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Critical Reading Across the Curriculum
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Critical Reading Across the Curriculum
by David Orrell, Paul Wilmott
The Money Formula
Acknowledgements
About the Authors
Introduction
Notes
Chapter 1 Early Models
Monetary Alchemy
Gold Standard
The Systems of Nature
Rational Mechanics
Finding Equilibrium
Intrinsic Value
Notes
Chapter 2 Going Random
Theory of Speculation
Efficient Markets
Irrational Markets
Not Normal
Mental Virus
Notes
Chapter 3 Risk Management
Fundamentals
Beauty Contest
Technical Analysis
Quant Analysis
Correlation
Well…
Efficiency Squared
Value at Risk
The Edge of Chaos
Notes
Chapter 4 Market Makers
Options
What are Options for?
Bachelier's Return
The Ultimate Machine
Beat the Market
Hedging your Bets
Mathematical Dynamite
No Risk
Positive Feedback
Notes
Chapter 5 Deriving Derivatives
Time to Exercise
Decision Cost
New Flavors
You can't Always Delta Hedge
Market Price of Risk Again
Getting Carried Away
From the Sublime to the Ridiculous
Hold it Together
Model Abuse
Pass the Parcel
Money Crunch
Notes
Chapter 6 What Quants Do
What do Quants Make – and are They Adequately Paid?
Quants vs. Regulators
Writer-nomics
Blinding us with Science
Bots
Global Brain
Creative Finance
Notes
Chapter 7 The Rewrite
Blowing Smoke
Calibrating the Crystal Ball
Sources of Confusion
Model Risk
Flying Blind
Notes
Chapter 8 No Laws, Only Toys
A Clue
Back to Basics
A Model for Interest Rates?
A Role Model
Reasons to be Mathematical
Quantum Finance
Order and Chaos
Notes
Chapter 9 How to Abuse the System
Exercise 1: The Newbie Trader
Exercise 2: The Hedge Fund Manager
Exercise 3: The Risk Manager
Triple-A
Defeat Device
Notes
Chapter 10 Systemic Threat
Foresight
The MacGuffin
But High-Speed Trading Provides Liquidity!
A Million Billion Dollars
The Bionic Hand
The System (John Law feat. Isaac Newton)
Notes
Epilogue: Keep it Simple
Quants: The Math Sweet Spot
Regulators: Go Full Iceland
Economists: Wake Up
Banks: Learn to Fail
Traders: Why Does My Bonus Have a Minus Sign in Front?
Journalists: Watch Out for Saboteurs
Educators: Quantity and Quality
Politicians: Create an FAA for the Financial System
I Solemnly Swear…
The Nuclear Option
Notes
Bibliography
Index
EULA
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Critical Reading Across the Curriculum
The Money Formula
DODGY FINANCE, PSEUDO SCIENCE, AND HOW MATHEMATICIANS TOOK OVER THE MARKETS
Paul Wilmott
David Orrell
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