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A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation

ISBN: 978-0-470-39375-8
Paperback
304 pages
November 2008
List Price: US $16.95
Government Price: US $9.69
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A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation (0470393750) cover image
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Preface ix

Acknowledgments xvii

About the Author xix

CHAPTER 1 ~ Introduction: The Paradox of Market Risk 1

CHAPTER 2 ~ The Demons of ’87 7

CHAPTER 3 ~ A New Sheriff in Town 33

CHAPTER 4 ~ How Salomon Rolled the Dice and Lost 51

CHAPTER 5 ~ They Bought Salomon, Then They Killed It 77

CHAPTER 6 ~ Long-Term Capital Management Rides the Leverage Cycle to Hell 97

CHAPTER 7 ~ Colossus 125

CHAPTER 8 ~ Complexity, Tight Coupling, and Normal Accidents 143

CHAPTER 9 ~ The Brave New World of Hedge Funds 165

CHAPTER 10 ~ Cockroaches and Hedge Funds 207

CHAPTER 11 ~ Hedge Fund Existential 243

Conclusion: Built to Crash? 255

Notes 261

Index 273

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