By Peter L. Bernstein
A company Week, ny occasions enterprise, and united states at the present time Bestseller
"Ambitious and readable . . . a fascinating creation to the oddsmakers, whom Bernstein regards as real humanists supporting to liberate mankind from the choke holds of superstition and fatalism." -The big apple Times
"An terribly enjoyable and informative book." -The Wall highway Journal
"A full of life panoramic publication . . . opposed to the Gods units up an bold premise after which gives you on it." -Business Week
"Deserves to be, and without doubt might be, broadly read." -The Economist
"[A] tough e-book, person who might switch endlessly the best way humans take into consideration the world." -Worth
"No one else can have written a booklet of such principal significance with loads attraction and excitement." -Robert Heilbroner writer, The Worldly Philosophers
"With his marvelous wisdom of the background and present manifestations of possibility, Peter Bernstein brings us opposed to the Gods. not anything love it will pop out of the monetary global this 12 months or ever. I communicate rigorously: not anyone may still pass over it." -John Kenneth Galbraith Professor of Economics Emeritus, Harvard University
during this distinctive exploration of the position of danger in our society, Peter Bernstein argues that the inspiration of bringing danger less than regulate is likely one of the valuable rules that distinguishes glossy instances from the far-off earlier. opposed to the Gods chronicles the notable highbrow experience that liberated humanity from oracles and soothsayers through the robust instruments of chance administration which are on hand to us today.
"An super readable historical past of risk." -Barron's
"Fascinating . . . this tough quantity can help you realize the uncertainties that each investor needs to face." -Money
"A singular achievement." -Times Literary Supplement
"There's a growing to be marketplace for savants who can render the recondite intelligibly-witness Stephen Jay Gould (natural history), Oliver Sacks (disease), Richard Dawkins (heredity), James Gleick (physics), Paul Krugman (economics)-and Bernstein could mingle good of their company." -The Australian
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Additional info for Against the gods
For example, the recent Department of Treasury ruling in the US that the issuance of long-dated, deeply subordinated structures such as monthly income preferred securities (Mips) and trust originated preferred securities (Tops) by Goldman Sachs and Merrill Lynch respectively would be considered Tier 1 capital caused a rash of issuance by banks late in 1996, before any potential window of disallowing the tax deductibility of such structures came into place. These banks were using tax-deductible, non-dilutive equity to finance the share repurchases that were draining pure equity from the marketplace.
The role of equity derivatives in investment strategy received a major boost during the days of "portfolio insurance" in the mid 1980s. Using market index put options began to be viewed as an alternative to the traditional "defensive" strategies employed by investment managers when they expected a market downturn. Option strategies at the individual stock level include active strategies that require temporary sale of chosen securitieswhich have their counterpart in call overwrite (selling calls) programmes; in addition active managers who, having already decided to purchase selected stocks at targeted prices when the current values of those stocks are viewed as overvalued, can partially pay for the purchase through a sale of put options.
Pham is a vice president and head of the Specialised Products Team at Montreal-based TAL Investment Counsel. His responsibilities include the development and management of investment funds and products which make use of derivatives for a variety of clients, including pension funds, mutual funds and private clients. Bich is also responsible for developing quantitative investment products and alternative investments. Prior to joining TAL in 1994, he was an assistant vice president responsible for currency and interest rate derivative trading at Credit Lyonnais Canada.