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    How to Create and Manage a Hedge Fund: A Professional's Guide
    by Stuart A.McCrary
    Average Customer Review: 3.5 out of 5 stars
    Hardcover (15 August, 2002)
    list price: $100.00 -- our price: $63.00
    (price subject to change: see help)
    US | Canada | United Kingdom | Germany | France
    Reviews (10)

    1-0 out of 5 stars Uh-huh. UhUh!!
    Dear, me. Imagine being able to coach a winning business plan in fewer than 20 pages. And marketing, my dears! Why, other people write book after book about marketing, and, viola, all is covered in only twenty pages. That is amazing, especially since all the evidence is that the single most important aspect of creating a successful hedge fund is the marketing side. I can't imagine why the book would deal with trading or corporate structures in the US sense. Most successful hedge funds are incorporated in other jurisdictions which often use different terminology. And, my dears, how useful is it to introduce an S-corp, a US IRS term and structure used primarily in real estate. Few hedge funds invest in real estate, and even fewer non-US jurisdictions recognize that peculiar tax creature.

    On top of all that, you don't even get paper, binding or book covers for your money. Talk about 50 ways to leave your lover. Well, buy it if you must, but don't say I didn't warn you.

    4-0 out of 5 stars Criticisms don't make sence to me....
    While admittedly there is a lot of fluff in this book - ie explaining strategy and instruments, there is a lot of valuable advise on creating the structure of the company and constructing a business plan.

    If your looking for someone to tell you how to trade in the financial markets you probably shouldn't be starting a fund.

    2-0 out of 5 stars Dissapointing
    This book only gives a brief overview to the actual nuts and bolts of starting a hedge fund.Instead it spends time explaining various hedge fund strategies, risk-management approaches, and basic entity structures (what is a c-corp?what is an s-corp? what is an llc?).

    As someone who has started a fund in the past and is looking to start another, this book was a disappointment.If you are learning the info in this book for the first time, you probably shouldn't be starting a fund in the first place. ... Read more

    Isbn: 047122488X
    Sales Rank: 24222
    Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Commodities And Commodity Exchanges    5. Finance    6. Hedge funds    7. Investments & Securities - Futures    8. Securities    9. Business & Economics / Finance    10. Investment & securities   


    $63.00

    Market-Neutral Investing : Long/Short Hedge Fund Strategies
    by Joseph G. Nicholas
    Average Customer Review: 3.5 out of 5 stars
    Hardcover (14 September, 2000)
    list price: $69.95 -- our price: $44.07
    (price subject to change: see help)
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    Reviews (10)

    2-0 out of 5 stars Not the best source for informatin
    Nicholas runs a hedge fund consulting company and a lot of what he writes is not industry standard but rather what he thinks should be industry standard.There's a lot of different definitions in the HF industry on what long/short equity really means.Nicholas won't tell you what other authorities think.So this is a book with a very narrow focus, but even in this area it fails to clearly identify the risks of these equity hedge funds.You have to keep in mind that this guy is a promoter of the HF industry, so he's not an unbiased analyst of what hedge funds can do and cannot do.He's here to "sell" hedge funds... and to sell his company's services.I do not recommend this book because it's not objective at all.

    5-0 out of 5 stars Highly Recommend!
    Market-Neutral Investing offers insightful strategies to the world of hedge funds.An industry leader, Joseph Nicholas pioneers us through his proven techniques.I highly recommend this book.

    4-0 out of 5 stars Very good primer on this investment style
    Joseph Nicholas is uniquely positioned to write an intelligent book about market neutral investing.He is the founder of a hedge fund research firm that tracks over 2,500 hedge funds and has developed several hedge fund indexes.The language and mathematics within the book are crystal clear.Overall, this book gives you an excellent technical foundation in market neutral investing.

    As Nicholas describes, the market neutral strategy encompasses eight different substrategies that deal with financial instruments ranging from equities, to convertible bonds, and mortgage backed securities.Nicholas dedicates a whole chapter for each substrategy.Within each chapter, he describes how a specific strategy structures its market neutral positions, how it earns its return, and what risks it bears.

    Nicholas explains clearly that market neutral investing derives its return not from market movements, but from changes in the relationship or spread between its long positions and its short positions within a certain type of securities.

    Market neutral investing consists in observing relationships between similar securities; and taking a long position in the ones that appear underpriced while taking a short position in similar securities that appear overpriced.This strategy is called convergence.The investor bets that the spread between the values of securities he is long and the one he is short will narrow.This entails that in relative term, the long positions are expected to appreciate and the short position are expected to depreciate.Thus, the values of the long undervalued positions and the values of the short overvalued positions should converge over time.That would be ideal.It does not always work out that way.Often, the long and short positions respective values do not converge, but diverge.That is what killed Long Term Capital Management.

    The one caveat is that this book comes across as a commercial for market neutral investing.Nicholas convinces you will earn superior risk adjusted returns vs. regular investing strategies.Also, you will benefit from the market neutral strategies being uncorrelated to traditional stocks and bonds markets.Thus, market neutral strategies provide you with diversification benefits.

    Regarding diversification benefits, Nicholas is correct.Given that these strategies returns are somewhat independent from market movements in the related securities, it makes sense that they would be uncorrelated to these same markets.

    Nicholas assertion that these strategies provide superior risk adjusted return is less convincing.I would not be surprised his data is victim of survivor bias.If you select only the funds that survived during your research period, you ignore all the funds that failed during this same period.As a result, you overstate the performance of this investment style by selecting only the strong survivors.Additionally, his time horizon is too short.On page 7, he graphs the risk vs. returns for different market neutral strategies during the nineties alone.That is not long enough.Granted some of these strategies did not exist for much longer.Thus, we can't tell yet if performance is for real.Also, he states that all these strategies are above the efficient frontier that represents a straight line between the T-Bill risk/return position and the S&P 500 risk/return position.But, the efficient frontier is not on a straight line, but rather on a concave line.If the efficient frontier was graphed correctly, many of the market neutral strategies would be under the efficient frontier.

    I am skeptical about the superior risk adjusted return of market neutral strategies because of my own experience.We invested in three such market neutral funds.They had alluring past performance that confirmed everything Nicholas says about such funds.The minute we invested in such funds, their performance mysteriously deteriorated.Somehow, all these funds benefited from convergence before we invested.But, suffered from divergence right after we invested.Within two years, we closed out our investment positions in all three funds, and never regretted it.Thus, I feel that data integrity, and disclosure are real issues in this industry.And, it undermines the credibility of their superior past performance.

    My reservation regarding market neutral investing are supported by well publicized failures of some of the biggest funds within this investment style.These include the failure of Long Term Capital Management and the liquidation of the Tiger Funds.

    If you want to track how a market neutral fund performs, you can follow one of the oldest AXA Barra market neutral fund (SSMNX).As you will see, the performance is lackluster.And, I believe it is representative of the performance of this sector.

