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Explore the deadly elegance of finance's hidden powerhouse
The Money Formula takes you inside the engine room of the global economy to explore the little-understood world of quantitative finance, and show how the future of our economy rests on the backs of this all-but-impenetrable industry. Written not from a post-crisis perspective – but from a preventative point of view – this book traces the development of financial derivatives from bonds to credit default swaps, and shows how mathematical formulas went beyond pricing to expand their use to the point where they dwarfed the real economy. You'll learn how the deadly allure of their ice-cold beauty has misled generations of economists and investors, and how continued reliance on these formulas can either assist future economic development, or send the global economy into the financial equivalent of a cardiac arrest.
Rather than rehash tales of post-crisis fallout, this book focuses on preventing the next one. By exploring the heart of the shadow economy, you'll be better prepared to ride the rough waves of finance into the turbulent future.
- Delve into one of the world's least-understood but highest-impact industries
- Understand the key principles of quantitative finance and the evolution of the field
- Learn what quantitative finance has become, and how it affects us all
- Discover how the industry's next steps dictate the economy's future
How do you create a quadrillion dollars out of nothing, blow it away and leave a hole so large that even years of "quantitative easing" can't fill it – and then go back to doing the same thing? Even amidst global recovery, the financial system still has the potential to seize up at any moment. The Money Formula explores the how and why of financial disaster, what must happen to prevent the next one.
- Sales Rank: #43534 in Books
- Brand: Wilmott Paul
- Published on: 2017-06-19
- Original language: English
- Dimensions: 8.80" h x .60" w x 5.90" l,
- Binding: Paperback
- 264 pages
- The Money Formula Dodgy Finance Pseudo Science and How Mathematicians Took Over the Markets
From the Back Cover
PRAISE FOR THE MONEY FORMULA
"This book has humor, attitude, clarity, science and common sense; it pulls no punches and takes no prisoners."
—Nassim Nicholas Taleb, Scholar and former trader
"There are lots of people who'd prefer you didn't read this book: financial advisors, pension fund managers, regulators and more than a few politicians. That's because it makes plain their complicity in a trillion dollar scam that nearly destroyed the global financial system. Insiders Wilmott and Orrell explain how it was done, how to stop it happening again – and why those with the power to act are so reluctant to wield it."
—Robert Matthews, Author of Chancing It: The Laws of Chance and How They Can Work for You
"Few contemporary developments are more important – and more terrifying – than the increasing power of the financial system in the global economy. This book makes it clear that this system is operated either by people who don't know what they are doing or who are so greed-stricken that they don't care. Risk is at dangerous levels. Can this be fixed? It can and this book – full of healthy skepticism and high expertise – shows how."
—Bryan Appleyard, Author and Sunday Times writer
"In a financial world that relies more and more on models that fewer and fewer people understand, this is an essential, deeply insightful as well as entertaining read."
—Joris Luyendijk, Author of Swimming with Sharks: My Journey into the World of the Bankers
"A fresh and lively explanation of modern quantitative finance, its perils and what we might do to protect against a repeat of disasters like 2008-09. This insightful, important and original critique of the financial system is also fun to read."
—Edward O. Thorp, Author of A Man for All Markets and New York Times bestseller Beat the Dealer
About the Author
PAUL WILMOTT is a researcher, best-selling author, and consultant in most things quantitative, and has been a fund manager and academic. He is author of numerous books, including Paul Wilmott on Quantitative Finance and Frequently Asked Questions in Quantitative Finance.
DAVID ORRELL is an applied mathematician, best-selling author and founder of Systems Forecasting, a scientific consultancy. He is the author of many books, including The Future of Everything and Economyths.
Most helpful customer reviews
8 of 9 people found the following review helpful.
First 1/3 fair pop explan. of quant finance; rest OK but slapdash
By Phil O.
Yes, folks in quant finance should be more ethical.* Regulators should be more attentive and competent, and less captured. The public should be more engaged,and require reasonable restraints on people playing with their money and their financial system (with too little downside for failure). I just said what the last 90 pages or so of this book said, aside from the authors self-consciously cracking up at their own quips. I enjoyed the review of basic financial concepts the book opens with, and its critique of those concepts.
OK, there are some constructive suggestions with a little more focus here. This book explains things well as far as it goes, but is remedial for the thorough reader and thinker about this field and its economics.
