can invalidate a general statement derived more »

Liar’s Poker

“I was flushed with pride. But something didn’t quite fit. What did he mean:our AT&T’s? I hadn’t realised the AT&T bonds had been on Salomon’s trading books. I had thought my trader friend had snapped them from stupid dealers at other firms. If the bonds were ours to begin with….”(Lewis on making his first trade) more »

Debt: The First 5000 Years

“For most of the last several centuries, most people assumed that credit could not be generated indefinitely because they assume that the economic system itself was to endure forever. The future was likely to be fundamentally different. Yet somehow, the anticipated revolutions never happened. The basic structures of financial capitalism largely remained in place. It’s more »

The Signal and The Noise

“Prediction is indispensable to our lives. Every time we choose a route to work, decide whether to go on a second date, or set money aside for a rainy day, we are making a forecast about how the future will proceed and how our plans will affect the odds for a favourable outcome.”(The Prediction Solution) more »

Fault Lines

“The Fault Lines that have led to the global trade imbalances and created todays’s Mandevillean world are deep. Moreover, because the imbalances are the result of deeply embedded strategies, change will be painful, It is not a matter of raising an interest rate here, a tax there, or an exchange rate somewhere else.”(conclusion) Fault lines more »

Saving Capitalism from the Capitalists

“This book aims to see beyond the immediate consequences of market fluctuations to their deeper and more long lasting effects on the system of free enterprise. Through our focus on financial markets, we seek to identify the fundamental strengths and weaknesses of the capitalist system, not only in its ideal form, but also in its more »

Currency Wars:The Making of The Next Global Crisis

“A book on currency wars is inevitably a book about dollar and its fate. The dollar, for all its faults and weaknesses, is the pivot of the entire global system of currencies, stocks, bonds, derivatives and investments of all kinds.”(conclusion) Currency wars published in 2011, is a book written by James Rickards, a risk manager more »