    Besides my reservation regarding market neutral investing, this book gives you an excellent foundation on this subject. ... Read more

    Isbn: 1576600378
    Sales Rank: 164264
    Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Hedge funds    4. Investment analysis    5. Investments & Securities - General    6. Personal Finance    7. United States    8. Investment & securities   


    $44.07

    The Hedge Fund Edge : Maximum Profit/Minimum Risk Global Trend Trading Strategies (Wiley Trading)
    by MarkBoucher
    Average Customer Review: 4.0 out of 5 stars
    Hardcover (23 October, 1998)
    list price: $80.00 -- our price: $80.00
    (price subject to change: see help)
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    Reviews (20)

    1-0 out of 5 stars If Soros was a prof, Boucher was one of his 'C' students
    Like many books written by practitioners, "The Hedge Fund Edge" provides some insight as to how one man makes his living, warts and all.By warts, I mean specious reasoning by the author.One of the warts in this book is a misunderstanding of basic macroeconomics.For example, Boucher presents capital input growth as productivity growth.The 'models' presented in the book are vapid space filler and could have been taken from an undergraduate's class presentation.All of the models could have been summarized neatly on one page rather than several dozen.Also, there are multiple typographical errors and citation errors throughout the book.

    The author likely used the phrase 'hedge fund' to tap into a hot topic in order to sell more books.This book is not about hedge funds, it's about global macro trading.You can learn more about global macro trading in the preface to Soros' "Alchemy of Finance" than you'd get out of this entire book.

    2-0 out of 5 stars ...on the ... rack
    first, in boucher's defense, other reviewers have misunderstood the term "hedge fund" to mean "market neutral."the term "hedge fund" simply means the ability to go short in a portfolio.in that regard, the title is not misleading at all.this book does outline several short strategies based on an understanding of the liquidity cycle.

    however, boucher, for as much as he espouses the austrian economic method, has forgotten that one tenant of that methodology is a total diregard for econometric forecasting.the relationships he defines in this book would have had many people in trouble in the early 2000s because, as the austrians state, what happened (past economic relationships) in the past does not have to happen in the future (these once dependable relationships may break down - with your money on the line).current monetary policy has been ineffective, and therefore, so would any of boucher's systems that rely on monetary indicators.these indicators would have been screaming "buy" the equity markets, while the equity markets themselves would have been screaming "sell us...now!"

    that being said, the primary reason not to buy this book is that some of the systems that boucher gives are insightful logically, but dubious in execution.while he may give you a system, he does not give you all you need.the reader assumes that he is giving valid systems, with all pertinent information.but, he leaves certain important points out.for example, on page 138, he says that you should buy stocks when up volume on the NYSE is greater than 77% of total volume and then he gives past buy and sell dates for the strategy.after much testing, i figured out that he is not using total volume on the NYSE, but rather total volume less unchanged volume.in other words, total volume is up volume, down volume and unchanged volume for all shares trading on the NYSE.boucher's "total volume" is just up volume plus down volume.this makes a huge difference.

    also, any time he uses 30-year t-bond data, good luck to you trying to figure out what he's actually using.the fed has a constant maturity series that goes back to 1977.boucher can go back to 1943 for this data.hmmmmmm.i'm sure he's using something, but i have no idea what.so, what good is the system if you don't know what he's using as the "30 year treasury yield"?and, through no fault of boucher, the 30-year is not issued any more.

    he also relies quite heavily on the dow jones 20 bond index.this series was discontinued.this is not boucher's fault, of course, but just another reason to steer clear of this book.

    i will say that i learned quite a bit from this book, however.it was fun to read.my problem simply resides with the somewhat tricky way that some of his systems are given.hey, i don't expect the guy to give away a proprietary system, but if you give a system, step up to the plate and tell the reader you're going to leave out some things (he actually does do this when he relays someone else's strategy).i find his method a bit disingenuous.

    ...

    3-0 out of 5 stars The title of this books seems to me to be misleading
    I must agree with reviewer Omar Wanza. There is nothing in this book about statistical arbitrage, which is probably the most effective strategy used by hedge fund managers. Nor does it really talk much about many of the other methods used very effectively by hedge funds.

    While the book covers a wide variety of topics pertinent to investing, its central thesis is that knowing and understanding the liquidity cycles of individual countries is of paramount importance in developing a portfolio strategy. When he talks about the liquidity cycle, the author is bascially talking about the business cycle. Due to the rise of the global economy, however, the likelihood that different countries will continue to have differing liquidity cycles is becoming more remote.Also, because it is extremely difficult, in practice, to predict any liquidity cycle, it would seem to me that the information in this book is only of limited value for any investment strategy.

    The basic problem with this book is that it was written in 1999, which was not only before global investing became less profitable as a hedge fund strategy, but prior to the current bear market in equities. Based upon various demographic considerations, the author, Mark Boucher, predicted that a bear market in equities would be likely in the year 2005. Some of Boucher's assumptions regarding the relationship of liquditycycles to various asset classes seem to me to be in need of adjustment based upon the actual economic events that have transpired in the last few years.

    In one of the later chapters, he recommends a number of hedge funds, but the book would have been far more valuable if, instead of recommending various hedge funds, he had actually outlined the many different effective methods used by hedge fund managers to manage their own portfolios.

    Although there are many potentially helpful things in this book, the title seems to me to be misleading, and I'm not sure that all of the theoretical considerations in it would necessarily pan out in the crucible of current market conditions, whereas certain hedge fund strategies, which are not even mentioned in the book, would probably be far more promising for today's environment. ... Read more

    Isbn: 0471185388
    Sales Rank: 124272
    Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Commodities And Commodity Exchanges    5. Finance    6. Hedge funds    7. Investments & Securities - Futures    8. Investments & Securities - General    9. Securities    10. Business & Economics / Investments & Securities    11. Investment & securities   


    $80.00

    The Mathematics of Financial Derivatives : A Student Introduction
    by Paul Wilmott, Sam Howison, Jeff Dewynne
    Average Customer Review: 3.5 out of 5 stars
    Paperback (29 September, 1995)
    list price: $42.99 -- our price: $42.99
    (price subject to change: see help)
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    Reviews (16)

    1-0 out of 5 stars waste of time
    This book is very bad, lacks almost everything you can think of, but if you don't know any better you probably won't care. It certainly needs to be supplemented by a respectable book if you want to learn derivatives (c.f. Hull's textbook, for example), and on the other hand, the math isn't rigorous at all, so you'll need a book on stochastic calculus (e.g. Michael Steele's, actually there are tons of better books out there, it's not hard to find better).

    4-0 out of 5 stars Only one snag
    There is no portfolio analysis which ,I think, is basic to any book in financial math.

    1-0 out of 5 stars Read Hull Instead
    It seems the examples in this book are clones of those found in Hull.Odd, since the author seems to want to use more sophisticate math.Since the author can't explain calculus or properly define terms, there is doubt there is even that basic understanding.Pass on this and buy Hull instead for better clarity and better examples. ... Read more

    Isbn: 0521497892
    Sales Rank: 205436
    Subjects:  1. Business / Economics / Finance    2. Derivative securities    3. Investments & Securities - Options    4. Mathematical models    5. Mathematics    6. Options (Finance)    7. Prices    8. Probability & Statistics - General    9. Reference    10. Science/Mathematics    11. Investment & securities    12. Mathematical modelling    13. Mathematics / Statistics   


    $42.99

    Applied Math for Derivatives: A Non-Quant Guide To The Valuation And Modeling Of Financial Derivatives
    by JohnMartin, John Martin
    Average Customer Review: 2.0 out of 5 stars
    Hardcover (22 June, 2001)
    list price: $125.00 -- our price: $66.50
    (price subject to change: see help)
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    Reviews (2)

    1-0 out of 5 stars Just the facts.. and little else
    The book provides good reference information with regard to the basic price/yield equations, but John Martin gives short shrift to any discussion of the finance theory behind them. It is not just an academic issue since many instruments will trade a premium or discount to the prices implied by the basic equations.

