Book Description
Inside the House of Money lifts the veil on the typically opaque world of hedge funds, offering a rare glimpse at how today's highest paid money managers approach their craft. Author Steven Drobny demystifies how these star traders make billions for well-heeled investors, revealing their theories, strategies and approaches to markets. Drobny, cofounder of Drobny Global Advisors, an international macroeconomic research and advisory firm, has tapped into his network and beyond in order assemble this collection of thirteen interviews with the industry's best minds. Along the way, you'll get an inside look at firsthand trading experiences through some of the major world financial crises of the last few decades. Whether Russian bonds, Pakistani stocks, Southeast Asian currencies or stakes in African brewing companies, no market or instrument is out of bounds for these elite global macro hedge fund managers. Highly accessible and filled with in-depth expert opinion, Inside the House of Money is a must-read for financial professionals and anyone else interested in understanding the complexities at stake in world financial markets.
"The ruminations of supposedly hush-hush hedge fund operators are richly illuminating." --New York Times
Customer Reviews:
Insightful visit to the world of the global macro investor........2007-09-28
This fascinating book will take you into the world of current global macro investing. Steven Drobny interviews 13 successful traders, analysts and fund managers who participate in global macro investing in many different ways. Although some of the discussions are technical (but never mathematical), they are readable and easy to understand. Drobny also provides some information on the origins and early years of global macroeconomic investing, from John Keynes to George Soros. He talks to his interviewees about their backgrounds and asks their investment advice. His question-and-answer approach keeps things moving. We enjoyed Drobny's descriptions of the people he interviewed, though the interview-style format leads to somewhat choppy data. This book is surprisingly fun for what could have become a very dense, technical tome in less skilled hands.
Find out what the experts think about investing in the global marketplace .......2007-09-17
This is a terrific book about how 13 investors use global macroeconomics in their work. The shorthand term is global macro. Since the field is pretty much undefined and can include investments of any time anywhere in the world, it is hard to define what exactly it is. In fact, the book isn't about Steven Drobny telling you about what he thinks it is. Instead, the chapters are question and answers with each of these practitioners of this technique.
The first few chapters offer some context and history of global macro investing. The earliest people doing it were probably John Maynard Keynes and Alfred Winlow Jones. Drobny takes us through the key macroeconomic crises of the past several decades and offers a few thoughts about the future.
The people he interviews are Jim Leitner of Falcon Management, Siva-Jothy of SemperMacro, the author's partner, but no relation - Andres Droby, Dr. John Proter of Barclays Capital, Dr. Sushil Wadhwani of Wadhwani Asset Management, Peter Thiel of Clarium Capital, Yra Harris of Praxis Trading, Jim Rogers, Dwight Anderson of Ospraie Management, Scott Bessent Capital, Mark Dimitrijevic of Everest Capital, Rob Standing of London Diversified Fund Management, and an anonymous currency specialist.
All of these folks look for people who are motivated, and have a passion and talent for math, economics, history, and have a demonstrated aptitude for training. You will notice that many have doctorates, but not all. Some learned the trade by trading, all were captivated by the process soon after they first came in contact with it.
I found the range of investments and their thoughts about the global economy fascinating. This is a very interesting book, especially so if you are interested in markets and trading. Their generally gloomy view of the future of the American economy is quite disturbing, though.
Reviewed by Craig Matteson, Ann Arbor, MI.
A Rare Opportunity that Leaves One Wanting More.......2007-08-21
I love to have extended conversations with experts. I feed off their enthusiasm and expertise. These conversations are even more exciting to me, when the person with whom I am speaking is an expert in a field I love.
With only one lowly exception, Steven Drobny has written a winner for me. By interviewing as assembling the edited transcripts of his conversations in his book, Inside the House of Money, Drobny opened a gateway into the thinking and experiences of 13 successful Global Macro investors.
Although many have the reputations as being secretive and reluctant to discuss their market approaches, the author gives the reader a glimpse of the thinking that goes into placing a multi-million trade on currencies, economies and securities.
Drobny is uniquely qualified to do these interviews. As a partner in an international macroeconomic research and advisory firm, he brings a seasoned professional's insight to the interviews. Key historical events that shaped the experiences of these traders are explored. Nuances of the current crowded markets are discussed intelligently. As a result, the reader gains precious insights into the subtleties of running a Global Macro Hedge Fund.
