Updated and revised to reflect the most current information, this introduction to futures and options markets is ideal for those with a limited background in mathematics. Based on Hull's Options, Futures and Other Derivatives, one of the best-selling books on Wall Street, this book presents an accessible overview of the topic without the use of calculus. Packed with numerical samples and accounts of real-life situations, the Fifth Edition effectively guides readers through the material while providing them with a host of tangible examples. For professionals with a career in futures and options markets, financial engineering and/or risk management.

Designed to bridge the gap between theory and practice, this successful book is regarded as "the bible" in trading rooms throughout the world. The books covers both derivatives markets and risk management, including credit risk and credit derivatives; forward, futures, and swaps; insurance, weather, and energy derivatives; and more. For options traders, options analysts, risk managers, swaps traders, financial engineers, and corporate treasurers.
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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
From the Inside Flap
In today's difficult investment environment, where geopolitical and social instability compound an already challenging search for higher returns, hedge funds have outperformed. As a result, assets under management have exploded and top investment talent has migrated over to hedge funds. Amidst the growth and evolution of the business, one strategy—global macro—has remained true to its original mandate of absolute return investing, which seeks outsized returns from investments anywhere in the world, in any asset class, and in any instrument.
Although successful money managers often have a reputation for being reluctant to discuss their market views and trading strategies, Inside the House of Money opens the door to the typically opaque world of hedge funds—particularly global macro investing—and offers a rare glimpse into a high-intensity environment where enormous stakes are a part of everyday life. As cofounder and partner of Drobny Global Advisors—an international macroeconomic research and advisory firm—author Steven Drobny has access to a broad selection of today's top global macro hedge fund managers. Through detailed interviews with more than a dozen of these individuals, Drobny provides you with an inside look at how these money managers view world markets and offers subtle insights into how they make money.
First, you will receive an introduction to global macro from a professional investor's perspective. Then, you will discover how some key historical events have shaped this field. You will also learn how future events, such as increased competition and specialization, are pushing today's global macro manager into the realm of global micro investing. With this information in hand, you'll go Inside the House of Money through a collection of in-depth interviews with a variety of money managers, each with a unique perspective and approach to global markets, including:
* The Family Office Manager: Jim Leitner (Falcon Management)
* The Prop Trader: Christian Siva-Jothy (SemperMacro)
* The Treasurer: Dr. John Porter (Barclays Capital)
* The Central Banker: Dr. Sushil Wadhwani (Wadhwani Asset Management)
* The Dot-Commer: Peter Thiel (Clarium Capital Management)
* The Pioneer: Jim Rogers
* The Commodity Specialist: Dwight Anderson (Ospraie Management)
* The Emerging Market Specialist: Marko Dimitrijevic (Everest Capital)
And others
Filled with in-depth insight and real-world experiences of top hedge fund traders, Inside the House of Money reveals how the best minds in the business identify and profit from opportunities in every corner of the globe.
Book Dimension
length: (cm)23.1 　　　 　　　　　 　　　　　 width:(cm)15.9

This is a classic book, representing the first major breakthrough in the field of modern financial theory. In effect, it created the mathematics of portfolio selection in a model which has turned out to be the indispensable building block from which the theory of the demand for risky securities is constructed.

To identify the economic stars of the future we should abandon the habit of extrapolating from the recent past and lumping wildly diverse countries together. We need to remember that sustained economic success is a rare phenomenon. As an era of easy money and easy growth comes to a close, China in particular will cool down. Other major players including Brazil, Russia, and India face their own daunting challenges and inflated expectations. The new "breakout nations" will probably spring from the margins, even from the shadows. Ruchir Sharma, one of the world s largest investors in emerging markets for Morgan Stanley, here identifies which are most likely to leap ahead and why. After two decades spent traveling the globe tracking the progress of developing countries, Sharma has produced a book full of surprises: why the overpriced cocktails in Rio are a sign of revival in Detroit; how the threat of the "population bomb" came to be seen as a competitive advantage; how an industrial revolution in Asia is redefining what manufacturing can do for a modern economy; and how the coming shakeout in the big emerging markets could shift the spotlight back to the West, especially American technology and German manufacturing. What emerges is a clear picture of the shifting balance of global economic power and how it plays out for emerging nations and for the West. In a captivating exploration studded with vignettes, Sharma reveals his rules on how to spot economic success stories. Breakout Nations is a rollicking education for anyone looking to understand where the future will happen.