    Go with the classic: Options, Futures, and Other Derivatives (5th Edition) -- by John C. Hull.

    3-0 out of 5 stars Simple explanation of derivatives valuation done on Excel
    I agree with the Mr. Phillips about this book merely presenting the basic valuation equations, but I think that is the beauty of this book. Notice the title made a reference to this book beeing intended for 'non-quants'. However this book still provide 'quants' a valuable reference guide when one needs to brush up on the mechanics of a given derivative valuation.

    This book is written from a risk-management practitioner point of view and as such it goes in great length in not just showing the different valuation models, which include most of the models in practice, but also the working mechanism of the specific securities market, and the associated exchange and clearing house settlement procedure. The key strong point of this book is that the author wrote every section of the book with conciseness and to the point. Each instrument's characteristics are presented, the associated equations are explained, and the spreadsheet models are shown in detail (included with the accompanying disk). After reading the book one is left with the feeling that finance is really this simple, involving setting the appropiate model to go with the relevant parameters,

    One point regarding the editing: it was simply a great pleasure to browse this book. The clean layout of the book, the consistent sequence of presentation of the materials for all the instruments, and the detailed explaination of each of every equation (all the equations all the cells are shown) allows the reader to follow and comprehend the material with ease.

    The contents of the books: market mechanism, valuation and model of interest rate forward, foreign exchange forward, equity forward, interest rate swap (the author is really an expert in these types of intruments, showing models of single-rate bond valuation method, simple offset valuation method, zero-coupon yields bootstrapping, zero-coupon yields: forward rate reinvestment, futures strip swap pricing, forward rate offset valuation method, zero-coupon valuation method), cross-currency swaps, equity swaps, equity options, interest rate options, currency options. The disk includes major valuation models of all the derivatives.(most requires just Excel 4.0 version)

    Update: Since this book was published over a year ago, many other fine derivatives books have been published. However its straightforward simplicity still makes it a valuable part of a risk manager's personal library. One minor objection even at [...]its list price it is still priced a tad [...] for an introductory/intermediate level textbook. Anyone more quantitative-oriented, might want to check Cuthbertson's Financial Engineering and Risk Management. Comes with software and real life application examples. ... Read more

    Isbn: 0471479020
    Sales Rank: 548327
    Subjects:  1. Accounting - General    2. Applied    3. Applied Mathematics    4. Business & Economics    5. Business / Economics / Finance    6. Business/Economics    7. Derivative securities    8. Finance    9. Investments & Securities - General    10. Investments & Securities - Options    11. Securities    12. Valuation    13. Business & Economics / Investments & Securities    14. Investment & securities   


    $66.50

    Introduction to the Mathematics of Financial Derivatives
    by Salih N. Neftci
    Average Customer Review: 4.0 out of 5 stars
    Hardcover (April, 2000)
    list price: $71.95 -- our price: $71.95
    (price subject to change: see help)
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    Reviews (50)

    5-0 out of 5 stars Extraordinarily clear and intuitive
    I suggest all to hedge your risk of ignorance by taking a long position in this book immediately!

    2-0 out of 5 stars A good first draft not a useful text
    I used this text for a graduate course on financial derivatives in an applied mathematics program. The text generally made a good selection of the topics covered, but often key insights and proofs were missing. There were few useful examples and the end-of-chapter exercises were both too few in number and were not well thought out.The material could have been better organized and less meandering. A more compact and rigorous theoretical presentation surrounded and amplified by lots of good examples--including some involving numerical techniques--would have been both deeper and more accessible to students. As an instructor, I found the text was usable, but required me to add a great deal of my own material for the students. Finally, the index is just about useless, making it difficult to use this work as a reference.

    4-0 out of 5 stars Good Book
    I've read Hull, Wilmott and Baxter books but definitely like this book better - particularly for entry (but not easy) level derivative math. Can't say much since English is not my first language. But if you want to learn about Derivative Math and don't have strong background in Math (I'm a Porfolio Manager and have pretty good background in Calculus, Differential Equation, Econometrics) this book is certainly worth considering.I give 4 stars due to the lack of practice problems. ... Read more

    Isbn: 0125153929
    Sales Rank: 111161
    Subjects:  1. Accounting - General    2. Applied    3. Banks & Banking    4. Business & Economics    5. Business/Economics    6. Derivative securities    7. Finance    8. Investment Finance    9. Investments & Securities - General    10. Mathematical Economics    11. Mathematics    12. Applied Economics    13. Applied Mathematics    14. Business & Economics / Finance    15. Econometrics    16. Microeconomics   


    $71.95

    Schaum's Outline of Probability, Random Variables, and Random Processes
    by HweiHsu
    Average Customer Review: 5.0 out of 5 stars
    Paperback (01 October, 1996)
    list price: $16.95 -- our price: $16.95
    (price subject to change: see help)
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    Reviews (9)

    5-0 out of 5 stars Do the exercises!
    If you are taking a course on probability and stochastic process, and are struggling in your course, then look no further.Start working on the problems in this study guide.Like many other reviewers of this study guide, I was one of those "saved" by this book.(My course text was Papoulis.)

    Let me outline the pros of this book:
    + Consistent mathematical notations and conventions
    + Systematic and organized (easily identifiable chapters, sections, and subsections that flow logically from one to another)
    + Excellent summary of difficult concepts at the beginning of each chapter
    + Every end-of-chapter problem adds to your understanding (I'm not saying "most of them", I mean "every"!)
    + Every problem solution is concise and well-presented

    The only suggestion to the book:
    - Add more intermediate/advanced material into this study guide (e.g. more on Markov Process/Markov chain, Martingales, Poisson Process, advanced Queueing Theory, etc.)

    If you like this book, you should also consider the other books (study guides) written by Dr. Hsu as well.Most of them are as compact, concise, and clear as this one.

    4-0 out of 5 stars Good Exercise Book
    I am lack of knowledge in random variables and stochastic process. Usually, I grab myself a nice text book, like Yates and Goodman. They're very thorough, but too expensive for me. So I grab this book. Even tough it doesn't provide us with deep concept, it comes with so many exercises and I think this is the way to do for me. I learn quicker from doing exercises.

    5-0 out of 5 stars Good exercise book
    This book is not good for learning subject. But it contains considerable number of questions (some of them are provided with solution) which helps to understand topic better after studying topic from another source. Still you can read the chapter but I advice you to follow another source even you intend to read it anyway.
    ... Read more

    Isbn: 0070306443
    Sales Rank: 8191
    Subjects:  1. Engineering - General    2. Mathematics    3. Outlines, syllabi, etc    4. Probabilities    5. Probability & Statistics - General    6. Problems, exercises, etc    7. Science/Mathematics    8. Stochastic processes    9. Study Guides    10. Mathematics / Statistics   


    $16.95

    Advanced modelling in finance using Excel and VBA
    by MaryJackson, MikeStaunton
    Average Customer Review: 4.5 out of 5 stars
    Hardcover (30 May, 2001)
    list price: $95.00 -- our price: $59.85
    (price subject to change: see help)
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    Reviews (9)

    3-0 out of 5 stars Not really satisfying
    One of the main points of programming books is to help the reader understand the models being programmed.On this count, "Advanced modelling in finance using Excel and VBA" fails miserably.There is very little explanation of the financial concepts and models.Anyone hoping to learn finance from this book will be very disappointed.

