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Review
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
Review
The sexier side of finance ... at last ... a convincing picture of what life is like in today's modern financial industry. Traders Guns and Money by Satyajit Das not only has a catchy title, it actually manages to entertain, educate and inform." Corporate Financier, July 2006 "A must read for all CEOs, CFOs, Bankers and anyone who cares about what banks are doing with their money." - Finance Asia, May 2006 "... revealing insider's account" - Director, April 2006 "... true rarity: a derivatives book that keeps your attention all the way through. " FOW April 2006 "... a welcome addition to the literature." - The Sheet, April 2006 "... a scalpel of a book" - Financial Engineering News, July 2006 "A distincly timely book... This makes fascinating reading... A good crib sheet for how the whole derivatives game works. " - Financial Times, May 2006 "Forewarned is forearmed." - Money Week, May 2006 "Das is especially good on structured products and on the recently fashionable world of structured credit... a diverting read" - Financial World, July 2006 "a worthwhile read for anyone with connection to the financial world" - World Finance, July 2006 "The murky and complex world of finances and derivatives is scrupulously and frantically told in this brilliant narrative. ... This is a collection and recollection of exquisite financial tales well worth your time.' Convergence, September 2006 "...a fascinating and compelling insight into the world of derivatives... [TGM has] a page turning quality more reminiscent of a John Grisham novel than a dissertation on derivatives." - FINASIA, October 2006 "An absorbing accessible primer... scoots along at a blistering pace" - Wilmott Magazine, December 2006 Author featured as expert in Asia Risk, Bloomberg, Financial Times all in December 2006 "one of the most entertaining investment books I've read in a long time... I can't recommend this book strongly enough" - Blogginstocks Jan 07 "part thriller, part expose will be useful for anyone with connection to finance will tell you some of the truth of what really does go on." Society of Business Economists Book Review - Jan 07
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Customer Reviews
Most Helpful Customer Reviews
32 of 32 people found the following review helpful
Format:Paperback
I really enjoyed reading the book Traders, Guns, and Money: Knowns and Unknowns in the Dazzling World of Derivatives by Satyajit Das. It is an interesting book in that it is a fictionalized autobiography of Das. As the book outlines the author's professional life in finance, it describes how he got involved in financial derivatives. The primary purpose of the book is to give a primer on derivatives, how they were created, how they are used, their benefits, and their dangers. The author's use of humor along with the hilarious vignettes of his finance associates (Nero, Clem/Crem, Adewiko, Budi, etc.) and funny anecdotes from his career made the book fun to read.
The book really helped explain what exactly derivatives are (giving me a good review of some of what I was taught in college) and how they are used today. I also appreciated the in-depth analysis of several well-known instances where derivatives were used by investors and companies which really helped to demonstrate their application in the real world as well as the oftentimes hidden dangers of using these financial tools. I found his discussion of the currency swap done by the Walt Disney Company in the 1980's to be of particular interest to me. Despite the fact that I previously read the HBS case study during a Derivatives and Risk Management course which I took as a student at Harvard, Das's explanation of the incident really gave me an even better understanding of how exactly the transaction was structured and how it eventually went wrong. His explanation of why Disney's financial advisors made the deal so complex was also amusing. (You will have to read the book to find out.)
Moreover, Satyajit Das really underscored the complex nature of derivatives and their use in either speculative bets or in hedges. Previously, I had considered these financial tools as an efficient and safe way to hedge. However, the author points out that there are significant risks even when they are only utilized as a hedge.
Hence, I really enjoyed this entertaining and informative book. The author explains complex concepts in a clear, readily understandable, and comical way. I would recommend this book to anyone who wishes to learn more about financial derivatives or the world of finance in general and who does not mind being entertained at the same time.
Thank you for your time.
The book really helped explain what exactly derivatives are (giving me a good review of some of what I was taught in college) and how they are used today. I also appreciated the in-depth analysis of several well-known instances where derivatives were used by investors and companies which really helped to demonstrate their application in the real world as well as the oftentimes hidden dangers of using these financial tools. I found his discussion of the currency swap done by the Walt Disney Company in the 1980's to be of particular interest to me. Despite the fact that I previously read the HBS case study during a Derivatives and Risk Management course which I took as a student at Harvard, Das's explanation of the incident really gave me an even better understanding of how exactly the transaction was structured and how it eventually went wrong. His explanation of why Disney's financial advisors made the deal so complex was also amusing. (You will have to read the book to find out.)