《中国家庭金融调查报告(2012)》基于全国25个省（市、区）、80个县、320个社区共8438个家庭的抽样调查数据汇总分析而成，涉及家庭资产、负债、收入、消费、保险、保障等各个方面的数据，全面客观地反映了当前我国家庭金融的基本状况。这份报告是西南财大推动中国金融研究的重要收获，也是与中国人民银行携手面向社会重大需求的重要成果。

Peter Bevelin begins his fascinating book with Confucius' great wisdom: "A man who has committed a mistake and doesn't correct it, is committing another mistake." Seeking Wisdom is the result of Bevelin's learning about attaining wisdom. His quest for wisdom originated partly from making mistakes himself and observing those of others but also from the philosophy of super-investor and Berkshire Hathaway Vice Chairman Charles Munger. A man whose simplicity and clarity of thought was unequal to anything Bevelin had seen.
In addition to naturalist Charles Darwin and Munger, Bevelin cites an encyclopedic range of thinkers: from first-century BCE Roman poet Publius Terentius to Mark Twain—from Albert Einstein to Richard Feynman—from 16th Century French essayist Michel de Montaigne to Berkshire Hathaway Chairman Warren Buffett. In the book, he describes ideas and research findings from many different fields.
This book is for those who love the constant search for knowledge. It is in the spirit of Charles Munger, who says, "All I want to know is where I'm going to die so I'll never go there." There are roads that lead to unhappiness. An understanding of how and why we can "die" should help us avoid them. We can't eliminate mistakes, but we can prevent those that can really hurt us.
Using exemplars of clear thinking and attained wisdom, Bevelin focuses on how our thoughts are influenced, why we make misjudgments and tools to improve our thinking. Bevelin tackles such eternal questions as: Why do we behave like we do? What do we want out of life? What interferes with our goals?
Read and study this wonderful multidisciplinary exploration of wisdom. It may change the way you think and act in business and in life.

《中国股市:假问题和真问题》内容简介：中国经济一直领跑世界，但作为经济晴雨表的股市为何让中小投资者损失惨重？在书中，华生通过对中国股市新世纪以来变革历程的研究，指出中国股市问题的根源与其说是人性贪婪，毋宁说是制度缺陷。股权分置改革的“一次股改”通过校正制度缺陷，实现了全流通。股市改革的下一步，应启动发审制度改革的“二次股改”。在此基础上，华生提出从审批制转为披露制的总体规划与方案设计。
透过《中国股市:假问题和真问题》，可以看到中国股市从校正制度缺陷到走向规范的变革逻辑，以及“股市将从挤泡沫的煎熬转入回报的年代”的动向。

《自由与市场经济》收录了有关社会主义市场经济的论文，对市场经济进行了简要研究。在评价美国政府的金融救援时，人们把非常时期和正常时期混为一谈，政府的职能在这两个时期是截然不同的。政府的非完美性是因为它和你我一样，都是凡夫俗子，都有自己的利益追求。对公众来说，你是愿意忍受寻租贪腐之苦呢，还是愿意忍受市场上的垄断贪婪之苦？你不是在天使和魔鬼之间进行选择的，而是在两个魔鬼之间挑一个危害小的，挑一个成本低的。西方的知识分子和民众要问自己，在自由换安全的路上，你们愿意走多远？

《梦断华尔街》是一部反映由美国次级债引发的金融海啸的长篇小说。作品主要描写中国留学生王响博士，在美国成长为优秀的华尔街金融家，但经不起金钱的巨大诱惑和无法抗拒金融海啸的沉重打击，逐步堕落为金融罪犯的心路历程。王响遭遇的种种意外、人生巨变、灵魂裂变，多侧面描写了一代新移民的悲欢沉浮和人生感悟，给人深刻的启示。爱情描写独具特色，动人心魄。金融界的职场小说，令人耳目一新。金融知识的普及读物，使读者获益匪浅。

