Warren Buffett once memorably described derivatives as "financial weapons of mass destruction". Read this sensational and controversial account of ...
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reviews
Jan 13, 2009
Bernard
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After reading this book, I learned how one of my annuities manages to guarantee the lesser of 6% per year or the actual market growth of my investments. (Zero coupon bond worth 106%, call option on my portfolio purchases, they keep a percentage for themselves.) I also learned that I was a sucker for buying into this annuity - except that I was lucky and did it a year before the market drop of 2008. Now if I can just get my 106% out...
I was a big fan of Frank Portnoy's Fiasco and th More...
I was a big fan of Frank Portnoy's Fiasco and th More...
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Sep 28, 2011
Steve
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All but a few financial storytellers fall short in comparison with Michael Lewis. Satyajit Dasis is no exception. Like the others who failed, he was not Lewis-like enough to carry the narrative. On the plus side, I give Das credit for his clear explanations of the many derivative products that are out there today. Let’s award points, too, for his title, even though the book couldn’t quite live up to the humor it was meant to project. As for the shortcomings, the worst, I thought, was the sh
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Oct 27, 2009
Matthew
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I take back what I said earlier, which is that Traders, Guns and Money is rather disappointing for such a critically acclaimed book.
I still stand by what I said about the book's tone -- from the punchy three-word title you could recognise it for the way it reads, sort of a stand up comic routine on the derivative markets. The first half wasn't especially compelling, as the castigation of financial professionals is so generalised. You have to be offensive to be funny, I guess.
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I still stand by what I said about the book's tone -- from the punchy three-word title you could recognise it for the way it reads, sort of a stand up comic routine on the derivative markets. The first half wasn't especially compelling, as the castigation of financial professionals is so generalised. You have to be offensive to be funny, I guess.
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Oct 14, 2008
Bradley
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This book gets very technical and it is obvious that the author adapted his style to be similar to Nassim Taleb. If you can put up with it, Das gets into several very good explanations about the many types of derivatives used to bend tax-laws, redirect risk, and confuse investors.
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Aug 01, 2011
Byron
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This book is a very cynical (yet I suspect highly accurate) account of derivatives trading from a guy that's been there and done that. You do not need to be a financial geek to appreciate this book. It is written in a very entertaining way. For those that are interested you can expend some mental effort and get a basic understanding of derivatives, but you can ignore the details and still enjoy the story. The chapter on credit derivatives is particulary entertaining given the recent meltdown.
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Oct 14, 2011
Lobstergirl
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Das, a derivatives and risk expert, takes a very snarky look at these complex products that exploded the financial world in 2008 (though he is writing in 2006). Few people understand them, but whenever investors are flush with cash, money has to end up somewhere, and it's often seeking the highest return. The quants who create them may understand the equations, but not the real world consequences. The salespeople who sell them don't really understand them, and the buyers - in a system ruled b
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Feb 25, 2009
Traders, Guns & Money is very fresh history, just two years old. Das picks apart the new machinery of the mega-trillion-dollar derivatives market, the one economists say might be next to collapse on our heads. And I'm with him, I really am. The guy has a thing for ridiculous puns and also for pitiable characters. We meet a couple of noodle makers who wreck their company on a deal that no one but Das seems to understand, but by the end of this book, you'll get the deal, too. - Laura Conaway
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Nov 07, 2009
Adam
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An enlightening read from an intellectual aspect...the author does an admirable job translating the obscure, and often obtuse, world of financial derivatives into layman's terms. Although I found some of the characters is this book to be charming, I kept waiting for more. The lack of a solution, or attempt to rationalize the issues presented by this book, left me wanting more. I don't recommend this book for anyone who is not fascinated by trading and the financial markets. There were a disturbi
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Jul 18, 2011
Themistocles
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Definitely not one of the better books on the subject. There are two major faults with this one:
First, the writing is all over the place, with the author jumping hither and thither every other paragraph, with almost no cohesion.
Second, there are a great deal of technical bits that are not explained well at all, and some times they don't even need to be that technical.
Some interesting anecdotes and case studies, all marred by these downsides.
First, the writing is all over the place, with the author jumping hither and thither every other paragraph, with almost no cohesion.
Second, there are a great deal of technical bits that are not explained well at all, and some times they don't even need to be that technical.
Some interesting anecdotes and case studies, all marred by these downsides.
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Jun 05, 2009
Karen
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I found the attempts to make the material more exciting (for example, the "known unknowns, unknown unknowns," etc. a la Donald Rumsfeld) distracting, and initially difficult to get past.
But this book really explained a lot of what was going on in the world of derivatives, clearly and concisely (even has some simple diagrams to make it clearer).
Great book, once you get into it.
But this book really explained a lot of what was going on in the world of derivatives, clearly and concisely (even has some simple diagrams to make it clearer).
Great book, once you get into it.
