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Inside markets, innovation, and risk Why do markets keep crashing and why are financial crises greater than ever before? As the risk manager to some of the leading firms on Wall Street–from Morgan Stanley to Salomon and Citigroup–and a member of some of the world’s largest hedge funds, from Moore Capital to Ziff Brothers and FrontPoint Partners, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think. The very things done to make markets safer, have, in fact, created a world that is far more dangerous. From the 1987 crash to Citigroup closing the Salomon Arb unit, from staggering losses at UBS to the demise of Long-Term Capital Management, Bookstaber gives readers a front row seat to the management decisions made by some of the most powerful financial figures in the world that led to catastrophe, and describes the impact of his own activities on markets and market crashes. Much of the innovation of the last 30 years has wreaked havoc on the markets and cost trillions of dollars. A Demon of Our Own Design tells the story of man’s attempt to manage market risk and what it has wrought. In the process of showing what we have done, Bookstaber shines a light on what the future holds for a world where capital and power have moved from Wall Street institutions to elite and highly leveraged hedge funds.

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尽管我们努力改善市场设计，但市场的崩溃恰恰来源于此。我们改善金融市场的状态，却直接导致金融市场的结构性风险，而风险的源头正是我们通常认为的创新。我们有着众多的投资欲望，……。为了使市场更符合这些欲望，我们采取了许多措施，从而加快了市场活动的速度，增加了金融衍生工具的复杂性，因此不可避免地引发种种危机，复杂性下面潜伏着大灾难。

市场继续开发用于满足投资者需求的新产品，监管部门必须寻求方法来确保这些创新带来公平的竞争环境，以及广泛且同步的信息发布和价格透明度。然而，不知何故，这些改革使我们的投资更具风险。而且，不无讽刺的是，更多监管或许反而使风险成倍增加。

推动金香热的并非富翁，而是商人和工人阶层，例如砖匠、管道工人和其他零售商，以及牧师和律师对郁金香的需求。他们只是间接听来一些关于稀有球茎的知识，并且把普通郁金香和罕见郁金香品种的价值混为一谈。此外，在大多数情况下人们对郁金香的需求都不是为了得到球茎本身，而是将它们作为郁金香交易热中的流通手段。花商和交易员把价格抬高到了一个相当荒唐的水平，而他们对拥有郁金香或培育郁金香只是略微有点兴趣，或者压根就没有兴趣。

郁金香热的根源或许是因为人们垂涎风靡一时而又难以得到的罕见郁金香品种，再加上他们愿意接受用数量众多的普通球茎来满足这种渴求的新兴操作方式。但是郁金香热之所以达到一种癫狂的状态，却是源于远期合约和这些合约产生的杠杆作用，它们使得交易员有能力买卖自己根本不拥有也无意拥有的商品，而事实上他们甚至没有购买这些合约的资金。

爱因斯坦在普林斯顿的办公室中挂着一块牌子，上面写着：“并非所有重要的东西都能计算清楚，也并非所有能计算凊楚的东西都重要。”

书籍介绍

在线阅读本书

Inside markets, innovation, and risk Why do markets keep crashing and why are financial crises greater than ever before? As the risk manager to some of the leading firms on Wall Street–from Morgan Stanley to Salomon and Citigroup–and a member of some of the world’s largest hedge funds, from Moore Capital to Ziff Brothers and FrontPoint Partners, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think. The very things done to make markets safer, have, in fact, created a world that is far more dangerous. From the 1987 crash to Citigroup closing the Salomon Arb unit, from staggering losses at UBS to the demise of Long-Term Capital Management, Bookstaber gives readers a front row seat to the management decisions made by some of the most powerful financial figures in the world that led to catastrophe, and describes the impact of his own activities on markets and market crashes. Much of the innovation of the last 30 years has wreaked havoc on the markets and cost trillions of dollars. A Demon of Our Own Design tells the story of man’s attempt to manage market risk and what it has wrought. In the process of showing what we have done, Bookstaber shines a light on what the future holds for a world where capital and power have moved from Wall Street institutions to elite and highly leveraged hedge funds.