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(PDF FREE) [Dynamic Hedging Managing Vanilla and Exotic Options Wiley Finance] Ð Nassim Nicholas Taleb

Dynamic Hedging Managing Vanilla and Exotic Options Wiley FinanceUs Wilmott wants to be paid for it He convinces the uants and their employers that they are or ess worthless but for the tidy sum of 1799900 honestly he can train them to get their Certificate in uantitative Finance CF designation which he invented and that all will be right with the world This there s something wrong with you that only I can fix attitude reminds me of Scientology a bitSo what do we do with these two poster boys for Muchausen Syndrome by Proxy I say call it An Egg Is Quiet like you see it Not every book that sells well is a great one Thatiuid splashing your ear is not rain my friend I read this book when I was still studying At that time I found it interesting because some topics were discussed in a different way than other standard references such as Options Futures and Other Derivatives However I opened this book again many years ater after I had been working as a practitioner on a trading floor for many years and found most of it utter nonsense In particular the paragraph about the risk manager enuiring about an infinite delta close to the expiration of a binarySo this book would have been useful at some point as it gave a #slightly practical approach to pricing hedging derivatives but in the meantime Wilmott s book Paul #practical approach to pricing hedging derivatives but in the meantime Wilmott s book Paul on uantitative Finance 3 Volume Set have filled that void Not for the beginner but an excellent book It shows you the actual mechanics of successful trading strategies and systems You need a solid background in statistics before you attempt to tackle this book Useful reference for anybody who trades options A ot of practical wisdom not found in classical options Professor Astro Cat's Human Body Odyssey literature This book will be of zero interest to anyone not involved in the securities trading industry and of small interest still to those not involved with derivatives To those remaining this is rightly regarded as essential reading It is an entertaining combination of intuitive explanations mathematical derivations and war stories from the trading floor Taleb s book is one of the best at teaching derivatives concepts by heuristics rather than pedagogy while theatter is important the former is indispensable His main fault is that it sometimes harps too hard on certain points while skimming rapidly over others that are not easily understood by those ess familiar with derivatives trading Other books are probably better introductions but once you read those this one But once you read those this one definitely be next on your ist This book is only interesting for the anecdote postings that Taleb makes everything else is either ego inflation or wishy washy nonsense that doesn t really feel ike it s in any way connected to dynamic hedging which is what this book is about I know that for some bizarre reason this book became almost a classic among option traders why but I recommend anyone interested in hedging take the pragmatic approach and read books such as Option Volatility Pricing Advanced Trading Strategies and Techniues followed by Volatility Trading With CDROM for a much better understanding of the problem of hedging Sinclair specifically gives 2 chapters to hedging discussing different approaches

To Formulating An Optimal Hedging 
formulating an optimal hedging A bit challenging for a newbie yet a must read to understand options. Rtfolio management Nassim Nicholas Taleb is the founder of Empirica Capital LLC a hedge fund operator and a fellow at the Courant Institute of Mathematical Sciences of New York University He has held a variety of senior derivative trading positions in New York and London and worked as an independent floor trader in Chicago Dr Taleb was inducted in February 2001 in the Derivatives Strategy Hall of Fame He received an MBA from the Wharton School and a PhD from University Paris Dauphin.
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review Dynamic Hedging Managing Vanilla and Exotic Options Wiley Finance