There is only one problem with the book. I found myself wanting more from the interviewees. Drobny gave me access to people with whom I would never have the opportunity to speak. What I read was great, but I wanted more. But then again, I trade like that.
Excellent book.......2007-08-20
I found very interesting and rich of insights.
It's very useful in understanding hedge fund manager's approach to the markets.
Decent overview of global macro traders.......2007-08-15
The book kept my interest and was very informative. Some of the interviews were excellent. I say some, because those that trade closer to my style are obviously more interesting for me. but theres plenty here for everyone.
I liked the interviews of so many different styles because it just proves my personal theory that anyone can make money. Every trader in the book trades differently and they still all make money.
I also like the comments from many of these traders that said that we were heading for a sub-prime meltdown and that the banks would be having problems. This was written more than a year ago, and thats exactly whats happening today. Dow is now down 8.6% off the high it made last month. The volatility is crazy. And these guys predicted it long ago. Lots of good insight from their interviews.
Book Description
The dollar is in trouble. It has fallen against other currencies for the past three years, and now its orderly retreat could well become a rout. This spells potential disaster for the American economy—and potential riches for a few smart investors. In The Coming Collapse of the Dollar and How to Profit from It, financial gurus James Turk and John Rubino show how the dollar arrived at this precipice, why it will plunge, and how you can profit from the resulting financial crisis.
The U.S. today is the world’s biggest debtor nation, printing money with abandon to sustain the illusion of prosperity. The federal government owes $7 trillion and its debt is soaring. As a society, we owe more than $37 trillion, or about $500,000 per family of four. Our trade deficit with other countries is staggering, and to finance this mountain of debt we’re flooding the world with dollars. The inevitable result: The dollar will decline until it is displaced as the world’s dominant currency. Precious metals will soar in value, and gold will reclaim its monetary role at the center of the global financial system.
Traditionally a haven during times of uncertainty, gold has risen dramatically since 2001. By the fall of 2004 it was up by nearly 50
%, at over $400 an ounce. But this is just the beginning.
James Turk, a leading gold authority and the founder of GoldMoney.com, and veteran financial writer John Rubino, show readers how to capitalize on gold’s dramatic climb. In The Coming Collapse of the Dollar, Turk and Rubino reveal which stocks and bonds will falter as the dollar declines and why that decline is virtually inevitable. They offer strategies for using gold coins, gold stocks, gold-based digital currencies, and other hard assets to create a profitable portfolio. And they explain how to make the most of your gold and other precious metal holdings, identifying the opportunities and pitfalls of buying gold mining stocks and the mutual funds that invest in them.
America’s debt binge has put its economy at grave risk. The value of the dollar is falling; many stocks are once again wildly overvalued; and bonds, tied to an ever-diminishing dollar, are a disaster waiting to happen. By investing in gold and other hard assets, Turk and Rubino explain how you can protect yourself from these dangers.
The Coming Collapse of the Dollar and How to Profit from It is a must read for every investor, whatever the size of his or her portfolio.
For more information, visit
www.dollarcollapse.com.
Customer Reviews:
Ignore this book at your peril.......2007-01-11
Our financial survival and prosperity depend on properly structuring our investment portfolios. Can you afford to idly stand by and witness evaporation of the purchasing power of your dollar-denominated paper assets? It is still time to protect the remainder of your assets by converting much of it to the wealth of ages, gold. Gold is wealth in itself, independent of debt and empty promises. This is no idle speculation, this is a concrete actionable set of plans suitable for different individual situations. You could spend 20+ times more on a financial consultant and still not receive this vital advice. Do yourself a favor: buy, read and act upon this book. Then share the message with your loved ones.
Read it!.......2007-01-07
Another great practical book on economics and investing for the common man. I learned so much about how things are now in America from this book. I recommend it heartily to anyone who wants to know more about gold, fiat money, the mess this country is in, and the doom that awaits us.
Coming collapse of the $.......2007-01-06
awesome book...I read it right after "Hot Commodities" by Jim Rogers...awesome book as well...US has alot of problems with the greenback and its possible demise as the worlds reserve currency...Jim has been talking about this as well for some time and is certain that the US will lose this status as the govt. busily prints money at will....devaluing the $ and killing its value, creating the real inflation problem...the book is very comprehensive in its argument and insightful in its recommendations...fast read!
