Inventing Money: the Story of Long-Term Capital Management and the Legends Behind It
- List Price: $38.00
- Binding: Paperback
- Publisher: John Wiley & Sons
- Publish date: 12/01/2000
Based on the highly sophisticated mathematical models developed by Merton, Scholes and their academic contemporaries 25 years previously, LTCM believed it could make risk-free profit by identifying mis-priced derivatives (however small) and trading in them. These modelling simulations introduced by Merton, Scholes et al. have been continually refined and developed by economists, physicists, maths PhD students over the next quarter century in attempts to increasingly "guarantee" profits - to "Invent Money". But the collapse of LTCM proves that this is not possible, even by the masters of the science.
Thecollapse of LTCM had a massive impact on the world markets and could, potentially, have been catastrophic, bringing down with it not only bank's and other financial institutions, but also whole economies. The faith that has been put into this system can be seen by the amount of money which was leant to LTCM and the degree of "copy-cat" trading that tumbled like dominoes when the collapse hit. In telling the incredible story of LTCM, Nick Dunbar also tackles a wider fundamental issue: the increasing dominance of the use of science in global financial markets - and addresses some key questions: how could such a huge hedge fund be allowed to put at risk the whole market? is more rigorous regulation required? even accepting the problems of LTCM, is there a valid argument that the reliance on modelling and mathematical formula actually creates a more stable, efficient and confident market by enforcing correct prices? or has the system evolved faster than we can understand? will the inevitable increase in electronic trading rule out a "human" element to the markets? is the global financial system more powerful now than its creators?
Through his explanation of the personalities, financial techniques and breakthrough innovations of LTCM, Nick Dunbar guides the reader on a rollercoster ride through the world of high finance, high profits, Nobel Prize winning science and apparently ultimate disaster.
Seller | Condition | Comments | Price |
|
Goodwill
Acceptable
|
$3.35
|
|
Books From California
Good |
$3.36
|
Ergodebooks
|
Good |
$6.79
|
lexingtonbooks
|
Very Good |
$12.99
|
|
Lexington Books
Very Good
|
$14.61
|
|
Affordable Products
Very Good
|
$19.97
|
|
h&hbooks24
Good
|
$20.80
|