Credit Derivative Strategies: New Thinking on Managing Risk and Return (Bloomberg Financial)

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Product Description

In the decade since the credit derivatives market started, financial professionals have become increasingly sophisticated. Most books on the subject have not kept pace. Credit Derivative Strategies closes the gap with state-of-the-art techniques for picking credit hedge funds, analyzing event risk, identifying relative value opportunities and managing CDOs.

The credit crisis has many people in the financial industry rethinking how to manage their credit risk and exposure. It is now more important than ever for participants in the financial markets -- whether they are trading or not -- to understand these credit products given their increasing impact.

The contributors to this book are practicing professionals who honed their craft at some of the industry's most successful companies including: Merrill Lynch, Credit Suisse First Boston, Kenmar Global Investment Management, and Citigroup.

Credit Derivative Strategies: New Thinking on Managing Risk and Return (Bloomberg Financial) Review

simply read the upper right corner of the cover "I recommend it highly" - Darrell Duffie, you should know this is THE book you can't miss.

I disagree with the comment below. This book is more about credit strategies and how to assess and manage risk beyond traditional "market risk" practice. It only spends last two chapters at the end talking about CDS and CDO pricing. Frankly, no model is perfect, event classic Black-Scholes is flawed. Demanding and implementing a "right" model doesn't make sense at all. Instead, focusing on the strategy itself and fully understanding the fundamental risk you are buying are the way to go. However, in reality, you will be surprised on how many HEADs of risk management on the Street don't really know the risk they are exposed to. One trader said to me: I'd be fire if those guys know exactly what I'm doing.

This book does its job providing meaningful risk management insights.

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