Good Introductory Text.......2006-11-11
Overall, the author presents the case for a dollar collapse in moderate detail. Using gold as a protection mechanism is also well laid out. For the novice in this field of investment, which seeks to understand major economically destructive change before it occurs, this book does lay out the potential dollar problems nicely. For the more advanced student, there is not much new information here.
Book review of the coming collapse of the Dollar..........2006-11-10
It was quite informative but since we are in late 2006 it was a little outdated as they are comparing Gold prices from 2 years prior. But it was right on the money because as of their writing this Gold did rocket up to $600/oz from $300/oz so they were correct in their analysis. Very good read. I recommend it.
Book Description
Global Investing is based on the authors' award-winning research on investment returns. It gives extensive treatment to the returns on all major asset categories--many found nowhere else--and relates these returns to risk, marketability, taxation, and information costs. Supplementing this wealth of information is sound financial advice on building and maintaining diversified portfolios, based on field-tested economic analysis and historical evidence of capital markets throughout the world--including the boom of 1986-1987 and the subsequent crash, as well as recent developments in Europe and on the Pacific Rim. To expand investment choices and help readers get the greatest return in investment markets, Global Investing pinpoints where money has been made in stocks, bonds, cash and cash equivalents, real estate, gold and silver, tangible assets, options, and futures. What's more, it covers the introduction of new financial instruments and opportunities, including asset allocation and derivative securities. Incisive, intelligent, and packed with charts, tables, and graphs, Global Investing helps investors and financial professionals track broad global trends, identify the risks associated with investments in various assets, and select the right investment opportunities.
Average customer rating:
- Calculations are only as good as your numbers
- Pants on fire?
- Accepted History & Chronology Must Be Changed.
- Very Interesting
- History as Science Fiction
|
History: Fiction or Science? (Chronology, No. 1)
Anatoly Fomenko
Manufacturer: Mithec
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Similar Items:
-
History: Fiction or Science? Chronology 2 (Chronology)
-
History: Fiction or Science? Astronomical methods as applied to chronology. Ptolemy's Almagest. Chronology III
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Discovering the Mysteries of Ancient America: Lost History And Legends, Unearthed And Explored
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They Cast No Shadows: A Collection of Essays on the Illuminati, Revisionist History, and Suppressed Technologies
ASIN: 2913621058 |
Book Description
Recorded history is a finely-woven magic fabric of intricate lies about events predating the sixteenth century. There is not a single piece of evidence that can be reliably and independently traced back earlier than the eleventh century. This book details events that are substantiated by hard facts and logic, and validated by new astronomical research and statistical analysis of ancient sources.
Customer Reviews:
Calculations are only as good as your numbers.......2007-08-03
Yes, we can all agree that mainstream history is nearly 100% BS due to politics, economics, ego, problems with dating techniques, and various conspiracies. Agreed. But, I've been researching the distinct possibility that human history (in terms of civilizations) are much more ancient than we've been told, so coming across this book was very interesting to me. I wondered how Fomenko could be wrong (if at all) because he is very persuasive in his presentations. Then it dawned on me. If at previous times in prehistory, due to the various catastrophies that are well documented (comets, asteroids, planetary disruptions, plasma discharge, pole reversals, etc) the Earth was in a different position in relation to the sun, different tilt on its axis, different orbit, different rotation (in terms of velocity and DIRECTION), and the continents were in different positions, then would this not cause the ancients to see the sky (constellations) differently? In other words, is Fomenko making erronious assumptions about the physics of the Earth in pre-history, which then corrupt his data with regards to dating the relevant astrology? The last event to seriously disrupt our planet occured roughly 3500 years ago, according to other good researchers, so is it possible Fomenko has been confused by this? The vastly different physics of our planet in the not so distant past may explain this confusion, which is not to say the "mainstream" version of history is correct; on the contrary. I am not an expert in these fields, but wanted to see if this idea could spark discussion.
Pants on fire?.......2007-07-19
Will people ever read before spamming? Yes, Jesuits could not rewrite world history alone, they had help. Anyway, Dr Prof Acad A.Fomenko does not point to jesuits as the driving force of world wide history manipulation in published volumes 1,2,3;, actually he barely mentions the poor devils. Check it with 'Search inside' feature, please. China is rarely mentioned either, in fact, Dr Fomenko is completely eurocentric. Right, his theory contradicts all mainstream schools of history, because in their actual state they are all built on blatantly erroneus chronology. You don't need a mysterious cabal (conspiracy) to falsify history, the falsification is its modus operandi. It is inherent to history(ians) to falsify (distort) events, as it is inherent to humans to boast as it is inherent to power (authority) to legimize itself by referrring to glorious past made to its own order. Dr Prof Fomenko and team have identified scores of instances of such manipulation in Russian, European, etc.. history, and delivered valid statistical proof thereof. His own 'reconstruction' is completely another story. Forget c14 as a valid method of dating. W.Libby has initially discovered a brilliant method of INDEPENDENT dating. Too bad, c14 method has become a joke after a forced marrige with dendrochronology with consensual chronological scale inbuilt. Radiocarbon method can't stand blind tests, but is so very productive as a rubberstamp.
