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Taleb on Risk: Dynamic Hedging (Hardcover)

by Nassim Nicholas Taleb (Author) "In this chapter, we will rapidly but formally define the instruments and present their major characteristics ..." (more)

4.2 out of 5 stars See all reviews (10 customer reviews)

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Product details

Hardcover: 528 pages
Publisher: John Wiley & Sons (23 Jan 1997)
Language English
ISBN-10: 0471152803
ISBN-13: 978-0471152804
Product Dimensions: 25.4 x 18.3 x 3.3 cm

Average Customer Review: 4.2 out of 5 stars See all reviews (10 customer reviews)

Amazon.co.uk Sales Rank: 153,179 in Books (See Bestsellers in Books)
Popular in this category:
#18 in Books > Business, Finance & Law > Professional Finance > Investments & Securities > Options

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Product Description

Bruno Dupire, Head of Swaps and Options Research Paribas Capital Markets

"If pricing is a science and hedging is an art, Taleb is a virtuoso."

Stan Jonas, Managing Director FIMAT-Societe Generale

"This is not merely the best book on how options trade, it is the only book."

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Inside This Book (Learn More)

First Sentence
In this chapter, we will rapidly but formally define the instruments and present their major characteristics. Read the first page

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Customer Reviews

10 Reviews

5 star:		(7)
4 star:		(0)
3 star:		(2)
2 star:		(0)
1 star:		(1)

Average Customer Review

4.2 out of 5 stars (10 customer reviews)

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Most Helpful Customer Reviews

15 of 17 people found the following review helpful:

5.0 out of 5 stars If there is a better options trading book i'd love to see it, 2 Jul 2002

By A Customer

This is without a doubt the best book that has ever been written on professional options trading and I simply cant understand why anyone would give a less than glowing review. If there is anything better out there (and i dont mean a pricing book that leaves the reader to infer his own trading realities from the models and hedge ratios that ensue) then I'd love to see it.

Of course this isnt a mathematically rigourous platform to learn the pricing and hedging of option products, Taleb is entirely clear that it wasnt meant to be. Instead it offers one source for a multitude of much, much more intuitive lessons on trading, probability, and market realties offered in a persistently thought provoking, even entertaining style.

As a junior trader I found this a real bonus step up the learning curve (im sure you could realise all of this knowledge elsewhere, but in one place? - never.) I eagerly await seeing any additional material included in the second edition.

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9 of 10 people found the following review helpful:

5.0 out of 5 stars A book long overdue, 23 Mar 1999

By A Customer

It is nearly impossible to write a book that is both mathematically rigorous and sufficiently down to earth to be accessible to the professional trader. This book is a step in the right direction. It maintains the mathematical accuracy and depth without bogging the reader down with technical derivation of formulae. At the same time, it is written by a trader whose experience in the real market compels him to constantly question the 'nice' assumptions used to derive these formulae.

Taleb is first a market practitioner who uses models and pricing formulae to enhance trading and not the other way around. If there is a discrepancy between theory and reality he doesn't blame the markets.

The book is very personal and leaves no doubt what the author's opinion is on VAR, continuous hedging and other sacred cows of modern finance. The debacle in the financial markets in 1998 and the apologetic excuses by famous traders and theoreticians indicates that there is more than a grain of truth in Taleb's skepticism.

The importance of this book is that whether one agrees or disagrees with Taleb, it forces the reader to question his basic assumptions and rethink common truths. The book is unique: it is stylish, philosophical, literary, and if one may say so of a hardcore financial book - it is very entertaining.

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5 of 6 people found the following review helpful:

5.0 out of 5 stars Invaluable book that bridges gap between theory and practice, 21 Mar 1999

By A Customer

Taleb's book successfully bridges the gap between well-posited but academic accounts of options theory and the practical knowledge and vernacular that are privy to the best traders. It is thoughtful and interesting, scholarly yet intuitive - and written in such picturesque prose that will at once charm and provoke you! The author makes the point well that market reality at times can be grim and much less forgiving - and certainly much richer - than current theoretical modeling make it out to be and shows how the trader can stack the odds in his or her favor. This book is an invaluable source of ideas for anyone who wants to monetize their empirical research on markets.

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Most Recent Customer Reviews

3.0 out of 5 stars useful for non-quantitative beginning option traders
Taleb must be congratulated for writing a book that introduces some basic ideas about options trading to novices. Read more

Published on 21 Jul 2000

5.0 out of 5 stars Excellent well written book
Taleb's dynamic hedging is an excellent book on options. It is very important for every risk manager to read it, however taleb does not reveal all the secrets of the options... Read more

Published on 13 Jul 1999

1.0 out of 5 stars Get an Editor
This book could very well be the most insightful thing ever on risk management. I would not know, I quit reading it after the first few pages. Read more

Published on 11 Jun 1999

5.0 out of 5 stars Invaluable Market Insights
Nassim Taleb's book has become mandatory reading for all of the traders at our global derivatives trading house. Read more

Published on 12 May 1999

5.0 out of 5 stars Without a doubt the best book on financial markets ever
Without a doubt the best book on financial markets ever. Very insightfull, the only clear exposition of what really maters to real traders in the real world.

Published on 20 Feb 1998

3.0 out of 5 stars Good but repeatedly flawed...
Taleb has written an insightful piece on derivatives trading, BUT repeated errors in definitions, symbols, and charting makes, what could have been a work of art, this book... Read more

Published on 16 Feb 1998

5.0 out of 5 stars best traders tool ive seen yet - but leaves u wanting more!
simply the best exposition on vanillas certainly that ive read though needed more on pricing & risk management of currency options both vanillas and barriers - in terms of day... Read more

Published on 13 Oct 1997

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