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Dinosaur Derivatives and Other Trades, by Jeremy Josse
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Venture deep into the heart of finance's weird and wonderful paradoxes
Dinosaur Derivatives and Other Trades is an entertaining and compelling tour de force highlighting the paradoxes inherent to the modern financial system. Presented as a series of striking case studies, this book explores certain enigmatic or philosophical puzzles in the finance industry; some of these puzzles may seem slightly absurd at first glance, but all are very relevant to the way finance is conducted in the real world. Each story highlights specific hypocrisies or moral dilemmas that lie at the heart of the system, guiding readers through the challenges of finance by way of innovative and memorable paradigms. Written in clear, accessible language, this book doesn't claim to offer original financial theory or philosophy as such, but instead deepens the reader's understanding of the system and stimulates independent consideration of the current state of affairs.
The financial world, so often viewed as a rather dull place, is secretly alive with possibilities of strange and sometimes wonderful conundrums. There is the possibility, for instance, of a Manhattan auction house selling derivatives to buy swift-swimming predators known as Megalodons (thought to be extinct for millions of years). This book explores this and other curious propositions to point out the paradoxes of finance.
- Explore the meaning of "value" in different contexts
- Learn what the Old Testament can teach us about risk and uncertainty
- Examine an alternative take on the 2007/2008 credit crisis
- Consider how the "financial innovation" trend impacts the industry
To truly understand something, it is necessary to crawl deep into the metaphorical underbelly and have a look around. Dinosaur Derivatives and Other Trades provides the itinerary, and the insightful discussion that stimulates curiosity.
- Sales Rank: #1419046 in Books
- Published on: 2015-01-20
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .62" w x 6.05" l, .71 pounds
- Binding: Paperback
- 224 pages
Review
“ This book is a rare beast, merging the seemingly disparate topics of finance and philosophy..” (Journal of Economics, June 2015)
From the Back Cover
A STUDY IN FINANCIAL FANTASY, ENIGMA AND PHILOSOPHY
Written in an engaging and accessible style, Dinosaur Derivatives and Other Trades reveals the inherent philosophical paradoxes found in the world of finance. Jeremy Josse examines a variety of basic concepts to offer a financial expert's view into the often contradictory maze of money.
Each topic in the book is introduced through a striking tale that highlights specific hypocrisies or moral dilemmas that lie at the heart of the financial system. The stories, however odd or enigmatic, offer a unique perspective on what's going on "inside" the world of finance itself.
Finance is a living and breathing subject that we all contend with in our daily lives. With expertise and a good dose of wit, Josse explores a range of compelling questions such as: what is value? what is risk/uncertainty? what is financial innovation? And what is money?
"…[Josse's book] starts like an itch that needs scratching and won't go away … a discussion of the evolution of finance that I now find important and fascinating—thanks to this book."
—Steve Clemons, Editor at Large, The Atlantic
"A compelling, interdisciplinary journey into the arcane world of finance."
—Bruce R. Magid, Dean International Business School, Brandeis University
About the Author
JEREMY JOSSE has spent the last twenty-plus years of his career working as an executive in some of the world's leading financial institutions, including Schroders, Citigroup, and N M Rothschild. He has published numerous articles on a wide range of financial subjects including the credit crisis, bank restructurings and financial engineering.
Most helpful customer reviews
0 of 0 people found the following review helpful.
A fundamental look at the paradoxical world of finance
By Steve Benner
"Dinosaur Derivatives and Other Trades" is an entertaining and illuminating peregrination through the fundamental philosophical paradoxes upon which the world of financial trading is built. Its author, Jeremy Josse, presents each of the basic concepts of the financial world -- value; uncertainty; contract; financial instrument; financial innovation; ownership; money; taxation; fraud; regulation; bankruptcy -- examining first of all what each is (and what it is not) and then, through the use of fanciful story-telling (some of which may, in fact, not be quite as fanciful as the author maintains) demonstrating the essentially paradoxical conundrums that arise from each and the oft-times absurd machinations that ensue.
The aim of the book is to give a philosophical overview of the true nature of financial dealings in order to better understand the ethics that underpin them and so to locate their true moral compass. The book throws up more questions than it answers at times -- deliberately so, highlighting the fact that some ethical questions often do not have single correct answers and even when they appear to, those answers may not hold good for all cases in all times. Some of what the book has to to say may appear mundane, or even to be merely poking fun at the absurd behaviours prevalent in the world of finance. There is more, however, that is deeply profound and which really makes the reader think about the true underpinnings of certain types of inter-personal dealings and financial relationships. In the process, of course, the author explains and exposes much that is wrong with today's financial world at a fairly fundamental level.