Moreover, Satyajit Das really underscored the complex nature of derivatives and their use in either speculative bets or in hedges. Previously, I had considered these financial tools as an efficient and safe way to hedge. However, the author points out that there are significant risks even when they are only utilized as a hedge.
Hence, I really enjoyed this entertaining and informative book. The author explains complex concepts in a clear, readily understandable, and comical way. I would recommend this book to anyone who wishes to learn more about financial derivatives or the world of finance in general and who does not mind being entertained at the same time.
Thank you for your time.
17 of 17 people found the following review helpful
Format:Paperback
Das' sardonic description of the derivatives industry provides an extremely entertaining new approach to a genre saturated with glorified good fortune and dire warnings of imminent market apocalypse. The comically acid tone with which he describes every element of the business (from front to back-office) has much more in common with Jon Stewart's "Daily Show" than the academic tomes on credit derivatives and structured products that preceded it.
If you are considering a career in investment banking, this book is required reading. Along with an incredible introduction to derivatives and their impact on financial markets, "Traders, Guns and Money" touches on the frustrations involved in working at every level of the bank, describing the internal friction and disparity between support functions (product control, operations, accounting, risk control... the almost always overlooked segments of the firm that comprise the majority of people at any bank) and the front office traders with a surprising degree of insight.
If you are considering a career in investment banking, this book is required reading. Along with an incredible introduction to derivatives and their impact on financial markets, "Traders, Guns and Money" touches on the frustrations involved in working at every level of the bank, describing the internal friction and disparity between support functions (product control, operations, accounting, risk control... the almost always overlooked segments of the firm that comprise the majority of people at any bank) and the front office traders with a surprising degree of insight.
48 of 50 people found the following review helpful
Format:Paperback
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.
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.
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Most Recent Customer Reviews
Interesting but Not.At.All.Easy
If you're accustomed to Michael Lewis level forays into the financial world like this reader was, you're in for a shock. I suppose I'm not the aimed-for audience. Read more
Published 4 months ago by Aaron Dev
I did not know that !!
As a person of average intelect who just likes reading anything interesting, but at the moment anything to do with how finance works, this is a very good read. Read more
Published 4 months ago by Papershuffler
Caveat Emptor
I'm giving this a 4 instead of a 3 because there is no 3.5. In general, the low-starring critics are on target. Read more
Published 7 months ago by demola
A FIRST YET.....
....to enable non-quants, and non-Nobel winning quantitive scientists to get a rudimentary understanding of the role of derivative trading in today's world of casino banking. Read more
Published 7 months ago by DOPPLEGANGER
a hard book to understand...
are you into algebraic formulas? is so you will really like this book. sadly i was expecting a bit more - something more along the lines of liars poker... Read more
Published 8 months ago by Gcrikey
good Cook's tour of the subject
Mr. Das knows his stuff and is fully believable when he claims to have been present at most Derivative developments from the 1980s on. Read more
Published 13 months ago by Doyler101
A Far Better Book than The Black Swan
Satyajit Das's dry sense of humour might not be to everyone's couple of tea and I guess that explains the diametrically opposing views on this book. Read more
Published 16 months ago by DP
A daunting and very interesting book on market practices
An interesting and scary world of financial creativity, and how decisions are made with other peoples money. Read more
Published 23 months ago by Fantasyreader
Brilliantly Funny
The liar's poker for this generation. Mr Das does an excellent and indepth job of explaining not just the instruments, but how these deals are constructed - all whilst making slyly... Read more
Published on 19 Feb 2010 by Isabella Henney
Misleading
Traders, Guns and Money claims to offer an informative inside account of the world of derivatives. It does partially deliver on this promise, but it fails on several accounts. Read more
Published on 16 Sep 2009 by Alexander Sokol
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