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Liked the in depth discussion of trades done by LTCM. The discussion on the GFC is nothing new and other books have covered in a more detailed manner.
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Dec 13, Anne rated it really liked it. I randomly picked this one from the university catalog when I was trying to help a student find a timeline of the financial crisis and was, despite all odds, reeled into reading the whole thing. I got sucked in by clear explanations and rational analysis of events that unfolded in with the collapse of LTCM and in with the implosion of the housing bubble and beyond. Of course, when I say rational analysis, that's keeping in mind this was written by someone with deep ties to the fin I randomly picked this one from the university catalog when I was trying to help a student find a timeline of the financial crisis and was, despite all odds, reeled into reading the whole thing.
For which I am incredibly grateful since my BBA is a little dusty at this point. So, if you're looking for an in-depth analysis of predatory lending practices or improper foreclosure proceedings around the crisis, forget it, this is not the book for you. I also mean rational in that the author mostly maintains a cool, collected voice throughout.
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Nobody is demonized nor were any specific financial instruments. No major rants were delivered though he clearly has some issues with affirmative action but I'm not familiar enough with the details to do anything other than roll my eyes and move on. However, do not deny yourself the pleasure of reading the footnotes.
While the text itself isn't screedy, the footnotes contain some more, shall I say, pointed? Good to know the author isn't an emotionless quant drone after all.
Apr 08, Andrew Tollemache rated it liked it. Many examples don't line up. Best part is the quotes form other players. Written in clear, precise prose no theory obfuscation and then illustrated with rigorous formulas and copious examples. I found this book make the complicated theory to a very simple way to understand.
It's a volume that's exceptionally well suited for individuals with a solid grasp of fundamental analysis and a strong command of basic financial theories. This book illustrates clearly the the crisis of crowing while explaining useful financial concepts which are closely related to the topic. The authors managed to describe most key factors without using complicated mathematical models.
There are also many practical examples and analysis which help readers apply the theoretical knowledge into real-world scenarios. Complicated ideas are explained thoroughly by well-managed tables or charts and the text itself is totally readable and easy to follow.
As a reader who has a finance background, this book helped me learn lots of stuff from many stories and examples, and helped me learn critical concepts and strategies. This is a fantastic book for those who are interested in the crisis of crowding want to broaden their financial knowledge. It is also very helpful. The Crisis of Crowding looks at LTCM in greater detail, with new information, for a more accurate perspective, examining how the subsequent hedge funds started by Meriwether and former partners were destroyed again by the lapse of judgement in allowing Lehman Brothers to fail.
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Covering the lessons that were ignored during LTCM's collapse but eventually connected to the financial crisis of , the book presents a series of lessons for hedge funds and financial markets, including touching upon the circle of greed from homeowners to real estate agents to politicians to Wall Street. A unique blend of storytelling and sound quantitative analysis, The Crisis of Crowding is one of the first books to offer an analytical look at the financial crisis rather than just an account of what happened. Also included are a layman's guide to the Dodd-Frank rules and what it means for the future, as well as an evaluation of the Fed's reaction to the crisis, QE1, QE2, and QE3.
Prior to this, he was creative advisor to Index IQ. He helped build an internet brokerage firm, FOLIO fn , designing its innovative basket trading and portfolio management platform. He is the coauthor of Quantitative Equity Portfolio Management.
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