Pandora’s Risk: Uncertainty at the Core of Finance (Columbia Business School Publishing)
| Author | : | |
| Rating | : | 4.19 (682 Votes) |
| Asin | : | 0231151721 |
| Format Type | : | paperback |
| Number of Pages | : | 304 Pages |
| Publish Date | : | 2014-04-26 |
| Language | : | English |
DESCRIPTION:
Tim Hatamian said A Voice In The Wilderness. This amazing little book is unique in that it is essential reading simultaneously for novice outsiders, finance insiders, top-experts, and policy makers alike!Like its contents, this book deserves a thoughtful, if extensive review; one that I hope to write soon and amend my unequivocal recommendation here.Pandora's Risk is the single best compilations of the open "puzzles in finance", along with the most physically (as opposed to philosophically) plausible set of explanatory models/hypotheses.Among the varied target audiences, no other group must hear the author's pitch on sustainable finance, than regulators and central banke. Prosumer"Deep knowledge successfully obscured" according to Prosumer21. Erudite writer but a confused and confusing book. It does a shoddy job in depicting the mathematics of risk which dominates the second half. The qualitative narrative of risk in the first half is banal. A waste of my money and time, and I had extremely high hopes, given the author's deep knowledge of the subject. I have read his research from his sellside days and know that he knows his stuff. It doesn't come through here. His editor really needs to learn finance and do a better job of editing.. 1 said Deep knowledge successfully obscured. Erudite writer but a confused and confusing book. It does a shoddy job in depicting the mathematics of risk which dominates the second half. The qualitative narrative of risk in the first half is banal. A waste of my money and time, and I had extremely high hopes, given the author's deep knowledge of the subject. I have read his research from his sellside days and know that he knows his stuff. It doesn't come through here. His editor really needs to learn finance and do a better job of editing.. Claims too much delivers too little Anonymous The book has some interesting points, but its claims are far more grandiose than what it actually delivers. It promises to develop / describe a new mathematically sound theory of understanding uncertainty, but in fact is just a rehash of standard Bayesian methods. Furthermore, the writing is very poor - terms are muddled and used imprecisely, a lot of unnecessary jargon is dropped without explaining what / how the author is interpreting the them. Moreover, there is nothing worse than math written out in words - I don't know of anyone except story-book editors who think it's clearer that way.
(Paul Wilmott, founder of Wilmot and Wilmott and author of Frequently Asked Questions in Quantitative Finance)Pandora's Risk is a captivating book with important messages for researchers and decision makers in finance and statistics. If you want to understand why financial markets are inherently uncertain, this book will teach you well. My one concern is that under the current system of compensation in the financial sector, even the gutters are lined with gold, and this will deter people from implementing his ideas. Everyone in the business of financial risk will enjoy reading this volume and will learn something useful in the process. (David Merkel Seeking Alpha) . Kent Osband's writing is passionate but not doom-laden. This is an important book on financial risk, bringing together some little-known threads while adding significant
Markets don't trade mainly on changes in risk. Recognizing this truth would make a world of difference in investing. They trade on changes in beliefs about risk, and in the process, markets unite, stretch, and occasionally defy beliefs. The market continually errs, corrects itself, and makes new errors. Respecting that process, without idolizing it, will promote wiser investment, trading, and regulation. With uncertainty embedded at its core, Osband's rational approach points to a finance theory worthy of twenty-first-century investing.. Author of the acclaimed work Iceberg Risk: An Adventure in Portfolio Theory, Kent Osband argues that uncertainty is central rather than marginal to finance. Belittling uncertainty has created a rift between financial theory and practice and within finance theory itself, misguiding regulation and stoking huge financial imbalances.Sparking a revolution in the mindset of the investment professional, Osband recasts the market as a learning machine rather than a knowledge machine
magna cum laude from Harvard University and a Ph.D. . Kent Osband has worked for twenty-five years as a strategist/economist for major investment firms, international financial institutions, and think tanks. He holds a B.A. He is the author of Iceberg Risk: An Adventure in Portfolio Theory. in economics from the University of California, Berkeley, and has taught at Harvard and at the University of California, Los Angeles