作为美国最高货币政策主管机关、全球最主要金融机构之一的美联储，
究竟是不是私人机构，股东是谁，利润如何分配？
谁负责制定美联储的政策？
它是否真像传说中那样可以在金融市场上呼风唤雨？
它又如何在金融危机时力挽狂澜，维持金融市场稳定？
量化宽松政策真的是美联储在滥发货币转嫁危机吗？
美国经济复苏后，美联储如何从现行政策中全身而退，又会对全球金融市场造成什么影响？
本书不仅对美联储的历史背景、政策目标、组织架构和运行机制作了客观明确的描述，而且对国内读者特别关心的有关美联储的各个问题进行剖析，提出了独到的见解；在澄清若干对美联储的常见误解之后，我们可以进一步了解美联储在全球经济和金融市场上的作用及其行事逻辑，从而进一步增强对全球市场的预见能力！

《中国厘金史》的结构大致可以分为五个部分，即（一）厘金的起源与沿革，（二）税制，（三）收支概况，（四）各省厘金，（五）厘金统计资料。在厘金起源问题上，罗氏最突出的贡献在于，阐明了在太平天国运动蓬勃兴起、以往捐纳报效等临时筹款措施难以为继，而清代税制结构中商税明显偏弱、财政收入缺乏弹性的情况下，重在征商的厘金制度兴起既有其偶然性，也有其必然性。厘金的推广和延续，不仅是清朝财政的需要，还有着重农抑商传统经济思想的支撑，对于近代财政结构和税制的演变影响深远。

How do business enterprises control their subunits? In what ways do existing paths of communication within a firm affect its ability to absorb new technology and techniques? How do American banks affect how companies operate? Do theoretical constructs correspond to actual behavior?
Because business enterprises are complex institutions, these questions can prove difficult to address. All too often, firms are treated as the atoms of economics, the irreducible unit of analysis. This accessible volume, suitable for course use, looks more closely at the American firm--into its "internal" workings and its genesis in the Gilded Age. Focusing on the crucial role of imperfect and asymmetric information in the operation of enterprises, "Inside the Business Enterprise" forges an innovative link between modern economic theory and recent business history.

The modem American economy was the creation of four men: Andrew Camegie, John D. Rockefeller, Jay Gould, and J. P. Morgan. They were the giants of the Gilded Age, a moment of riotous growth that established America as the richest, most inventive, and most productive country on the planet. Acclaimed author Charles R. Morris vividly brings the men and their times to life. The ruthlessly competitive Camegie, the imperial Rockefeller, and the provocateur Gould were obsessed with progress, experiment, and speed. They were balanced by Morgan, the gentleman businessman, who fought, instead, for a global trust in American business. Through their antagonism and their verve, they built an industrial behemoth - and a country of middle-class consumers. "The Tycoons" tells the incredible story of how these four determined men wrenched the economy into the modem age, inventing a nation of full economic participation that could not have been imagined only a few decades earlier.

If you're stressed out by money and have no idea what to do, this is your playbook: the all-new edition of the "New York Times" bestseller "Get a Financial Life," completely rewritten to address the recession. Whether you earn $20,000 or $200,000, this book busts open the system, teaching tricks for becoming master of your own money universe. You'll learn how to: Get out -- and stay out -- of debtManage your 401(k) in a tanking marketTake advantage of the latest tax rules and save a bundleCome up with a down payment and understand the new strategies for landing a mortgage