The author does a sterling job of keeping his style and tone conversational and non-technical, although there are times when he necessarily has to rely heavily on financial jargon in order to explain a complex financial undertaking, purely because there is no way to avoid this -- some financial abstractions simply don't translate into simple, everyday terms. There are some sections of the book, therefore, where the layman will struggle to follow all the details of a thread (and I speak from experience!) Fortunately, these are few and far between and are never sufficiently key to the underlying argument as to damage the reader's ability to continue beyond them.
The book is recommended to anyone who wants a philosophical understanding of the basic concepts underpinning human financial dealings and associated relationships without wanting to study the full minutiae of the trade. And from an author who has no particular partisan axe to grind.
0 of 0 people found the following review helpful.
Would you buy an option on a Megalodon?
By Dr. Peter Davies
This is a great book. I'd love to say it's just about economics, and really for economists. But it's not. It's a book for all of us for many reasons.
Firstly we are all active economically- we earn, we spend, we save, we make contracts, we relate to each other and use money as a token of exchange. Do we know what we are doing as we do this? Do we realise what lies behind our activity? Can we trust it and each other? Can we regulate this activity? You'll have a much better idea of what the questions really are after reading this book.
Secondly this book is a great primer of economics- it looks at basic questions such as what is value? What is money? and comes up with interesting answers to all of them. One key point is how much of our world view depends on there being people to buy and sell to. The answer to buying a megalodon option is to consider whether someone will buy the option off you. You are buying an option on a megalodon, not a megalodon itself...but you get first call on the animal if one is ever rediscovered. So much of finance is about trading representations of value, not a thing itself. This can lead to chains of increasing value, or to displaced and hidden risks of debts that cannot be serviced. (as was seen for example in The Gods That Failed: How the Financial Elite Have Gambled Away Our Futures )
But at a deeper level this book goes behind being busy, business and commerce. It looks at what we are doing when we assign value to something- and how well we can anchor such decisions. Are there some things we shouldn't be able to sell? It's not that someone won't buy them- it's that the transaction is bad for both parties. Faust selling his soul is an example here. Is Faust's soul really a saleable item? Is it his to sell? What part of yourself have you sold to which devil?
The book is well written and it shows rather than tells. Each question is opened up with a story or example and then the key themes of the debate are drawn out. He's a likeable writer, with an observant, rueful humour, and not expecting too much from his frail fellow humans. His insights into human misbehaviour are good and he's realistic that when it comes to finance we are all tempted. He's very good on regulation and at showing how the proliferation of regulations actually creates more opportunities for further malfeasance, rather than better behaviour. The only quote missing here is Tacitus's comment that, "The more corrupt the state, the more numerous the laws."
This book is written in the language of economics but it's really about we as humans relate to each other- money is after all only a means of exchange- and only holds value so long as we all trust each other to honour its value. It has no worth in and of itself.
I think this book is one of those perspective giving books that you won't read as a basic textbook, but you will read to gain understanding. I think it will take a place alongside books such as Clinical Epidemiology and The Audit Society: Rituals of Verification and Science and Sanity: An Introduction to Non-Aristotelian Systems and General Semantics which teach us much more perspective than fact. These books all teach to handle our representations of reality as such, and not to mistake them for reality itself- which it's doubtful we ever know. There's always an "angle soutenu" as Merleau-Ponty puts it in Phenomenology of Perception
After all is said and done, and after money has been made and lost certain things remain- and I think Josse is hinting that these may well be more enduring and valuable. The classic themes here are Health, fitness, friendships and relationships. Are we squandering our health to try and gain wealth? And then squandering our wealth in an attempt to buy back health? (Between Health and Illness: Explorations in and around medicine)
Maybe at the end of the day all we're left with is a Sunny Afternoon
0 of 0 people found the following review helpful.
An easy read, imaginative, distinctive
By Phil O.
Here we have a lighthearted journey through various aspects of finance from a philosophical perspective. The author produces logically extreme/sometimes whimsical examples to illustrate points -- something I do teaching law. For example, the evanescence of "value" -- something like nailing jello to a wall -- yet its central role in markets, the basic engines of our society, are shown in sharp relief, through a derivative contract that is a call option on a dinosaur (currently) long extinct. Yes, it seems absurd, yet, like the tale of the emperor's new clothes, there are points to be made. All these chapter topics ("what is -- a contract? financial innovation? ownership? regulation? and so on) are right in my wheelhouse. I find the book, as a reading experience, at the pleasurable end of such writings, and no strain for a reasonably culturally literate person. The author feels free to grab examples from history, various commentators, and cultural touchstones (not so much pop culture -- more the heavyweight thinkers) to nimbly make points. I like books like this too sort of limber up and loosen my thinking, about substantial topics.
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