    The result is a series of programming black boxes and ugly spreadsheets having only limited usefulness.

    Although the level of his book is somewhat lower, Benninga's "Financial Modeling" book is much better at explaining the conceptual basis of financial models.A good programmer will be better off with Benninga than with Jackson-Staunton.

    5-0 out of 5 stars Advanced modelling in finance using Excel and VBA
    This is probably the best book written on financial modeling in excel, definitely worth the $50. Comes with a great CD-ROM. The books strength is its illustration of financial models and implantation in Excel. Since the models focus on static solutions the book is probably of greater use in academics than in industry. It would be great if there was instruction about how to input real time data into Excel and implement the models dynamically. Of particular interest to me is the great VBA code given on the CD, namely the code to calculate autocorrelation, cubic spines, eigenvalues and eigenvectors. This alone was worth the 50 bucks.

    There are some major deficiencies in this book. Noticeably absent topics include: bond portfolio immunization; swap pricing; forwards and futures hedging; the ARCH, GARCH and CHARMA models.

    My background is in finance, mathematics and computer science. Unlike the guy above, I don't see any need for advanced mathematics in order to study this book. In fact I am sure you don't. The point is to make excel do it for you. However it will a lot easier for those who understand the finance and mathematics behind what they are telling excel to do. I am assuming that those who are considering this book most likely have taken at least one college level calculus course and one statistics course. But I don't think even that is necessary and definitely not stochastic calculus.

    5-0 out of 5 stars Highly Recommended
    VBA is one of those tools I long knew I should be proficient in but never got around to learning. That is, not until I found this book. It makes it easy for a financial professional to quickly come up to speed and start coding VBA within spreadsheets. The fact that the focus is on financial applications means that you learn coding techniques that will be useful on the job. I highly recommend the book! ... Read more

    Isbn: 0471499226
    Sales Rank: 21836
    Subjects:  1. Accounting - General    2. Applied    3. Business & Economics    4. Business / Economics / Finance    5. Business/Economics    6. Economics - General    7. Finance    8. Financial Economics (General)    9. General    10. Mathematical Models In Economics    11. Mathematical models    12. Microsoft Excel (Computer file    13. Microsoft Excel (Computer file)    14. Microsoft Visual Basic for app    15. Microsoft Visual Basic for applications    16. Business & Economics / Finance    17. Excel    18. Investment & securities   


    $59.85

    Market Models: A Guide to Financial Data Analysis
    by CarolAlexander
    Average Customer Review: 4.5 out of 5 stars
    Hardcover (15 November, 2001)
    list price: $140.00 -- our price: $88.20
    (price subject to change: see help)
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    Reviews (18)

    2-0 out of 5 stars Very shallow
    You can google in 10 minutes more relevant information than this book is able to provide. It's OK if you need to pick up some terminology and get a rough idea of what it all means before an interview. Totally useless if you need it for work.

    2-0 out of 5 stars Comprehensive, lack in depth and poor organization
    For a starter, this book does offer a broad spectrum of subjects, volatility/variance measurement, PCAs, Factor Models, Time Series analysis, high frequency data modeling, etc, at the expense of rigor and depth.

    Desipite the academic pedigree the author enjoys and the educational career she had, the book is rather poorly organized from a pedagogical point of view. She seems to have a tendency to refer to expressions, notions, ideas, data which appear much later than where the reference takes place.This makes first-timers cringe as they go through the chapters as they are laid out. It reads much like some published papers got dumbed down, and bundled together.

    If you are looking for comprehensive introduction, without the gory details of mathematical mumblejumble, this book might be of help. But it may not be used as a reference book, for its organization and for its lack of rigor.

    5-0 out of 5 stars Worth the money
    If you are looking for detailed rigorous mathematical development then look elsewhere, that is not the reason to purchase this book.It is targeted towards application and there it excels.I have not seen any other book on this topic that so effectively presents a level-headed applied approach that keeps the basic assumptions of the models firmly in sight.
    What tool fits when is nicely discussed. ... Read more

    Isbn: 0471899755
    Sales Rank: 65032
    Subjects:  1. Accounting - General    2. Business & Economics    3. Business / Economics / Finance    4. Business/Economics    5. Finance    6. Investments & Securities - Stocks    7. Mathematical models    8. Portfolio management    9. Stock price forecasting    10. Business & Economics / Finance    11. Economic theory & philosophy    12. Risk assessment & analysis for business   


    $88.20

    Fooled by Randomness: The Hidden Role of Chance in the Markets and in Life, First Edition
    by Nassim Taleb, Nassim Nicholas Taleb
    Average Customer Review: 4.0 out of 5 stars
    Hardcover (October, 2001)
    list price: $27.95
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    Editorial Review

    If the prescriptions for getting rich that are outlined in books such as The Millionaire Next Door and Rich Dad Poor Dad are successful enough to make the books bestsellers, then one must ask, Why aren't there more millionaires? In Fooled by Randomness, Nassim Nicholas Taleb, a professional trader and mathematics professor, examines what randomness means in business and in life and why human beings are so prone to mistake dumb luck for consummate skill. This eccentric and highly personal exploration of the nature of randomness meanders from the court of Croesus and trading rooms in New York and London to Russian roulette, Monte Carlo engines, and the philosophy of Karl Popper. Part of what makes this book so good is Taleb's ability to make seemingly arcane mathematical concepts (at least to this reviewer) entirely relevant in evaluating and understanding everything from the stock market to the success of those millionaires cited in the aforementioned bestsellers. Here's an articulate, wise, and humorous meditation on the nature of success and failure that anyone who wants a little more of the former would do well to consider. Highly recommended. --Harry C. Edwards ... Read more

    Reviews (230)

    5-0 out of 5 stars awesome!
    by far my top 10 favorite investing books.
    what did i learn?
    only invest when your probablity of winning is good and the risk-reward ratio is skewed in your favor.
    if you made quick easy money, it could be that you just got lucky.
    why do i like it?
    its a philosophical look at investing that easy to follow and understand.

    3-0 out of 5 stars Interesting reading
    It's an interesting book. Very arrogant but nontheless truthful, and it could be shortened by a hundred pages. The author delves into the classics (half dozen of them) to sound intelectual, but it is hard to justify that; he scorns this attitude several times in the book, but otherwise does the same thing. Granted, he admits he is quite like the characters he ridicules in the book. Aside fromthat the book is a page-turner and fun to read.

    5-0 out of 5 stars Intellectually stimulating
    Look no further if you need a book to fully engage all your mental capabilities. To list a few interfaces, the topics covered in the book are a blend of Literature, Philosophy, Mathematics and Finance. I must confess that my understanding of the contents after reading such a high density text is partial, but I am determined to read it again.

    The book is an excellent discussion on the concept of probability and asymmetries in real life. We get a clear view as to how the human brain naturally lacks the ability to grasp this concept and is trained to think linear while life is full of non linear outcomes.

    Imagine a sturdy typewriter over which a group of monkeys are allowed to dance. If billions of these creatures are at work, statistically, one of them might produce the Iliad, just by chance. Imagine if we were to honour this fellow and expect him to produce the Odyssey next.

    In another instance a clever trickster selects 10000 names at random from the telephone directory and sends them a recommendation to buy a particular stock. By the end of the week his forecast comes true to 5000 of these mortals. The next week he mails another recommendation to these 5000 and after the repetition of this process for a few weeks, we have about 125 hard core believers who are willing to pay anything for advice from this portfolio expert.

