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4.0 out of 5 stars
Dynamic Hedging
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13 of 14 people found the following review helpful
on 23 March 1999
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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19 of 22 people found the following review helpful
on 2 July 2002
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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1 of 1 people found the following review helpful
on 24 April 2011
I saw this book recommended by a number of people and I respect the author from previous works however it was way above my level in terms of maths and application. This book would suit professional risk managers and derivatives traders with a firm grasp of the issues and the math behind them. Not really for the arm-chair enthusiast, except maybe to act as an indication of the real complexities of trading options.
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1 of 1 people found the following review helpful
I All I can say is that this is the best Start for anybody wanting to trade Exotic Options At a retail Level, but also wishing to start a career in any global Financial Center. This Book could change your life I.e ' you will Win or you Will Lose' playing this Game.

Good Luck Everybody the Game is On.
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5 of 7 people found the following review helpful
on 21 March 1999
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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on 30 April 2011
This was probably the first book I ever read that covered options in such depth. A good and interesting read, you can learn a fair amount. As Taleb was an FX options practitioner, beware for most examples to be FX related.
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on 15 November 2013
Trading Math you need to understand in a single and in my opinion simple-to-understand package. If you want something on Hedging, this is THE BOOK.
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18 of 26 people found the following review helpful
on 21 July 2000
Taleb must be congratulated for writing a book that introduces some basic ideas about options trading to novices. On the other hand, there is nothing in it for the experienced options trader, especially one who understands both the mathematics and real-life issues. Readers lacking either mathematics or real life trading experience may be unduly impressed, which perhaps explains the success of the book. In fact, Taleb is often vague where he should be precise and vice versa. Not atypical for a finance book where outrageous claims are sometimes made on behalf of both practioners and academics in a very young discipline.
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6 of 9 people found the following review helpful
on 16 February 1998
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 slightly above average... From a market makers perspective, I recommend Option Market Making, by A Baird...
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2 of 4 people found the following review helpful
on 12 May 1999
Nassim Taleb's book has become mandatory reading for all of the traders at our global derivatives trading house. More than just about options and derivatives, Dynamic Hedging teaches about market behavior better than any "text" I've seen. A must-buy for any trader, regardless of specialty.
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