Accepted History & Chronology Must Be Changed. .......2007-04-09
There is no doubt that history as most know it is a sham, & institution's version of History both University & Church is fradulent & inaccurate. Everything was established with an agenda, The real "Dark Ages" are now when we have access to incredible amounts of information past authorities & more important 'common folk' didn't have but our institutions & educators are slow to evolve because of what has ignorantly & arrogantly been taught for too long. This is on many subjects not just Chronology.
For anyone to question "Why would a Mathematician have anything credible to say of History?" The answer is from Dr. Fomenko's preface in the book: "It would be worthwhile to remind the reader that in the XVI-XVII century Chronology was considered to be a subdivision of Mathematics." These volumes could possibly be some of the most important works to date & should be read by everyone with an interest in History, especially professors & educators who have a duty to the public. I have read both books & must say that 'Chronology 1' has some very eye opening & revolutionary information. Even if these volumes are part true the implications are profound & opens the doors to further investigations & questions which must be done. I speak several different lanquages & must say the logic Dr. Fomenko uses with "inflection" of words & words being read from left to right in one region & right to left in another then written backwards, the removal of vowels & get down to basics of words, or different cities & locations having the same name etc. is correct. Vowel usage has always been optional & varied, actually complicating linquistics & study. The first thing one has to understand is that words never had a fixed spelling in history like we do now, the spelling of words was mutable & regional, as well as names & titles of people were vast, varied & changed, NOTHING WAS FIXED or understood linear. Matters of Life & Death as well as financial profiteering yesterday & today were & are made with ignorant, illogical & conspiratorial views of history & reality, it's time people get closer to the Truth & society collectively grow up.
Very Interesting.......2007-03-07
It is a good proposal and I believe it will mature into something even better in the future. I think it deserves to be read.
History as Science Fiction.......2007-01-10
Anatoly Fomenko has written a very intriguing book, full of pictures, charts, and computer 'proof' of his thesis: backwards of AD900 we don't really know what happened or when. Between AD900 and AD1600 there is more certainty, but there is still a lot of fuzzy ground, and things don't get reliable until we get past the 1600's where the printing press made it very difficult for the perpetrators of this timeline manipulation to change anything that had been committed to print. The Dark Ages did not happen. Books were burned for a reason. One organization has doubled the actual length of its existence by expanding the real chronology. Read why.
I had always wondered why Christ died about AD33 and yet men waited until the 11th century to form the Knights Templar, the Cathars, etc and go after the Holy Land by force. Why the 1000 year gap? Turns out there wasn't more than a 10-12 year gap and he proves it using astronomy. This also implies that the planet is not as old as we have been told, and current Christian and other creationist scientists are already championing that idea without being aware of Fomenko's book. The two groups, creationist scientists and the Russian mathematical analysts corroborate each other. Fascinating.
Of course, all this flies in the face of what we have been told traditionally is the 'proper' chronology of western civilization, and most readers will experience 'cognitive dissonance' in reading this book. It means that our history going backwards from AD1600 becomes progressively more incorrect and unreliable until it cannot be trusted at all... in the space of 700-800 years.
Naturally, the curious, open-minded reader will want to know WHO did this, WHY, and did any of the events we think of as really ancient ever happen?
Dr. Fomenko is a respected scientist/mathematician at Moscow State University who has already answered these questions to the satisfaction of his initially skeptical colleagues. Most of them are now believers, a few still refuse to believe (the usual diehards), and of course the western press has ignored Fomenko's work -- for obvious reasons when you read the book. The ones who perpetrated this chronology ruse have a lot to answer for. They are still with us. That's why this book is a well-kept secret.