    The millionaire next door may just be an outcome of chance, the lucky monkey on the typewriter. However the society showers lots of praise on him for his vision, hard work,business acumen and the like.

    When the author was asked once if he was expecting the market to rise or to fall in a particular week, he says that it would rise. But he sells calls in apparent contradiction to his own opinion. The explanation is very interesting. He did expect with 70 % probability that the market would rise, but very slightly, but there was a chance of 30 % that it would fall steeply.

    There are several outcomes in life and in markets that are rare - black swans. But these are the exceptions that provide great opportunities. The author says that he is one of those happy crisis hunters who may lose small amounts of money frequently but makes tons of it during rare volatile events. The author uses the Monte Carlo simulator to visualise outcomes where mathematical equations are too complex or provide partial answers.

    Entertaining, educative and at times too sharp in criticism of "proven theories" chances are that we have more questions than answers to many problems that we confront in our daily life.

    Journalists and MBAsshould be forewarned that they might feel like the creatures on the typewriter after reading this book. ... Read more

    Isbn: 1587990717
    Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Chance    5. Finance    6. Free Will & Determinism    7. Investments    8. Investments & Securities - General    9. Personal Growth - Success    10. Random variables    11. Business & Management    12. Econometrics    13. Investment & securities    14. Probability & statistics   


    A Guide to Econometrics - 4th Edition
    by Peter Kennedy
    Average Customer Review: 5.0 out of 5 stars
    Paperback (08 May, 1998)
    list price: $32.95 -- our price: $32.95
    (price subject to change: see help)
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    Reviews (19)

    5-0 out of 5 stars Straight forward, Concise, Clear, and Well Organized Book
    Peter Kennedy's writing is such a pleasure to read. He makes Econometrics so clear by focusing on intuition and attempts to avoid confusing mathematical notation. This is a book that every economist, graduate student in economics, and anyone interested in doing empirical research MUST have. This is the best book in econometrics out there to get introduced to the field or to refresh forgotten concepts. I suggest that if you are struggling with a specific econometric concept, use Kennedy first and then move on to your assigned textbook (e.g. Greene).

    5-0 out of 5 stars The best econometrics book out there...
    Absolutely the best... I chanced upon an antiquated clothbound edition in the Dewey liby while preparing for the 1.202J mid-term and that was definitely one of the luckiest days in my (grad student) life... the fifth edition is a mega-improvement over that relic... especially with the addition of a chapter on Bayesian methods... what is great about this book is what another review(er) has said before this review: the structure of each 3-part chapter (basics; general notes; technical notes) is along the lines of the preacher explaining (in a Rudyard Kipling piece (?)) the efficacy of his sermons -- something to the tune of "First I tells them what I'm gonna tell them, then I tells them, then I tells them what I told them." You will find it it a breeze flipping through just the first parts of each chapter in order to clear the cobwebs. Very very highly recommended!!!

    4-0 out of 5 stars Mandatory Reading for Economists
    Kennedy's Guide to Econometrics explains econometrics more clearly than any other book I have read. This book will not make you into an econometrician. But, this is definitely the place to start your education on empirical methods in economics.

    For a book of this size, he covers a lot of territory. He covers the CLR model and hypothesis testing well, and discusses a few other things too. This guide is hardly encyclopedic. However, it covers the things economists need to know most.

    Kennedy does more than just explain econometrics. He spells out the limits of econometric analysis. Texts often pay little attention to the 'con in econometrics'. Not Kennedy. He discusses the limitations and defects in standard techniques, as well as their advantages.

    The only thing wrong with this book is that it does not carry the reader along far enough. After reading this book, most reader's will likely move on to a standard (i.e. badly written) econometrics textbook. In contrast, this book is written so well that it almost makes learning econometrics fun! ... Read more

    Isbn: 0262611406
    Sales Rank: 155438
    Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Econometrics    5. Economics - General    6. Business & Economics / Economics / General   


    $32.95

    Basic Econometrics w/Data Disk
    by Damodar N Gujarati
    Average Customer Review: 4.5 out of 5 stars
    Hardcover (18 March, 2002)
    list price: $125.94 -- our price: $125.94
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    Reviews (22)

    4-0 out of 5 stars VERY GOOD TEXT, BUT COULD BE BETTER
    Econometrics, as the extension of statistics into economics, sends shivers down the spine of most undergraduates.This book is, so far, the best textbook I have seen to teach econometrics.It divides concepts into chapters that are easy to reference separately, and it follows a logical sequence similar to the one in most college-level courses.

    In its 4th edition, Gujarati has had much time to improve the method and get comments.However, after having gone through the course and the textbook, I was left with the feeling that there must be a better way to teach econometrics.After learning it, you realize that the concepts are indeed simple, with much complex veneer to scare people away.In a few years, a wise and student-aware professor will write a textbook (call it the Econometrics Holy Grail?) that will make learning econometrics similar to learning basic stats.

    5-0 out of 5 stars The BEST !!!for the first course in econometrics
    I use this book in the first course of econometrics. Indisputably, I couldn't find any basic text that can explain me clearly until I find this one. I recommend student/reader to study this book together with Eviews (econometrics computer application,www.eviews.com). It's a great companion that can help you to understand the book.You can also find the solution book by the author.

    If you would like to buy the first book for econometrics,do not hesitate to buy this one. It worth your penny.$$$$$$$$$$$

    5-0 out of 5 stars BEST INTRODUCTION YOU CAN FIND
    Hi everyone:
    If you've never done econometrics, and you're about to take your first course in econometrics, make sure you have this book. With this book you will have a competitive advantage over your classmates because you will not only know the what and the how, but also the why. In short you'll become a shrewd econometrician.
    NB: This book is excellent but only as an introduction. If you've already taken econometrics, then you might wanna get the more advanced Greene.

    Thank you, ... Read more

    Isbn: 0072478527
    Sales Rank: 36726
    Subjects:  1. Business & Economics    2. Business/Economics    3. Econometrics    4. Business & Economics / Econometrics   


    $125.94

    New Thinking in Technical Analysis: Trading Models from the Masters
    by Rick Bensignor
    Average Customer Review: 4.5 out of 5 stars
    Hardcover (November, 2000)
    list price: $60.00 -- our price: $37.80
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    Reviews (7)

    5-0 out of 5 stars Wow
    Just the info on point and figure combined with moving averages is worth the cost of this book and that just one of the chapters.
    Read it digest it use it

    5-0 out of 5 stars The value leader
    I don't know where you can get an explanation of Point & Figure charting (I've seen it but never could understand this thing), John Murphy's succint, highly readable and technically important
    Intermarket Analysis (which started a whole field) including the SECTOR rotation section missing from the longer work (and much more readable to boot)!!...,Linda Bradford Raschke's take on the history of TA with a roundup the Great Thinkers, Bernie Schaeffer & Larry Williams 's Treatise on Sentiment, Steve Nison on Candlesticks, Elliott Wave counting, Peter Steidelmayer's Market Analysis (an alphabet soup hand charting method that the Floridian is objecting to but many in the industry consider pivotal), the basic idea behind the mysterious Turtle Trading sysstem's Money Management, and the Options wizard Larry McMillian reviewing how Volatility and Options interact at such a price.Perhaps the only thing missing is the Random Walkers;-)This book is a real joy to own with allot in there to make you stop and re-think.