Oct 27, 2011
Kasey
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Das (as he is known to the Planet Money crew) does an excellent job of explaining extremely complex financial products. He also does a good job of exploring the culture in and around the trading of these products. It isn't as easy a read as the Michael Lewis books, but it is as educational (if not more so). Rough going through some of it, but well worth it.
Jan 06, 2012
Philip
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I watched the documentary Inside Job about the 2008 Financial Crisis and by far the author of Trader's Guns & Money Satyajit Das was the most interesting participate by far.
I was looking forward to reading this book because of the great amount of incite that he brought within Inside Job.
Honestly I consider myself a very Financially Savvy person, I really understand and deal with a variety of "Financial Instruments" but this book went into far too much detail for som More...
I was looking forward to reading this book because of the great amount of incite that he brought within Inside Job.
Honestly I consider myself a very Financially Savvy person, I really understand and deal with a variety of "Financial Instruments" but this book went into far too much detail for som More...
Dec 02, 2010
John
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This is a good book, but I felt it oversimplified the explanations of what derivatives and structured financial products are and how they are put together. An entertaining read, but for me the technical aspects were presented at too high a level - glossed over. I didn't come away with the understanding of derivatives that I had hoped to obtain.
May 24, 2009
Wayne
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This book does a good job of explaining a lot of the misunderstanding about derivatives and how they are used and abused. It is not a book that tries to teach you how you cna personally use them though.
This book is essentially a tale of the author's career within the world of derivatives. The book is also littered throughout with stories of real experiences that others have had with derivatives.
This book is essentially a tale of the author's career within the world of derivatives. The book is also littered throughout with stories of real experiences that others have had with derivatives.
Mar 18, 2010
Neil
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A tour through the deceptions that brought us the 2007 Credit Crunch. From the investment agencies that produced worthless piles of garbage dressed up in pretty acronyms to the gullible buyers that believed what they were told.
May 04, 2009
Maryellen
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An excellent discussion of financial derivatives and their use/abuse. Understanding the use of derivatives provides a clear understanding of last years' crash of the credit markets. Should have read this one sooner.
Nov 09, 2011
^
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Very, very, readable. An excellent demonstration as to why the finance industry will always present the mystique of risk to investors, whilst seeking to quantite those same risks for its own benefit.
Mar 30, 2011
Meghan
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A high finance memoir, written in the format of a highly-irreverant and idiosyncratic textbook, bracketed with a David-and-Goliath lawsuit worthy of John Grisham.
May 12, 2010
Gekko
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This just seemed like an attempt to jump on the finance industry autobiography bandwagon. There is precious little that's new -- or interesting -- here.
Nov 26, 2008
andrew
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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.
May 26, 2011
Vlady
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Great book about derivative markets. A real eye opener. Written before the global financial crisis but contains clues to the future.
Aug 02, 2011
Readable book about how bankers/traders sell derivative products and how they end up bringing down companies in the end
May 09, 2011
Fritz
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A technical dive into the world of derivatives. Would be four stars but the writing style is a bit exhausting.
Nov 20, 2009
Tarun
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Excellent book on derivatives. A must read for those who are interested in finance
Jan 21, 2012
Shagun
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merely an intro to trading book for novices. Dont expect much apart from the usual blow against traders, occasional Keynes quote and some basic maths for the products
Jul 06, 2010
Trans01mission10
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After reading a book that makes me feel like an idiot for 1) what I don’t know, and 2) the assumptions I regularly make while speaking, I will break down my sentences and thoughts to rather small building blocks.
-derivatives are hard.
-this book does a fantastic job at walking someone through the complexities of the financial oubliettes that have caved in subsurface, if you bring your own spelunking tools.
-it was a trial for me to get through since i really have no statistics More...
-derivatives are hard.
-this book does a fantastic job at walking someone through the complexities of the financial oubliettes that have caved in subsurface, if you bring your own spelunking tools.
-it was a trial for me to get through since i really have no statistics More...
Jul 22, 2011
William
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Excellent book for filling in the background on our recent financial shenanigans. Very funny in parts too!
Apr 06, 2008
Chris
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This book gives you a realistic picture of the lucrative world of derivatives trading, you know, the enigmatic 'financial stuff' wall street types do to make staggering amounts of money. I'm pro-capitalism mind you, but this rather cynical book paints a not-so-glamorous picture. Three stars just cause it was a bit dry and I thought longer than necessary. And perhaps a bit too cynical, I think there are at least a few positive things to say about the contributions derivatives make to the funct
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Oct 05, 2011
Stephany
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I picked this up from the library after hearing Satyajit Das on Planet Money. It was so refreshing to hear someone who has worked in derivatives trading since literally my birth (March 1977) say that there's no way to make money in it without theft and deception. Das's book is now seen as somewhat prophetic, apparently, as it was published in 2006 right before the economy went to hell. Looking forward to yet another expose of what is outright crime in financial markets.
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