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Inventing Money Nicholas Dunbar

Inventing Money By Nicholas Dunbar

Inventing Money by Nicholas Dunbar

Condition - Very Good
8 in stock


This text tells the story of the collapse of LTCM (Long-Term Capital Management). It addresses key questions of the role of science in finance, and where this development is likely to lead the world financial markets.

Inventing Money Summary

Inventing Money: Long-term Capital Management and the Search for Risk-free Profit by Nicholas Dunbar

LTCM (Long-Term Capital Management) - a portmfolio of bonds worth $100 billion - owned 5% of the global interest rate swap market plus other derivatives, it had a notional value of $1 trillion. The people involved in the LTCM were the "dream team": Robert Merton and Myron Scholes (both Nobel Prize winners for their work on option pricing), John Meriwether (the former vice-chairman of Salomon Brothers and one-time Wall Street star of bond trading), and David Mullins (ex-Harvard Business School Professor and previously vice-chairman of the Federal Reserve). Even with all this financial expertise, in September 1998, LTCM collapsed, making financial headline news across the world and requiring 14 investment banks to provide $3.6 billion in cash to stop the fund going under and dragging each of them down as well.

Inventing Money Reviews

..".a primer for those interested in the world of financial theory." --Financial Times "Inventing Money is not the last word on the subject, but it is a good start." --The Economist "Dunbar tells the full story of this most public of financial disasters, unveiling previously undisclosed information, in captivating and accessible terms." --EuroBusiness "Mr Dunbar has gained the rare distinction of writing an interesting and informative book on a very complex financial subject and for that he deserves much credit." --Offshore Financial Review "Dunbar offers us a well-written and informative account of how the company's culture developed, and why LTCM plummeted so dramatically." --Balance Sheet "It is a fast moving and readable account that explains the development of finance over the centuries before recounting the brief but eventful life of LTCM." --Risk "A fascinating tale, not to be missed." --Chartered Secretary ..".his brave effort to explore the LTCM fiasco, its origins, and its ramifications. Dunbar is a former academician and journalist, making him an ideal writer to explore the theoretical origins of LTCM. The author excels with his affectionate portrait of financial-theory giants such as the late Fischer Black. This book is a good source of information on the theoretical underpinnings of modern arbitrage." --Business Week "Nicholas Dunbar has written a fascinating account of this spectacular episode, and in doing so has provided an instructive insight into the functioning of global capitalism." --CIB News "Nicholas Dunbar's fascinating book is well-written. The book should appeal to a wide audience. Economists should certainly read it. Dunbar writes in a clear and accessible manner."

About Nicholas Dunbar

NICHOLAS DUNBAR studied physics in the UK at Manchester and Cambridge and finally in the US at Harvard University, where he gained a Master's degree in earth and planetary sciences. During this period his interests ranged from quantum mechanics and black holes to evolution and the history of global climate change. His teachers included Stephen Hawking at Cambridge and Stephen Jay Gould at Harvard. In 1990, Dunbar decided to leave academia. He spent the next few years working in feature films and television, in a wide range of capacities. In 1996, after launching the television production company Flicker Films, a chance encounter with some old Harvard friends set him on a new path of finance and science writing, focusing on the derivatives industry. In 1998, he joined Risk magazine as technical editor. He is 33 and lives in London.

Table of Contents

The Theory of Speculation; The Science of Fear and Greed; Trading in Time; The Garden of Forking Paths; The Warning; The Dream Team; Out of Control; The Song of a Martingale; Aftermath; Sources and Further Reading; Index.

Additional information

Inventing Money: Long-term Capital Management and the Search for Risk-free Profit by Nicholas Dunbar
Used - Very Good
John Wiley and Sons Ltd
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us

Customer Reviews - Inventing Money