On September 23, 1998, the boardroom of the New York Fed was a tense place. Around the table sat the heads of every major Wall Street bank, the chairman of the New York Stock Exchange, and representatives from numerous European banks, each of whom had been summoned to discuss a highly unusual prospect: rescuing what had, until then, been the envy of them all, the extraordinarily successful bond-trading firm of Long-Term Capital Management. Roger Lowenstein's When Genius Failed is the gripping story of the Fed's unprecedented move, the incredible heights reached by LTCM, and the firm's eventual dramatic demise.
Lowenstein, a financial journalist and author of Buffett: The Making of an American Capitalist, examines the personalities, academic experts, and professional relationships at LTCM and uncovers the layers of numbers behind its roller-coaster ride with the precision of a skilled surgeon. The fund's enigmatic founder, John Meriwether, spent almost 20 years at Salomon Brothers, where he formed its renowned Arbitrage Group by hiring academia's top financial economists. Though Meriwether left Salomon under a cloud of the SEC's wrath, he leapt into his next venture with ease and enticed most of his former Salomon hires--and eventually even David Mullins, the former vice chairman of the U.S. Federal Reserve--to join him in starting a hedge fund that would beat all hedge funds.
LTCM began trading in 1994, after completing a road show that, despite the Ph.D.-touting partners' lack of social skills and their disdainful condescension of potential investors who couldn't rise to their intellectual level, netted a whopping $1.25 billion. The fund would seek to earn a tiny spread on thousands of trades, "as if it were vacuuming nickels that others couldn't see," in the words of one of its Nobel laureate partners, Myron Scholes. And nickels it found. In its first two years, LTCM earned $1.6 billion, profits that exceeded 40 percent even after the partners' hefty cuts. By the spring of 1996, it was holding $140 billion in assets. But the end was soon in sight, and Lowenstein's detailed account of each successively worse month of 1998, culminating in a disastrous August and the partners' subsequent panicked moves, is riveting.
The arbitrageur's world is a complicated one, and it might have served Lowenstein well to slow down and explain in greater detail the complex terms of the more exotic species of investment flora that cram the book's pages. However, much of the intrigue of the Long-Term story lies in its dizzying pace (not to mention the dizzying amounts of money won and lost in the fund's short lifespan). Lowenstein's smooth, conversational but equally urgent tone carries it along well. The book is a compelling read for those who've always wondered what lay behind the Fed's controversial involvement with the LTCM hedge-fund debacle. --S. Ketchum

For more than two hundred years, fortunes have been made -- and lost -- on Wall Street by men and women playing the great game of capitalism. Many have repeated the mistakes of their forebears, and some have enjoyed similar triumphs. In this gripping and informative book, John Steele Gordon tells history lovers, armchair investors, financiers, and day traders alike everything they need to know about Wall Street's wild ride to power.
Wall Street began as the northern line of defense for a wilderness trading post, at a time when money was limited to gold, silver, and Indian wampum. Today, Wall Street is a metaphor for the global financial market, and money exists mostly on computer screens. More than three million Americans are now employed by the securities industry, and Wall Street wields the sort of power once reserved to nation states. How did an unimpressive little byway become so formidable? In this richly textured narrative history, John Steele Gordon brings to life the remarkable cast of bankers and brokers, visionaries and crooks who made it happen.
Nature gave New York one of the world's great harbors, and the Dutch founders gave the city its enduring love of making money. In pursuit of that love, New Yorkers began meeting under the trees and lampposts of Wall Street to buy and sell securities. As the country expanded westward, canal and railroad companies came to Wall Street looking for capital. Later still, manufacturers came as well, and, by the beginning of the twentieth century, the United States had the mightiest national economy in the world. No small part of that development was due to Wall Street, which, time and again, has demonstrated how Adam Smith's invisible hand turns the pursuit of economic self-interest into common wealth.
Gordon tells the fascinating stories of the key players of the Great Game, including Jacob Little, the first great Wall Street plunger; Commodore Vanderbilt, the Street's greatest tactician; Hetty Green, the "richest woman in the world," who was terrified of being poor; J. P. Morgan, the country's most important banker, who twice saved it from economic disaster when the government couldn't; Richard Whitney, the president of the New York Stock Exchange, who was a thief; and Charles E. Merrill, who brought Wall Street to Main Street and transformed both in the process. From Alexander Hamilton to Michael Milken, the history of Wall Street is a history of risk, courage, avarice, patriotism, power, genius, and even, occasionally, remarkable stupidity.
Wall Street has finally found a biographer worthy of her extraordinary story in acclaimed business historian John Steele Gordon. As more and more Americans invest their money in the stock market, The Great Game is a lively and absorbing account of how Wall Street became a crucial part of all our lives.