I gave the book a 4-star rating because I was unable to check out some of his claims; those I checked were as he said. But if even 1/3 of his claims are true, this punches a big hole in what we think is our history, the meaning of western civilization, our educational process (for repeating the ruse as gospel), and the trustworthiness of the organization that perpetrated this ruse, well-intentioned or not.
This book relates to current research into a Young Earth paradigm, to John Keel's discoveries about our planet, and Fr Malachi Martin's insights (in his now out-of-print books). We are indeed sheep who are manipulated and kept ignorant -- for a reason. While knowing what these men have to say may be the "booby prize" (as in: 'what can you do with this knowledge?'), it will provide interesting reading. Didn't someone say: "...and the Truth will set you free."?? For you to judge if this book contains the truth.
Average customer rating:
- The color of Oil
- Off base reviewers
- Childlike and frustrating
- One sided and out dated
- it nails the big picture
|
The Color of Oil : The History, the Money and the Politics of the World's Biggest Business
Michael Economides , and
Ronald Oligney
Manufacturer: Round Oak Publishing Company
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ASIN: 0967724805 |
Book Description
The primary colors of oil today are money (lots of it), technology (basic but demanding) and people (special ones). The colors of the rainbow can be seen in the 100+ oil producing countries. There are a dozen large petroleum producing and exporting countries. Yet most have little in their history that links them to wealth, technology and management. Corruption among the elite and governments, mismanagement and the squandering of the petroleum wealth are endemic. Culture is everything, and no other human endeavor makes this as pointedly obvious as the world of petroleum.
Customer Reviews:
The color of Oil.......2007-09-07
This book is not too bad, it has chapters good as green colour chapter and black colour chapter and other that are not so good. I think that it is too subjective and has a patriotism air supporting United Estates against the rest. Also it is well written and simple to understand it. For sure that it will not be a master piece but it is interesting the thinking of the writers and Texas AM ( in my opinion one of most prestigious oil involving schools, I studied there). You can learn something about the book...
Off base reviewers.......2007-08-03
I think this book is still on target in depicting the mis-information in the media and so called proven CO2 effects in the atmosphere. In fact, Professor Economides has offer $10,000 to anyone that provides a peer-reviewed report proving that man made effects to global warming is more than 1% of 1% of the warming increase.
Childlike and frustrating.......2007-02-19
This over-simplistic view of the industry does Economidies no honor. It appears to be more of a rush to get his name in print than to do anything in support for or to the decline of the real history of the industry.
One sided and out dated.......2006-02-25
Much of this book is very one sided. In particular the sections on the environment are distorted and now known to be incorrect. The book would be much better if they had not shown their bias.
it nails the big picture.......2005-11-22
This is an absorbing survey of the petroleum industry by two highly knowledgeable oil guys. The prose has a dry academic flavor to it, but the strength of the book's ideas and the way they are propounded bereft of politically correct sentiment almost makes one forget this shortcoming.
Within the book are a few compact chapters on the history of Big Oil that whet the appetite for more. Above all other figures of his day, John D. Rockefeller, the founder of Standard Oil, sticks out as a fascinating character deserving of a book in his own right (actually there's an excellent one out there by Ron Chernow, called TITAN, that curious readers should pick up).
As their history unfolds, the writers argue that the major conflicts of the 20th century were ultimately the consequence of feuding over oil. It's an interesting perspective and illuminating in many respects, but something of an oversimplification.
THE COLOR OF OIL will turn out to be prophetic, though, in anticipating that the present century and all its accomplishments will be built largely on natural gas, just as the previous was based on oil. It's a view that hasn't sunk into public consciousness yet, but that will change in due course as the era of cheap oil finally draws to a close.
In contrast to a lot of contemporary hyperbole on the subject, THE COLOR OF OIL demonstrates that in a competitive environment, the oil industry can flourish to the benefit of its shareholders and the public without government meddling in its affairs. Curiously, the authors forget this lesson in the final chapter with their call for more government involvement in energy infrastructure and R&D. It's a minor flaw in an otherwise admirable work.
Book Description
A groundbreaking collection on currency derivatives, including pricing theory and hedging applications.
"David DeRosa has assembled an outstanding collection of works on foreign exchange derivatives. It surely will become required reading for both students and option traders."-Mark B. Garman President, Financial Engineering Associates, Inc. Emeritus Professor, University of California, Berkeley.
"A comprehensive selection of the major references in currency option pricing."-Nassim Taleb. Senior trading advisor, Paribas Author, Dynamic Hedging: Managing Vanilla and Exotic Options.
