Extreme Money: Masters Of The Universe And The Cult Of Risk (2011) - Plot & Excerpts
I read Das' earlier book Traders, Guns, and Money. It was given to me by the owner of a small trading company who has a somewhat pessimistic view of the stock market. I really enjoyed that book.To me at times, when reading Extreme Money, it felt like I was rereading parts of Traders, Gun, and Money. I haven't gone back to verify, but I'm guessing that a lot of the content that provides context around what derivatives are and the historical information before about 2006 are similar to Traders, Guns, and Money because it's all still relevant.That said, I think this was a good book overall. Some reviewers have mentioned that it could have been shorter and without some many quotes/anecdotes. However, part of what I like about this book is that the writing style is somewhat similar to hanging out with Das and he gets on a roll telling stories. As a consequence things may not be optimally ordered or as concise as they could be. However, it is entertaining (as much as a finance related book can be) with a cynical/dry sense of humor (if you can't laugh at it, you may cry).At the end Das provides his ideas about how the economy needs to works. The ideas make sense. More reality and less fantasy in finance. Extreme Money delves into the realm of financial alchemy and reveals the practices of investment bankers that resulted in the global financial crisis. A word of warning: this book is not a breezy read. It cuts to the nitty gritty of the finance world. It's intense and thought-provoking, well worth the time of anyone who dares learn about the new financial fundementalism.For the most part, I enjoyed the book. I didn't care for the prologue (without some foreknowledge of finance, it fell a little flat). Part one gives a great introduction on evolving banking practices. Part three does a great job of detailing debt, securitization, derivatives, and hedge funds. I have no background in finance, and while it was overly technical in some places, I found the book gives quite a good explanation of it. Part four is extremely good, even if it makes me want to scream. So many "you have got to be kidding me" moments.One thing I didn't like -- the text itself feels like it has a serious case of ADHD. Das includes many historical examples and literary/pop culture tie-ins. About half of them are illustrative and helpful, but the rest are distracting or only tangentally related to the subject at hand. One minute you're reading about Enron or GE, only to be interrupted by something that happened in the 1600's. Then there could be a passage from "Alice in Wonderland" before you get back to the subject. I didn't need a lesson on quantum mechanics, and I think most people know what a pinata is. In places, it's overdone and distracting. They take away from the points Das strives to make and just seem pretentious. Some people might enjoy the style of breaking up the monotony of reading like a textbook. I didn't care for it much.Overall, a good read. I learned a lot about how the world got into this mess. The only question left is how will we get out of it. After reading this book, I wish I could be optimistic.
What do You think about Extreme Money: Masters Of The Universe And The Cult Of Risk (2011)?
Brilliant stuff.....takes you through the entire gamut of high finance and its lowlights
—djd303
A well written book but it's just spreading too long.
—bees
Just terrible. Too special interest for me, perhaps.
—Clifford
