Inside markets, innovation, and risk
Why do markets keep crashing and why are financial crises greater than ever before? As the risk manager to some of the leading firms on Wall Street-from Morgan Stanley to Salomon and Citigroup-and a member of some of the world's largest hedge funds, from Moore Capital to Ziff Brothers and FrontPoint Partners, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think. The very things done to make markets safer, have, in fact, created a world that is far more dangerous. From the 1987 crash to Citigroup closing the Salomon Arb unit, from staggering losses at UBS to the demise of Long-Term Capital Management, Bookstaber gives readers a front row seat to the management decisions made by some of the most powerful financial figures in the world that led to catastrophe, and describes the impact of his own activities on markets and market crashes. Much of the innovation of the last 30 years has wreaked havoc on the markets and cost trillions of dollars. "A Demon of Our Own Design" tells the story of man's attempt to manage market risk and what it has wrought. In the process of showing what we have done, Bookstaber shines a light on what the future holds for a world where capital and power have moved from Wall Street institutions to elite and highly leveraged hedge funds.
Richard Bookstaber runs an equity hedge fund in Greenwich, Connecticut. He was the director of risk management at Ziff Brothers Investments and at Moore Capital Management, one of the largest hedge funds in the world. He served as the managing director in charge of firm-wide risk management at Salomon Brothers and was a member of Salomon's powerful Risk Management Committee. Mr. Bookstaber also spent ten years at Morgan Stanley in quantitative research and as a proprietary trader, concluding his tenure there as Morgan Stanley's first market risk manager. He is the author of three books and scores of articles on finance topics ranging from options theory to risk management. Bookstaber received a Ph.D. in economics from MIT.
NEWS: 2012 800-CEO-READ Business Book Awards Shortlist: Finance & Economics
Posted December 13, 2012, 4:29 PM with category of General Business
Over the course of this week, we will be posting the shortlist selections for our 8 business book categories: General Business, Leadership, Management, Innovation/Creativity, Small Business/Entrepreneurship, Marketing/Sales, Personal Development, Finance.
On Monday, December 17th, we'll announce the category winners, and, on Wednesday, December 19th, we'll celebrate the overall winner of the 2012 800-CEO-READ Business Book Awards! Stay tuned.
NEWS: The Quants
Posted February 26, 2010, 2:12 AM with category of General Business
I've not yet finished reading Scott Patterson's The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It, but I'd like to go on record now in disagreement with The Economist's review of the book. I do agree that Patterson's prose can get a bit "purple" in places, but I think his focus on the quantitative models developed and used on Wall Street over the last three decades is an important one. And the way he explores the topic—through the stories of the individuals who created those models—keeps the reader engaged in a tale that might otherwise turn too academic for most.
STAFF PICKS: The Best Business Books 0f 2008 - BusinessWeek Edition
Posted December 10, 2008, 3:00 PM with category of General Business
While we're in the midst of announcing the shortlists for our annual awards, I think it behooves us to look at what others found worthy of the "best" title. Last week, BusinessWeek gave their blessing to what they see as The Best Business Books of 2008 in an article by Hardy Green. The following books made the article:
The Trillion Dollar Meltdown by Charles R.
NEWS: Reviewing Reviews
Posted September 26, 2008, 4:30 PM with category of General Business
Heather Green has written a wonderful review of Jeff Howe's Crowdsourcing: Why the Power of the Crowd is Driving the Future of Business for the September 29 issue of BusinessWeek. After observing that "Books about the crowd are becoming a crowd unto themselves," Green writes:
What sets Howe's book apart is his focus on business, an examination of different crowdsourcing models, and a deep dive into academic research to explain why people work together. It's a welcome and well-written corporate playbook for confusing times.
NEWS: 2007 800-CEO-READ Business Book Awards announced today
Posted January 15, 2008, 3:05 PM with category of General Business
The day has finally arrived. After careful consideration, the winners have been determined for our first annual Business Book Awards. Nearly 300 titles were submitted which were then critiqued and reviewed by our editorial staff.