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In The Big Lebowski I guess he s just not into that whole brevity thingI kept waiting for the PhD Of Magic and Mating New Canton Republic level probability to show up It didn t There was an apparently straight faced claim that we should care about the seventh derivatives of our options positions which seems than a bitudicrous All this was interspersed with asides in grey boxes that completely disrupted the flow of the text Honestly "The Best Way To Read The Book Is Probably To "best way to read the book is probably to the grey boxes and nothing else And then there was the relentless repitition of the refrain that uants don t know what they are talking about experienced traders know these things in their sleep Taleb despite his claims of 2400 hour marathon mathematical musings cannot seem to make up his mind if he is a mathematician a trader or both The only thing that is clear is that he believes himself to be above all of them 2400 hours and the only thing he 竹光始末 The Bamboo Sword And Other Samurai Tales learned to do was walk on waterThis book is not without a following which to me is very odd I suspect it originates from theack of other books on the subject at the time of its publication Taleb does manage to point out convincingly by beating you over the head with it for 500 pages that nonlinear instruments carry with them risks that inear ones do not Kudos Still the amount of intuition garnered about how to deal with or even think about such things contained in Dynamic Hedging is tiny compared with for example the books by Sheldon Natenberg or Lawrence G McMillan Lots of people write bad books so what is it that ualifies Mess Taleb and Wilmott to be satanic hors d oeuvres until the end of days The ninth circle of hell is about betrayal and these gentlemen have repeatedly run roughshod over the very people who would be their biggest champions uants In their blindingly narcissitic uest to prove to the world that they are smarter than their peers they have done than any source since Revenge of the Nerds to perpetuate the myth that people schooled in the mathematical sciences can t tie their own shoes without an MBA with bright eyes and a firm handshake to show them how They need you to believe that all uants follow models blindly and without uestion in order for you to be impressed by the fact that they themselves do not The thing is Nassim Taleb Is A Very Taleb is a very guy the jury is totally out on Wilmott Though this book is uite poorly written I understand that his others which I ve not read are better and his public remarks seem to indicate that he has a much better than average grip on the statistical realities of the market His approaches seem sound If he had just held the scimitar aloft and said et us slay the black swan then I assume that The Confusion: Books Four & Five of The Baroque Cycle lots of uants would have been there with him sparking up the torches and sharpening the pitchforks Instead he chose to demonize his own kind in order to stand even farther apart If this sounds familiar it s because it is the plot of many a teen movie The coolest of the unpopular kids when given an opportunity to sit at the cool kids table in the cafeteria read interviewed by CNBC inevitably turns his back on his true friends Et tu Nassim Wilmott plays his own insidious version of this game In many ways his is worse Whereas Taleb wants to be recognized for his geni. Erivativesies in implementing preventive risk management techniues that plan for and avoid these appalling downturns Unlike other books that offer risk management for corporate treasurers Dynamic Hedging targets the real world needs of professional traders and money managers Written by a eading options trader and derivatives risk advisor to global banks and exchanges this book provides a practical real world methodology for monitoring and managing all the risks associated with po. .
Taleb is one arrogant dude who Going All the Way Planning for a Marriage That Goes the Distance loves flooding his books with archaic words which wereast employed in the English Language by Geoffrey Chauncer But alas Dynamic Hedging is a strong advanced text which goes through many nuanced topics For example he makes some good points on managing option greeks Some chapters I really enjoyed which are hugely important in practice that you don t earn in any classroom soft American options discrete delta vs continuous delta fungibility Just a warning that you might have to read over sections multiple times before you digest ideas For example for american options you can tend to think of the early exercise having some sensitivity to interest rates as rates go higher it becomes optimal to exercise puts and less optimal to exercise calls so in some circumstances the early exercise provision optimal to exercise calls so in some circumstances the early exercise provision american option is actually an option on rates Also every mathematician teaches delta as a continuous derivative doption valuedspot but really what s important is to the know the delta at discrete intervals since no one hedges continuously and also since in a real options book the greek sensitivities might flip or go through extreme changes over discrete intervals Just some great material which #makes you think hardThe structure of the book jumps over the place but mainly Taleb is focused on options #you think hardThe structure of the book jumps over the place but mainly Taleb is focused on options and exotics So not exactly a good book on vanilla rates or commodities for exampleThis text is certainly one I keep as a reference guide on my desk As a sign of its value everytime I read it I do earn something new I rated it highly based solely on the excellent and juicy material but the writing style is really horrible Not for beginners but a great read for anyone interested in the deep details of trading derivatives Nassim in action one can t go wrong high uality makes you surprised at who the author chose to become Best part is the trader wisdom traders don t often write books Do you remember reading The Divine Comedy and getting finally to the part where the two poets apparently on an extended smoke break from their barista jobs in Brooklyn get to the ninth circle of Hell only to think to yourself Brutus and Cassius Really I mean Judas I totally get and these guys are distasteful and all but the inner circle Well your discombobulation is pardonable because in fact it was Dante who was confused We may forgive Signor Alighieri for his error for he was born 700 years too early to recognize the ominously darkened visage of Nassim Nicholas Taleb next to the Two Badges The Lives of Mona Ruiz ludicrously grinning mug of Paul Wilmott as they bookend Judas Iscariot for all of eternity But I digressThe thing is that this book is bad Really bad and in need of an editor The redundant sentences bounce off of each other without forming a coherent picture of anything but Taleb s ego He says in the preface that he clambered up to my attic where during 6 entire months I spent 14 hours a day 7 days a week immersed in probability at a PhDevel Then I began to write this book Bullshit Note that the at a PhD evel is really in there The good Dr spent 2352 hours conservatively preparing to write a book that says in all of its 500 pages something I can say in 3 words derivatives are nonlinear As they say. Destined to become a market classic Dynamic Hedging is the only practical reference in exotic options hedgingand arbitrage for professional traders and money managers Watch the professionals From central banks to brokerages to multinationals institutional investors are flocking to a new generation of exotic and complex options contracts and derivatives But the promise of ever arger profits also creates the potential for catastrophic trading osses Now than ever the key to trading ,