Flash Boys by Michael Lewis Why Aren’t They Shouting? by Kevin Rodgers Inventing Money by Nicholas Dunbar Bloomberg by Bloomberg by Michael R. Inventing Money: The Story of Long-Term Capital Management and the Legends Behind It (). By Nicholas Dunbar John Wiley & Sons, Inc., Third Avenue. This excellent book is focused on the demise of Long-Term Capital Management (LTCM) – a hedge fund which imploded in

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Based on extensive research and interviews, Inventing Money takes the reader on a fascinating journey. From inside the book. The rest of the book details the events that lead up to the failure.

Inventing Money by Nicholas Dunbar

While market equilibrium may be true in the long run, there can be “mispricings” that can persist for periods of time long enough to lose five billion dollars. The story about how Samuelson discovered Bachelier must be in a good ten books, at this point, and chances are they all cribbed it from here!

It’s amazing that history repeated itself less than Easily one of the best books I have ever read. The Science of Fear and Greed. In writing this review, I am not engaged in rendering professional services. Better than Lowenstein’s book. I read it a while ago. Trivia About Inventing Money: Therefore, this book is a good compliment to more technical books on option pricing etc.

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Jun 05, Hasan Qureshi rated it really liked it.

Inhe joined Risk magazine as technical editor. During this period his interests ranged from quantum mechanics and black holes to evolution and the history of global climate change. To borrow from Dr. Dubbar Mckendry rated it really liked it Oct 27, May 17, Crunknor rated it really liked it Shelves: Just a moment while we sign you in to your Goodreads account. Sep 12, Tim O’Hearn rated it really liked it Shelves: There is a reason that only “high net worth” individuals can invest in hedge funds.

LTCM nearly brought down the world economy – and would have if it weren’t for the bailout. Markets have their dark side as well. In many cases the returns produced by these funds are matched by the risk of financial loss.

Instead of the Greek Gods pulling the threads of the tale, modern finance lurks behind the scenes. Pulled this off my shelf, where it had gathered dust for almost two decades. Dunbar’s background is in physics and he understands the theories of modern finance much more completely than Lowenstein. Mortgages are packaged bonds and traded in a huge mortgage backed securities market.

Nov 30, Athan Tolis rated it it was amazing Shelves: For four years LTCM shows excellent returns. Once there is a rumor that you are in nicho,as, you are in much more trouble. Udnbar the Reagan years Michael Milken and Drexel Burnham used junk “high-yield” bonds to fund moneh vast corporate takeover boom that resulted in massive job losses, while enriching those who manipulated this game nicholax greater fools.


InDunbar decided to leave academia. The Invenging of Speculation.

Rather than retire to an exclusive golf course, he founds LTCM. Return to Book Page.

Brick by brick, the editor of Risk magazine, builds the origin of the option and bond models, and introduces the cast of Nobel winning and big-buck trading characters. The Song of a Martingale.

Inventing Money: The Story of Long-Term Capital Management and the Legends Behind It

He spent the next few years working in feature films and television, in dunbwr wide range of capacities. Nicholas Dunbar No preview available – How brilliant academics and traders made and lost billions of dollars. Built on genius, by legends of Wall Street and two Nobel laureates, it spiralled to ever greater heights, commanding unimaginable wealth.

Meriwether recruits many of the top traders he worked with at Solomon Brother, along with some of the top people in academic quantitative finance.