    You should get this book if you want to survey the field and then drill down from there.Raschke's first at bat historial review with some of her own TA thrown in for good measure gets you going and the others make it hard to stop.I can honestly say outside of 1 typo/error, this book is flawlessly editted with lots of graphs.I was truly impressed & that's after reading allot on this field.Yes not everything is interesting
    (I care less about Sentiment) but now I know more about it and can understand why Schaeffer and Williams think its important.But that's the beauty of this book, chockablock information about allot of topics in TA.A good starter, a better review.

    2-0 out of 5 stars There Are Better T/A Books

    This book is OK but nothing special.He uses some tools that I have never seen in any TA software like Market Profile.Also lots of stuff on point & figure plus candlesticks which I do not use too much.

    There are some new approaches but you may want to look at other books. ... Read more

    Isbn: 1576600491
    Sales Rank: 177643
    Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Finance    5. Investment analysis    6. Investments & Securities - General    7. Investments & Securities - Stocks    8. Personal Finance    9. Stocks    10. Business strategy    11. Purchasing & supply management   


    $37.80

    Devil Take the Hindmost:A History of Financial Speculation
    by EdwardChancellor
    Average Customer Review: 4.5 out of 5 stars
    Paperback (05 June, 2000)
    list price: $16.00 -- our price: $10.50
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    Editorial Review

    "The longest bull market in history" is a term that gets used a lot these days. Since 1990, the Dow Jones Industrial Average has risen some 8,000 points, from around 2,700 in January 1990 to nearly 11,000 today--a boom by anyone's standards, including Edward Chancellor's. In Devil Take the Hindmost, Chancellor takes an entertaining, albeit sobering, look at the history of speculative manias and the mass delusion that surrounds them.

    Beginning with the "tulipomania" that gripped Holland in the 1630s, Chancellor chronicles the formations and irrational euphoria that can inflate markets, from shares of South Sea stock in England in the 1720s to real estate in Japan in the late 1980s. He characterizes the speculative spirit as one that

    loves freedom, detests cant, and abhors restrictions. From the tulip Colleges of the seventeenth century to the Internet investment clubs of the late twentieth century, speculation has established itself as the most demotic of economic activities. Although profoundly secular, speculation is not simply about greed. The essence of speculation remains a Utopian yearning for freedom and equality which counterbalances the drab rationalistic materialism of the modern economic system with its inevitable inequalities of wealth.
    But it's precisely such inevitability that always seems to win out, when "sharply rising prices followed by sudden panic without cause" bring speculative excess to an abrupt end.

    Chancellor makes Devil Take the Hindmost especially relevant to today's U.S. investors by using his analysis of past speculative manias as a lens through which to view the current bull-market binge. No matter what his or her current investment outlook is--bull or bear--anyone with capital to invest would do well to spend a thoughtful weekend with this book. Highly recommended. --Harry C. Edwards ... Read more

    Reviews (51)

    4-0 out of 5 stars Speculation is Inevitable
    Speculation is nothing new to humankind.Given that humans naturally seek more, then speculation is a normal part of that process.Put simply, speculation has always been with us and always will be with us.

    Edward Chancellor's work, which is sub-titled "A History of Financial Speculation", covers history from the time of Tulipomania in 17th century Holland to the collapse of the modern Japanese economic bubble and the trade in junk bonds in America.If the book were to be revised, I am sure that Chancellor could readily cover the bursting of the dot com bubble and the ongoing travails of Japan.

    In essence, "Devil Take the Hindmost" is a history of crowd madness.That is, an otherwise rational individual will often behave in a different manner when guided by a group.Such an individual may load up on dot com companies even though the price earnings ratios are screaming sell simply because others a buying and the market is trending upwards.However, as with all bubbles, there will be a bust.Bubbles come and go.When someone claims that "this time it's different", alarm bells should start to ring.The individual who can see reason in the crowd is the one who will avoid the inevitable slump.

    I recommend this book to anyone interested in financial history.My only criticism is that Chancellor seems to think that speculation can sometimes be contained.This is not the case.Speculation lies at the heart of our modern economy.

    5-0 out of 5 stars Playing with the Devil??
    +++++

    This extremely well researched book, by historian Edward Chancellor, is about the history of financial or stock market speculation.The line distinguishing investment, financial speculation, and even gambling is not absolutely clear:

    "[S]peculation is the name given to a failed investment and...investment is the name given to a successful speculation...The psychologies of speculation and gambling are almost indistinguishable: both are dangerously addictive habits which involve an appeal to fortune, and often [are] accompanied by delusional behavior and are dependent on success for the control of emotions."

    The title of this book "Devil take the Hindmost" comes from a phrase in the 1720 writing of an "anonymous pamphleteer."This phrase means "Let every person follow self-interest, leaving others to fare as they may."

    Chancellor takes us through significant periods of stock market manias or "speculative manias orbubbles."Some examples include:

    (1) the Dutch Tulip Mania of 1637
    (2) the British South Sea Company Bubble of 1720
    (3) the U.S. bull market of the 1920s
    (4) the U.S. bull market of the 1980s
    (5) the Japanese Bubble Economy of the late 1980s.

    All of the above events have one thing in common: the mania is always followed by a collapse, or more eloquently, the bubble eventually bursts.But as you read this book, you will discover that investors and speculators don't seem to learn from the lessons of the past.Why?Because as Sir John Templeton stated, there is this manic belief that "this time it's different."

    Throughout this book, you'll come across words such as these:

    mania or euphoria, bubble, crash or collapse, suicide, lotteries, gambling, speculation, irrationality, political influence, corruption, fraud, bankruptcies, bank failures, greed, profit, wealth, power, illness, anxiety, nervous breakdown, insider trading, capitalists, materialism, risk, murder, debt, and market manipulation.

    Chancellor also provides other interesting historical information in his narrative besides just historical information about speculation.For example, he tells us the true story of where the stock market terms "bull" and "bear" came from and what Mark Twain thought about investing and speculation.

    Contrary to belief, this book is not biased.In the epilogue of his book, Chancellor tells us the benefits that come from speculation.However, from reading the initial chapters of this book, it seems to me that these benefits come at a very high human cost.

    The only problem I had with this book is the plethora of footnotes.They occur on every second page or so.While some of the information in these were very interesting, I found that I got tired of being continually distracted by these footnotes and so I eventually gave up reading them.

    Although not completely necessary, it would be helpful to know some basics about the stock market and investment when reading this book.Chancellor does a good job explaining most things but he also assumes that the reader knows some basics.

    Finally, this is a unique book that thoroughly explains the history of financial speculation.Whether you're an investor or not, you'll learn a lot especially about human nature.

    RECOMENDATION: Invest in this book!!

    (first published 1999; preface;9 chapters; epilogue; notes; references, acknowledgements; index)

    +++++

    5-0 out of 5 stars Speculation: A Necessary Scourge?
    Published at the height of the 1990s technology bubble and two years after the onset of the Asian financial crisis, "Devil Take the Hindmost" offers a remarkably insightful examination of historical asset bubbles. Chancellor first takes us to ancient Rome, where currency crises were the norm due to currency speculation, and where the Forum Romanum served as the venue for shady deals in stocks and bonds. Indeed, speculation as an economic activity was ab urbe condita, or literally since the founding of the city of Rome. He then takes us to Venice circa the Middle Ages, where, in all probability, some of the earliest instances of insider trading took place. A spectacular panorama of financial shenanigans then unfolds, chapter by chapter: the overblown demand for tulips in the Netherlands during the 17th century; the British debt conversion scheme during the 1700s which led to the South Sea bubble; the Gilded Age in the US; the Wall Street crash of 1929; and the bursting of the Japanese economic bubble.