Speed bumps for high-frequency trading -- that I've seen in multiple other places.The authors opine the HFT's crowd's self-justifications are flimsy -- that the touted service of providing liquidity in this way doesn't hold up, and when we really need liquidity, the HFTs flee anyway. OK, maybe, but there's not real guidance here for policymakers or businesses.
There are complexities in this whole picture, not reached here, in my opinion. Players (high and low, financial barons to quants to consumers) will always all exploit information asymmetries, from ancient times to now. (Even pre-human:deception is a biological and evolutionary phenomenon, that will never leave, merely assume different forms, and perhaps be fenced some, temporarily and locally. It is at the heart of survival, perhaps as the Tubes once sang, "to try and be happy while you do the nasty things you must," and is an evolutionary path-dependent process from the first cell to now, embedded in all our behaviors and cognition). This is like oxygen as a building block of our life processes, and oxygen has its destructive sides too. But back to our human-markets-today level, in perhaps a hierarchy or ecosystem of sucker-hood, borrowers of subprime loans will take the candy in front of them, as will the matching lenders making sales bonuses on the front ends of quants doing same with dodgy models (and sucker investors at the other end to take the toxic junk off their hands), and overtaxed or perhaps hack regulators will all dance in their own little pools of incentives. It is a big awkward mess that sometimes tips over, but a lot of people get value. Everybody tries to do feints while extracting their piece of the action. Everybody has original sin so to speak, and on some occasions. inflection points of failure will not be avoided, given the sprawling messiness of this whole thing. On the bright side, the lack of an educated, engaged public (this book is, I admit, trying to remedy but who will pick it up?) will perpetuate the particular subset of flaws (bugs or features?) focused on here. Our economy is fraught end to end with this. Is there really a solution proposed here? Or even the building blocks for it? A framework to go forward? My opinion is, darn little if any. The next pieces in the bridge to solutions beg to be defined (imagined first, maybe). These are financial and legal and even mass-behavioral. Credit to the authors for getting me to this thought-stage. But in this book, in the face of this challenge, the solution, (perhaps arrived at mid-book?), IMO, was when the thinking really gets tough, let's lapse into a little adolescent humor. So, credit for what was done, but I shelled out $20-plus, and expected more from a supposed (at least self-promoted) wizard of quant finance. He's been looking at this stuff a lot longer than I have, and the lack of big picture, penetrating thinking is a bit of a surprise. That won't stop me from buying his quant finance books, because I like the way the tech side is described here. So, a tip of the hat, but a tepid one.
* By "ethical," the take it the authors mean, broadly public-spirited. This is a bit problematic: in this legal and competitive framework, to a quant, this would mean, "leave money on the table where others like me will take it anyway, and in fractions o;f a second." Because, it may seem, the ill-defined broad public is too slothful or ignorant or whatever, to take it, much less equitably distribute it, what is to "fix" this sentimentalist-ethical gap? This would be a quant career-killer, and markets don't seem to be "fixing" this, so I think the suggested idea is(?), government has to step in and reshape the playing field to force more to be left on the table. But this thread is not well-articulated to begin with, and then left hanging. Other than taxing a few HFT traders, and maybe the half-joke about embarrassing leaders not to hire people from Goldman Sachs (deeply dubious and repeated a few times here), I don't see much else even claimed to be productive on that here. The marginally better public knowledge this book brings to the dozen or so random people motivated to read it, and self-identifying as its audience, will not do the trick. A sequel, perhaps, gentlemen?
2 of 2 people found the following review helpful.
Great book. I have been involved in the business ...
By Bikenfly
Great book. I have been involved in the business aspects of electronic trading and HFT for about 15 years, and prior to that a regulator for about 5. While there is not a lot that is new, it is presented in a way that just hits home, for me at least. The foundations of finance are presented essentially as science and the simplifying assumptions are glossed over. I think the best part of the book, and indeed one of its constant themes, is that the *regime* where the model is valid is everything, instead of the "footnote" that it is treated as. Having both an undergraduate and graduate degree in Finance from some recognized institutions, I can attest, at least when I went to school, that the regime of validity of financial models gets short shrift, and that is overstating the point. The issues around regulators and regulation are understated based upon my first hand experience. They are a substantial catalyst to the problems.
3 of 3 people found the following review helpful.
Loved the sarcasm and humor
By Julie Hausladen
Very interesting overview of how quantitative finance got to where it is today. Loved the sarcasm and humor. Was hoping for a stronger finish...
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