作者：TimLee/JamieLee/KevinColdiron
出版社：McGraw-HillEducation
副标题：TheDangerousConsequencesofVolatilitySuppressionandtheNewFinancialOrderofDecayingGrowthandRecurringCrisis
出版年：2019-12-17
页数：240
定价：$32.00
装帧：Hardcover
ISBN：9781260458404
内容简介
······
Protect yourself from the next financial meltdown with this game-changing primer on financial markets, the economy―and the meteoric rise of carry.
The financial shelves are filled with books that explain how popular carry trading has become in recent years. But none has revealed just how significant a role it plays in the global economy―until now.
A groundbreaking book sure to leave its mark in the canon of investing literature, The Rise of Carry explains how carry trading has virtually shaped the global economic picture―one of decaying economic growth, recurring crises, wealth disparity, and, in too many places, social and political upheaval. The authors explain how carry trades work―particularly in the currency and stock markets―and provide a compelling case for how carry trades have come to dominate the entire global business cycle. They provide thorough analyses of critical but often overlooked topics and issues, including:
• The active role stock prices play in causing recessions―as opposed to the common belief that recessions cause price crashes
• The real driving force behind financial asset prices
• The ways that carry, volatility selling, leverage, liquidity, and profitability affect the business cycle
• How positive returns to carry over time are related to market volatility―and how central bank policies have supercharged these returns
Simply put, carry trading is now the primary determinant of the global business cycle―a pattern of long, steady but unspectacular expansions punctuated by catastrophic crises.
The Rise of Carry provides foundational knowledge and expert insights you need to protect yourself from what have come to be common market upheavals―as well as the next major crisis.
作者简介
······
Tim Lee is the founder of the independent economics consultancy pi Economics, serving financial institutions from hedge funds to traditional asset managers. Previously he worked for global asset managers including GT Management and Invesco in Hong Kong and London. He is the author of the highly regarded Economics for Professional Investors (2nd edition, 1998) and his commentaries and analysis have been widely quoted in the media. Tim was educated at Magdalene College, Cambridge University.
Jamie Lee works for investment guru and philanthropist Jeremy Grantham, focusing on environmental research and volatility trading. He previously worked as economist and analyst for asset management companies in Boston and London. Jamie holds a B.A. in Mathematics and English from Dartmouth College.
Kevin Coldiron teaches the Masters in Financial Engineering course at Berkeley (Haas Business School), having previously had a very successful career in asset management with Barclays Global Investors and the hedge fund Algert Coldiron, which he co-founded.
目录
······
Cover
Title Page
Copyright Page
Contents
Figures and Tables
Preface and Acknowledgments
1 Introduction—The Nature of Carry
2 Currency Carry Trades and Their Role in the Global Economy
3 Carry, Leverage, and Credit
4 Dimensions of Carry and Its Profitability as an Investment Strategy
5 The Agents of Carry
6 The Fundamental Nature of the Carry Regime
7 The Monetary Ramifications of the Carry Regime
8 Carry, Financial Bubbles, and the Business Cycle
9 The Foundation of Carry in the Structure of Volatility
10 Does the Carry Regime Have to Exist?
11 Carry Is Synonymous with Power
12 The Globalization of Carry
13 Beyond the Vanishing Point
Index
About the Authors
评论 ······
4/5 作者解释为什么carry trade导致了现在的高杠杆低利率的世界，也链接了和vol以及liquidity的关系，而且是有挺不错的数据佐证的。然而问题有如下：1. 非常多的”impossible”之类的把话讲死的地方，你怎么能这么确定？；2. 到结尾也没讲清楚为什么carry trade会从low vol获益而不是high vol，从option解释我觉得不对；3. 太啰嗦了，至少可以精简…
21世纪金融资本论
GBPUSD马上平价了，和上游这些几万亿的fx carry trade & fed变相sell vol相比，一级二级根本算不上资本无序扩张。同样的老故事，有人兜底就会有人滥用，直到大家抱团完蛋。
未来几周看看BoE怎么用1000亿英镑来拯救sterling吧。
看完序基本就可以锁定今年金融专业第一名的一本书，注意是金融专业，不是纯科普,恐怕也不是畅销书，最后两三张有点放飞自我式的推导，瑕不掩瑜。
评论前必须登录！
注册