"A useful compilation of articles on currency derivatives, going from the essential to the esoteric."-Philippe Jorion Professor of Finance, University of California, Irvine Author, Value at Risk: The New Benchmark for Controlling Market Risk.
Every investment practitioner knows of the enormous impact that the Black-Scholes option pricing model has had on investment and derivatives markets. The success of the theory in understanding options on equity, equity index, and fixed- income markets is common knowledge. Yet, comparatively few professionals are aware that the theory's greatest successes may have been in the derivatives market for foreign exchange. Perhaps this is not surprising because the foreign exchange market is a professional trading arena that is closed virtually to all but institutional participants. Nevertheless, the world's currency markets have proven to be an almost ideal testing and development ground for new derivative instruments.
This book contains many of the most important scientific papers that collectively constitute the core of modern currency derivatives theory. What is remarkable is that each and every one of these papers has found its place in the real world of currency derivatives trading. As such, the contributing authors to this volume can properly claim to have been codevelopers of this new derivatives market, having worked in de facto partnership with the professional traders in the dealing rooms of London, New York, Tokyo, and Singapore.
The articles in this book span the entire currency derivatives field: forward and futures contracts, vanilla currency puts and calls, models for American exercise currency options, options on currencies with bounded exchange rate regimes, currency futures options, the term and strike structure of implied volatility, jump and stochastic volatility option pricing models, barrier options, Asian options, and various sorts of quanto options.
Customer Reviews:
Excellent choice of papers!.......2001-08-18
DeRosa has picked excellent papers. If one reads the papers in detail, the currency derivatives literature, as well as related derivatives literature, becomes very easy to understand.
Comprehensive.......1999-06-19
This book presents highly technical papers on diverse topics from variuous academics. It would be very helpful to anyone looking to understand theoretical aspects of FX derivatives. Since most papers are written by different authors, notation is not consistent. In addition, academics do not always write like Hemingway. Nevertheless, the book covers everyhting from vanillas to exotics very well.
Book Description
An in depth look at the tremendous potential of this vital market with expert advice from one of the foremost authorities. The foreign exchange market is the world's largest and fastest growing financial terrain. Despite its high trading volume, it is also a market little understood and little regulated. This definitive resource brings the universe of foreign exchange within reach of every investor. The revised edition includes complete comprehensive coverage of the euro and the latest historical and economic changes in the market.
Cornelius Luca, a renowned authority on international investing, draws on the insights of leading experts in diverse fields of specialty to explain every crucial aspect of foreign exchange. He provides investors with an arsenal of trading weapons, many on the cutting edge of technology. Demystifying the intricacies of these markets, the book includes:
Analysis of the mechanics of the market, the major players and markets, the pertinent risks, corporate trading, and methods of trading execution.
A thorough overview of foreign exchange instruments and major option strategies, with clear explanations of why currencies are traded and how to forecast currency behavior. An in-depth look at the three types of analysis: fundamental, technical, and econometric. Featuring 200 charts and graphics, TRADING IN THE GLOBAL CURRENCY MARKETS is an indispensable guide to a daunting yet promising financial playing field.
Customer Reviews:
Notionistic.......2006-08-26
The book contains a lot of undigested info on trading in currency markets, failing to explain much of the things it illustrates.
Those who rate above 3 probably did not read through.......2005-09-05
The structure is good, topics are comprehensive, style is concise.
The problems,
The book seems did not proof read carefully. There are many typos, very confusing.
Especially in the second part, which is about technical analysis, it does not explain details when they are needed. And it lacks proper explanations for figures. Some figures do not match patterns he described.
This guy, Luca, seems to be famous. He is maybe good at trading himself and he is able to write a good book, but he just did not put himself into it.
Tradeoff in practicality for information.......2005-04-23
This book turned out to be quite different from what I was expecting. By the cover, I thought it would be about finding a brokerage account, and then getting set up to trade away. To my surprise it was more of an educational textbook than a "do it yourself" guide for individual investors.
However, this book contains a lot of interesting information about foreign exchange and how it works. It discusses the history of foreign exchange, factors that influence it, terminologies used by traders, and the different means that currency is traded. The primary focus is the multimillion-dollar trades put forth by large firms. It serves as a good reference and a good supplement to other readings about finance/economics in general. Since it covers a wide range of topics and somewhat glosses over them quickly, I suggest reinforcing with other more specific books on economics.