    Speculators absorb risk and provide liquidity in the marketplace. Arguably, their insight into market fluctuations and their intrepidity in assuming risk help lower the bid-ask spread of a certain asset. Speculation itself is not demonstrably malevolent, but is an intrinsic component of a functioning asset market. But at many junctions in history, as Chancellor prolifically demonstrates, excessive speculation had reached a point wherein prices had ceased to serve as useful signals of the intrinsic value of an asset.

    Chancellor contends that speculative activities, at their crescendo, are intrinsically irrational, and convincingly argues that asset markets all too often went to excess. The potential for amassing gains through trading and speculation are nearly limitless, yet the social cost of market collapse due to manipulation and abuse cannot be ignored.

    The book in effect questions the dogma regarding the seemingly omniscient ability of free markets to assign prices to assets, and the ability of prices to serve as an effective signaling mechanism. This is not a new argument. In their 1934 classic "Security Analysis," Dodd and Graham wrote that "[i]t is customary to refer with great respect to the bloodless verdict of the market place, as though it represented invariably the composite judgment of countless shrewd, informed, and calculating minds. Very frequently, however, these appraisals are based on mob psychology, on faulty reasoning, and on the most superficial examination of inadequate information."

    Ultimately, however, unfettered speculation may be due to the incontrovertible propensity of people to hitch their wagons to a star, and this propensity is unduly magnified by a "vita brevis" (life is short) mentality. Through this depressingly short--given the significance of the topic--yet highly edifying volume, Chancellor gives us the opportunity to reflect on speculation, which he considers "an anarchic force." ... Read more

    Isbn: 0452281806
    Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Economic History    5. History    6. Investments & Securities - Futures    7. Reference - General    8. Speculation    9. Business & Economics / General   


    $10.50

    After the Trade is Made: Processing Securities Transactions, Second Edition
    by DavidWeiss
    Average Customer Review: 4.0 out of 5 stars
    Hardcover (26 October, 1993)
    list price: $50.00 -- our price: $31.50
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    Reviews (8)

    4-0 out of 5 stars Learn about securities processing, if you stay awake.
    If you manage to stay awake then you too can learn about securities processing from start to finish.This is a great book about how the sell-side brokerage firm works, although much of the information here is outdated; electronic systems have streamlined the process and made it more efficient.Still, this book has a great wealth of information in it.This book impressed me in its clarity and at the same time, its magical ability to be so boring.

    2-0 out of 5 stars Outdated
    Has some factual and historical information, but now dated.Borrow it from the library.........

    5-0 out of 5 stars Incredibly boring, incredibly useful
    Consider yourself warned: this book is really, really boring. Astonishingly so. I do this stuff for a living, and it still put me to sleep.

    The reason it is so dull, however, is that it explains securitiesprocessing with great clarity and precision, without any mistakes ordigressions. It is slightly outdated, so if the advances of the last sevenyears are very important to you (they won't be, to most people--the backoffice doesn't change as quickly as one would think), get Michael Reddy'sbook "Securities Operations" instead. ... Read more

    Isbn: 0131776010
    Sales Rank: 28668
    Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Commodities    5. Commodity exchanges    6. Investments & Securities - General    7. Securities    8. Stock exchanges    9. United States    10. Business & Economics / General   


    $31.50

    Market Volatility
    by Robert J. Shiller
    Average Customer Review: 4.5 out of 5 stars
    Paperback (30 January, 1992)
    list price: $40.00 -- our price: $34.77
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    Reviews (3)

    5-0 out of 5 stars An Academic with a brain!
    Shiller does to the Effecient Market Theory what Columbus did to the flat earth theory.This is one of the finest books on markets I have read, and I have read hundreds.

    3-0 out of 5 stars Nice one but.......
    It is a nice book.But for me,I love Shleifer's "Inefficient market" more.This book focus on the Divident-to-price ratio and use it for the analysis of the market volatility.The writer does give us some insight about the market.But I doubt if it could stand for a long... since the market is changing all the time.

    5-0 out of 5 stars The best book on volatility ever written!
    I am a futures trader/ stock investor/ produce distributor.My constantinvolvement in markets of one kind or another led me to develop a deepdesire to understand volatility.Unfortunately the only books I could finddealt with option volatility. "Market Volatility" has been THEbest book dealing with market mechanics that I have ever read.I recommendthe book as a "must have" to my friends in the industry. ... Read more

    Isbn: 0262691515
    Sales Rank: 284186
    Subjects:  1. Bonds    2. Business & Economics    3. Business / Economics / Finance    4. Business/Economics    5. Finance    6. Prices    7. Real property    8. Stock exchanges    9. Stocks    10. Business & Economics / Finance   


    $34.77

    The Complete Arbitrage Deskbook
    by StephaneReverre
    Average Customer Review: 4.0 out of 5 stars
    Hardcover (04 April, 2001)
    list price: $59.95 -- our price: $37.77
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    Reviews (11)

    4-0 out of 5 stars Great Real Life Commentary on Financial Markets
    This book can be seen as consisting of 2 parts:

    1) Arb basics which "everyone knows" (assuming you have a serious interest in the field). These include description of financial instruments, their pricing and valuation, arb strategies, etc. This information is available from many other sources.

    2) Author's commentary on these instruments and strategies (drawing from hands-on arb experience). This is the real value of this book. The author's writing is clear and witty. I really enjoyed it. This is certainly not a book for "dry finance course" as one reviewer noted. Given the subject matter (very abstract and dry in itself) the book is a suprisingly good read. Also, this is a real-life book written by a real-life practitioner. It provides you with many useful insights into the financial markets.

    A great supplement to the advanced course in finance.

    5-0 out of 5 stars Complete Arbitrage MathBook
    I am a 18 year old College Freshman, majoing in Finance & Economics.This book was very good but like the opening few pages state this is meant for junipr pro's.The Math is about on the level of statistics and applied calc. I know a little of each, as I have not taken the classes yet, but I can see where the formulas are getting at.I am sure in a few years I will greatly apperciate all the info and math this book provides.

    2-0 out of 5 stars definitely not technical !
    I bought this book in order to improve my knowledge on arbitrage. I was expecting to find some practical applications on themarket like on (equity) pairs trading, yield curve arbitrage. The book provides a very broad and general overview on the concept of arbitrage and it is a very good book for someone who wants to understand the meaning of arbitrage and how and where he can do it. If you already know what arbitrage is, you dont need to read it. ... Read more

    Isbn: 0071359958
    Sales Rank: 200517
    Subjects:  1. Accounting - General    2. Arbitrage    3. Business & Economics    4. Business / Economics / Finance    5. Business/Economics    6. Investment Finance    7. Investments & Securities - Futures    8. Investments & Securities - General    9. Business & Economics / Investments & Securities   


    $37.77

    Monte Carlo Methods in Finance
    by Peter Jaeckel
    Average Customer Review: 3.5 out of 5 stars
    Hardcover (11 April, 2002)
    list price: $115.00 -- our price: $72.45
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    Reviews (7)

    3-0 out of 5 stars for Quants only
    if you're a quant, you might really love this book

    if you're a person who wants to have a "basic" understanding how to use MC for consulting or product pricing with examples, you got the wrong book (not mentioning that your maths must be pretty good).

    if you're looking for an Excel example on how to price some basic options, i highly recommend Jackson & Staunton or Wilmott.

