traders guns and money.pdf

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1、SA“Ihadbeeninderivativesforover25years.“Makeroomforanothermust-readontheshelves“INMOSTBUSINESSES,THENATUREManytradershadn’tbeenbornwhenIofanyCityorWallStreettrader,salesman,orvictim.TYOFTHEPRODUCTISAKNOWNstumbledaccidentallyintothearcaneworldTraders,Guns&MoneyisfilledwithdirtylittleAJITDASof

2、derivativestrading.HowdidIgetthere?secrets,someoldandsomenew.AnyonewhoKNOWN.WEDONOTSPENDALOTIhadfollowedthemoney.Ihadriddenthehasworkedonatradingfloorwillnodandlaugh.OFTIMEDEBATINGTHEUSEOFORtideandcurrentsoffinancialmarkets.IhadThosewhohavenotwillshaketheirheadsandcry.OURNEEDFORAPAIROFSHOES.n

3、otknownverymuchthen.EvennowIonlyWhen‘derivatives’and‘f******’appeartogetherknewthemanyunknowns.HowdidIgetoneveryotherpage,youknowsomeonehaswrittenWEALSOUNDERSTANDOURhere?Itwasaverylongstory.Traders,Gunsthetruthaboutfinancialinnovation.Beafraid.”CHOICES–LACEUPORSLIP-ON,&Moneyisthatstory…”BLAC

4、KORBROWN.ISPEAK,FrankPartnoy,authorofFIASCOandInfectiousSatyajitDasisaninternationalexpertintheTELLSACRACKINGSTORY,GreedandProfessorofLawattheUniversityofOFCOURSE,OFMEN’SSHOESdazzlingworldoffinancialderivativesandhasANDINDOINGSOREVEALSSanDiegoHERE.WOMEN’SSHOES,WELL,25years’experienceinthefina

5、ncialmarkets.BOTHTHEHARDFACTSANDTHEYARECLOSERTODERIVATIVES.HehashadafootonbothsidesoftheTHESOFTUNDERBELLYOF“Very,veryreal.Riskmanagementatthefrontline,THEDERIVATIVESSALESPROCESSderivativesequation,havingworkedforbanksTHEWORLDOFDERIVATIVESandunlikeanythingyou’llhaveseeninthetextbooks.”(the“s

6、ellside”)suchastheCommonwealthISMORECOMPLEX.YOUMAYNOTBankofAustralia,CiticorpInvestmentBankPaulWilmott,writer,mathematicianandauthorofKNOWTHATYOUNEEDTHEandMerrillLynchand,asTreasureroftheTNTthequantitativefinancewebsitewww.wilmott.comPRODUCT–ANUNKNOWNKNOWN.Group,forclients(the“buyside”).Heno

7、wactsasaconsultantadvisingbanksandcorporationsYOUPROBABLYHAVEN’TGOTTHEandpresentingseminarsthroughouttheworldWarrenBuffetoncememorablydescribedderivativesFAINTESTIDEAOFWHATADOUBLEontheslipperysubjectofderivatives.as“financialweaponsofmassdestruction”.Read