The good points are that it contains much useful information for educating yourself in the foreign exchange area. The downside is that it is not a practical guide for people interested in getting their dollars converted to Euros by this evening.
Background, but not greatly practical.......2005-02-16
Luca has written what is essentially a text book for the foreign exchange market. That is good in that he provides a survey of the market, its history, how it works, etc. If you want to learn about the market, this book contains the information you desire. It reads like a textbook, though. If you want something to help you actually trade the market, look elsewhere.
Well informed author but poorly written book.......2005-01-11
The author clearly has had experience in the foreign exchange market, but the writing style is so poor that very little useful information is presented. The book reads like an economics text book from the 60's. If you are hoping for a book that will give you specific pointers on spot trading the forex market, this will disappoint. However, if you want to get a broad history and background on foreign exchange, this book is will be helpful.
Book Description
With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account?
Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate.
The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.
Customer Reviews:
It's monetary economics, not diff eqns.......2005-03-02
It's a most compehensive and thought-provoking treatise on modern monetary economics, an excellent follow-up to Carl Walsh's Monetary Theory and Policy. I think this reviewer who gives the book 2 stars just on account of one technical error that he claims to have discovered is being extremely myopic. The book is not about solutions to stochastic difference equations and neither does the author claim to be an expert at stochastic difference equations. The book handles what it is meant to handle admirably well, i.e. MONETARY ECONOMICS
Woodford's Incomplete Model.......2004-05-04
I have been spending the last four months concentrating on Woodford's model of a cashless economy, which Woodford presents in Chapter 2, and which provides the foundation for the rest of the book. I believe his model to be incomplete, relying on a rational expectations precedent of assuming bounded solutions when solving expectational difference equations. A colleague and I have written a paper that shows that this precedent is flawed and we then propose more rigorous procedures. When we apply those revised procedures to Woodford's model of a cashless economy, we find his model is incomplete.
Furthormore, I am writting a second paper that shows that the central bank in Woodford's model is unable to affect the nominal interest rate paid on loans by other entities. If the central bank cannot affect this interest rate, then it cannot affect prices even if Woodford's model was complete.
These are just challenges to Woodford's model which need to withstand the test of refereed journals. However, the potential reader of this book needs to be aware that there are some academics who are challenging the validity of his model. For more details, search for "Woodford cashless economy" with a search engine and you should be able to find my web page that discusses this (...) David Eagle, Associate Professor of Finance
Eastern Washington University
(...)
Very good book in Monetary Policy.......2004-04-21
For sure this will become a masterpiece in modern monetary policy. It is very well detailed, and discusses what is really important in the field.
It is already a reference book, and must be read by practitioners, students and academicians interested in the subject.
However the book has the following caveats:
- It is too verbose. That means that you might have the same deepness with less words. As a consequence the reader often gets tired, bored and misses the main point;
- It does not talk about conventional monetary policy as you could find in Walsh's "Monetary Theory and Policy";
- Trying to make the exposition easier, the models are presented in separeted too far apart pieces. This makes it difficult to fully grasp the details at once.
In view of this, I must say that Walsh's book might become a necessary complements to Woodford's. Notice that the styles and goals of both books are different. Therefore, buying one or another depends on your intentions.
In additon I'd say that Woodford's overall strategy is right in terms of the sequence of subjects treated. However, shorter and more numerous chapters might improve the exposition tactics.
must read text for students in monetary economics.......2004-01-15
This book is written by one of the giants in modern macroeconomics. Although a little bit lengthy, the book contains nearly all the recent advance in monetary economics, especially in the interest rate rules and optimal monetary policy. Of course, you should be familiar with log linearization and simple matrix algebra in order to access the mathematics of the book. Woodford¡¦s Interest and prices and Walsh¡¦s Monetary Theory and Policy (2nd edition) would definitely become the required text for every graduate course in monetary economics around the world.
Average customer rating:
- A clear overview of the history of international exchange rates
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The Rules of the Game: International Money and Exchange Rates
Ronald I. McKinnon
Manufacturer: The MIT Press
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Exchange Rates under the East Asian Dollar Standard: Living with Conflicted Virtue
ASIN: 0262133180 |
Book Description
Generalized financial volatility is capitalism's Achilles' heel. And nowhere is the problem of controlling such volatility more acute than in monetary and exchange-rate relationships across countries - the central theme of this book.