    5-0 out of 5 stars Good book
    This book is pretty good as it covers lots of different areas of Monte Carlo simulation and some of the newer stuffs, such as copulae, etc.The math presentation is brief but to the point as application of the mathematics to Monte Carlo methods is the emphasis.Intuitive ideas behind the formula is explained pretty well as it tells you where certain formula can be used for.It would be helpful to have taken an advanced course in Monte Carlo methods in Finance to appreciate the book.I would personally suggest Glasserman's course at Columbia U.Prof Glasserman is also writing a book on the subject that he uses for lecture notes now.It would turn out to be an even better book to read.

    4-0 out of 5 stars Competent Treatment of an Advanced Approach
    This is an excellent resource for anyone already familiar with Monte Carlo modelling.Scientists making the transition to Wall Street will find this a needed supplement to Hull and other good resources.Product descriptions are also needed, especially for areas in which growth is exploding and therefore jobs are available."Credit Derivatives" (Second Edition) by Janet Tavakoli is a great resource for getting up to speed on these products and for highlighting some of the data and modelling issues one will encounter.Although it is a product book and an applications book that helps the modeller understand how to approach the problem. ... Read more

    Isbn: 047149741X
    Sales Rank: 101889
    Subjects:  1. Accounting - General    2. Business & Economics    3. Business / Economics / Finance    4. Business mathematics    5. Business/Economics    6. Finance    7. Financial Economics (General)    8. Investments & Securities - General    9. Monte Carlo method    10. Numerical Analysis    11. Probability & Statistics - General    12. Business & Economics / Finance    13. Probability & statistics   


    $72.45

    Against the Gods: The Remarkable Story of Risk
    by Peter L.Bernstein
    Average Customer Review: 4.0 out of 5 stars
    Paperback (31 August, 1998)
    list price: $19.95 -- our price: $13.97
    (price subject to change: see help)
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    Editorial Review

    With the stock market breaking records almost daily, leaving longtime market analysts shaking their heads and revising their forecasts, a study of the concept of risk seems quite timely. Peter Bernstein has written a comprehensive history of man's efforts to understand risk and probability, beginning with early gamblers in ancient Greece, continuing through the 17th-century French mathematicians Pascal and Fermat and up to modern chaos theory. Along the way he demonstrates that understanding risk underlies everything from game theory to bridge-building to winemaking. ... Read more

    Reviews (117)

    4-0 out of 5 stars Engaging history of quantifying risk
    Bernstein has a witty pen and his _Against the Gods_ is an excellent book on what can be a dry subject: risk. Rather than write a dull book of formulas and deadly dull theory, Bernstein writes a passioned and engaging history from the Greeks (of course) to elements of today's modern portfolio theory.

    Everybody from Euclid to Fabinocci to Markowitz to Black and Scholes is mentioned. I was amused to read how the Black-Scholes paper on pricing European calls and puts was rejected by two journals before being finally published.

    Even if you don't know or care what standard deviation and regression to the mean is, this book is so well written you'll hardly bat an eye. Non-math types will enjoy it along with the number crunchers.

    His thesis is that what separates the modern world with the ancient is our ability to quantify risk as opposed to just blaming the gods.

    Bernstein's book on Gold: History of An Obsession, is equally engaging.

    3-0 out of 5 stars Historical Treatment Of Statistics, Occasionally Fascinating
    This book tackles what would seem to be a pretty bland topic, the history and evolution of risk management and the tools that make it possible, statistics and probability.But the book is not written in a mathematical way.Rather it relates the issues people were dealing with and the personalities that moved the science forward.This contrast between scientific necessity, discovery, and profiles of the people playing major roles can be used very effectively when done right.See "The Discoverers" by Daniel Boorstin for perhaps the best example of this.But while "Discoverers" covered the evolution of all of human scentific knowledge, necessarily painting in broad strokes, Bernstein narrows his focus to a single field.This provides some depth that Boorstin lacked, but overall perhaps even this accessible approach isnt enough to make probability and statistics truly engaging.The book is often quite enjoyable and gives one a nice appreciation for why the science of risk management came about over hundreds of years into the form we know it as today, and leaves one with a sense of the fluidity of something like mathematics, which is typically presented to students as ageless truth.Recommended for those with an interest in how and why math and science rose as they did, and willing to ride out the occasionally dry passages.

    4-0 out of 5 stars A very good history of probability, statistics and risk
    Bernstein has put together an interesting treatment of some rather dry materials.He traces the history of mankind's dealing with risk from the basics of probability (mostly based on renaissance gambling) through the 19th century development of statistics (means, bell curves, etc) to modern risk management (the stock market, options, and derivatives).Although all of these topics would be covered in more detail in mathematics, statistics, or finance courses, Bernstein weaves them together in a compelling way.

    Full of interesting stories, it starts to get more technical and difficult to read at the end.An eye-opener on how helpless we would be without statistics and mathematical thinking that we now take for granted. ... Read more

    Isbn: 0471295639
    Subjects:  1. Accounting - General    2. Business & Economics    3. Business / Economics / Finance    4. Business/Economics    5. Decision making    6. Finance    7. Insurance - Risk Assessment & Management    8. Management - General    9. Probability & Statistics - General    10. Risk management    11. Business & Economics / Management    12. Insurance    13. Philosophy    14. Risk assessment & analysis for business   


    $13.97

    Schaum's Outline of Calculus
    by Elliott Mendelson, Frank Ayres
    Average Customer Review: 4.0 out of 5 stars
    Paperback (28 June, 1999)
    list price: $16.95 -- our price: $11.53
    (price subject to change: see help)
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    Reviews (13)

    5-0 out of 5 stars Not just an outline
    I used to pretty much search online to learn Calculus and refer to a reference guide but then I bought this book. It pretty much covers everything I need to prepare for the AP Calculus BC examination.. and goes even further than that!
    What's good about it is that it presents everything in a clear way, with worked examples and keeps most important theorems and corollaries intact. I highly recommend this if you want to learn Calculus and have at least completed a course in elementary Algebra.

    5-0 out of 5 stars Too good to be true
    Schaum's Calculus: I have insomnia because I can't figure out how a book could be so good. I started crying tears of joy I was so pleased. Money. Absolute money. More money than Vince Vaughn in `Swingers'. Spectacular fireworks should accompany this author's every step. This book is the Clint Eastwood of calculus...and by that I mean super cool.

    5-0 out of 5 stars Completely nessecary for an "A+" in Calculus
    This book covers all material in any course in calculus. It covers material in elementary, intermediate, and advanced calculus. Here everything is simplified, including the exercises.
    I plan to to take AP Calculus BC, and this guide is helping me pass that test. This book is advanced and it is also easy at the same time. I reccomend this study guide to everyone who wants proficiency in the sciences and to pass tests. ... Read more

    Isbn: 0070419736
    Sales Rank: 3132
    Subjects:  1. Calculus    2. Education    3. Mathematical Analysis    4. Mathematics    5. Outlines, syllabi, etc    6. Problems, exercises, etc    7. Study Guides    8. Mathematics / Calculus   


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