The Rules of the Game brings together essays, written over the course of thirty years, by a major figure in the field that analyze and compare a wide variety of important international monetary regimes. These range from the establishment of the gold standard in the nineteenth century through Bretton Woods, the dollar standard, floating exchange rates, the European Monetary System, to current proposals for reforming world monetary arrangements.
The essays are unique in that they specify precisely the rules of the game for each international monetary regime - past, present, and future. For ease of reference, the book offers boxed summaries of each set of rules and then discusses their advantages and disadvantages from the gold standard down to the author's proposal for a common monetary standard for the twenty-first century.
Part I assesses each monetary regime's success in stabilizing prices and exchange rates, while fostering international trade. Part II addresses a central question each country faces: what are the benefits of giving up exchange-rate flexibility to join a common monetary standard? Part III focuses on overall monetary reform for limiting financial volatility and exchange-rate crises in the next century - including whether or not Western Europe should adopt a common currency. The last chapter synthesizes and updates the author's previous writings on rationalizing monetary arrangements among the major industrial countries of North America, Western Europe, and East Asia.
Customer Reviews:
A clear overview of the history of international exchange rates.......2007-07-20
This book is a fine reference for a mainstream neoclassical-Keynesian synthesis view of money and exchange rates. It's a good source for information about the arrangements that governed international trade under the various international agreements of the last 100 years or so.
I give the book three stars for some of its theoretical failures, which is first and foremost, a misunderstanding of the nature of money, and hence, of exchange rates. The book follows much of the economics field in treating money as a creature of the government. That is only the case in the last 35 years or so, which is a kind of radical experiment. Money does not exist because governments say so. If this were true, money could never have developed. Money is a medium of exchange which has everything to do with its status as a store of value. Governments cannot create an item that has value simply by a government seal. All over the world, fiat currencies have lost value rapidly, because the long-term historical value of paper money is zero. Exchange rates operate chaotically, because they depend on arbitrage in foreign exchange markets, but all fiat currencies are inexorably headed toward zero.
While this book is a good reference for how much of the economics field views money, I find it gives a misleading picture of the nature of money. I'd recommend Rothbard's "What has the government done to our money?" for a clearer picture.
Average customer rating:
- Packed With Knowledged!
- the true key to prosperity - good governance!
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Keys to Prosperity: Free Markets, Sound Money, and a Bit of Luck
Rudiger Dornbusch
Manufacturer: The MIT Press
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ASIN: 0262041812 |
Book Description
The underlying theme of Rudi Dornbusch's work is unabashedly Chicago, namely, the University of Chicago belief that markets solve problems best and that most bureaucrats, even when well-intentioned, are distracted by politics or excessive zeal for perfect solutions. Dornbusch seeks to challenge those in charge with alternative answers and to limit their ambitions. He takes aim at central bankers, bureaucrats, unions, do-gooders, and politicians from Brazil, Japan, Russia, and other scenes of economic disaster.
This book collects Dornbusch's recent commentaries from such publications as Business Week, the Wall Street Journal, and the Financial Times, as well as longer essays from recent and forthcoming books. The pieces focus on issues of domestic and international economic policy, including inflation and debt, exchange rates, trade policy, emerging markets, and the intersection of politics and economics. The writing is lively, opinionated, and informative.
Customer Reviews:
Packed With Knowledged!.......2001-09-28
This entertaining and sharply written collection of essays surveys the essential elements needed to assure prosperity in the 21st-century global economy. Some of the essays are dated (the only major flaw here), and some of author Rudi Dornbusch's predictions have already been proven wrong, but enough of his predictions are dead-on accurate that his views command attention. His policy prescriptions are rooted in the real world and grounded in practical experience. The region-by-region, nation-by-nation analysis is particularly intriguing and accentuates the clarity and accessibility of Dornbusch's sophisticated - if sometimes controversial - economic arguments. We [...] recommend this book as excellent reading for policymakers, investors and anyone interested in international markets and globalization.
the true key to prosperity - good governance!.......2001-02-21
Dornbush forwards a convincing argument for free markets and sound money. However one question begs to be answered. Why didn't these countries adopt the recommended policies?
There's more to prosperity than mere free markets and sound money. The ability (or rather the lack of) to sail these policies through the congress/parliament appears to be a major impedence. And luck only plays a minimal role in good governance.
Overall a good read. Non-technical approach makes this an entertaining book, only to let down by poor documentation (especially the 1st article which contains dubious looking charts with no references)...
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