Make a difficult subject an attractive reading, 29 Feb 2008
For me the world of derivatives are a known unknown and after reading the book, it remains like that. Derivatives are complex indeed if you don't have experience or are involve in it, but this book helps to provide an idea about the mechanics of the financials markets. The author guides you in this book telling real stories, some from his own experience, about how derivatives have evolved since its beginnings, covering the whole range of derivatives from futures, options, swaps and credit.
Reading the newspaper today, it said that some companies had made some good profits from our country currency valuation against the dollar, thanks to swaps and futures operations --- at least now I have an idea on what they are talking about. I liked this book, I laughed in some parts of it, and for sure I am eager to read more about the subject.

Disappointing, 03 Nov 2007
I wasn't too impressed by this book. I loved FIASCO and I generally enjoy books such as Liar's Poker, Ugly Americans etc, but this was quite a let down.

A lot of the material feels very familiar; if you have even a passing interest in the world of derivatives, you'll already have read about Orange County, P&G, LTCM etc and you'll find little new information here. I found the later sections on structured products to be much more interesting - the author describes several of these products in detail and his depth of knowledge really starts to become apparent.

There are 3 reasons I rate this book poorly. First, nearly all the personal experiences and anecdotes related in the book are frustratingly lacking in specifics. It's always "A trader at a certain bank was said to have done X", or "a large American bank was discovered to have done Y" - but the exact details are never divulged. I wonder how many of these stories actually happened, and how much is simple gossip and rumour. Sure, he covers the details of high-profile cases in great detail, but I'm left thinking that I could have written this book myself by simply copy-and-pasting factual information from the financial press and padding it out with made-up stories and gossip.

Second, the book is littered with typos. There's talk of accountants "pouring" over balance sheets, TMT as an acronym for "Technology, Media, inTernet" (surely that final T is for "telecoms" ?) and worst of all something called "dvo1" (I assume the author means dv01, with a zero rather than a letter 'o').

Finally, the tone of the book is quite cynical. I was left wondering why the author spent 25 years working in an industry which he seems to be dislike so much. There's a section towards the very end in which the author is describing his experiences as an expert witness in a court case between an (un-named) bank and an aggrieved customer. He comes across as a rather difficult and unprofessional character, dragging his heels and refusing to cooperate in discussions with another expert. It's bewildering that the author seems to take pride in this childish behaviour.

Oh, one more thing - where are the 'guns' that the title refers to ? They're not mentioned anywhere in the book !


Please read this... but now where do you invest your pension?, 30 Oct 2007
Entertaining, insightful, skeptical rather than cynical. This book opens the can of worms that is Derivatives and those that peddle them. As someone who has spent the last 12 years selling trading systems in to this group, it was fascinating to gain an insight as to why TARNs, PRDC and the Range Accruals were so important. I was very interested to understand the real thinking underlying the various products, many of which have I have had to workshop/demonstrate as part of the sales process when banks go to market for a new trading system.

This is a good book written by someone who has seen it all, he clearly outlines why the trading floors of the major financial centers are little more than casinos that close at 5pm. The lead-in to the recent Credit crisis is well handled in chapter 9.

My only worry now is where now do I invest my pension fund?


"Stunning", "Electrifying", "5 Thumbs Up!!", 23 Jul 2007
Das' sardonic description of the derivatives industry provides an extremely entertaining new approach to a genre saturated with glorified good fortune and dire warnings of imminent market apocalypse. The comically acid tone with which he describes every element of the business (from front to back-office) has much more in common with Jon Stewart's "Daily Show" than the academic tomes on credit derivatives and structured products that preceded it.

If you are considering a career in investment banking, this book is required reading. Along with an incredible introduction to derivatives and their impact on financial markets, "Traders, Guns and Money" touches on the frustrations involved in working at every level of the bank, describing the internal friction and disparity between support functions (product control, operations, accounting, risk control... the almost always overlooked segments of the firm that comprise the majority of people at any bank) and the front office traders with a surprising degree of insight.



This book is a risk free investment of time and money, 17 May 2007
Traders, guns and money is an entertaining foray into the complex world of financial derivatives. Satyajit Das manages to take a topic, that has sent countless students to sleep in the lecture room, and make it engaging and yet informative at the same time.

The real beauty of the book lies in the fact that the author has real world experience within the field he is writing about. Hence you do not just read about derivatives and the related formulas and theories. Instead you read real stories where derivatives were involved along with immeasurable amounts of arrogance, greed and money. This approach makes you feel like you a reading a Wilbur Smith book with all its excitement rather than a book on derivatives. Yet all this is achieved without dumbing down any of the anecdotes or watering down his language to fit a "target audience" while all the while never succumbing to peronal ego boosting.

However, unlike many other authors that have tried a similar tact in regards to financial writing, Satyajit avoids the trap of getting lost amongst the stories. Throughout the whole book there is a clear and logical structure which is followed consistently. By the time any reader has finished reading this book, they will feel like an expert on derivatives who has been in the markets for decades. Though these decades of expertise are only gleaned in the short time it takes to read this book.

Guns Trader and Money is easily the best book to open up the world of finance since Liar's poker was released almost two decades ago.

Make a difficult subject an attractive reading, 29 Feb 2008
For me the world of derivatives are a known unknown and after reading the book, it remains like that. Derivatives are complex indeed if you don't have experience or are involve in it, but this book helps to provide an idea about the mechanics of the financials markets. The author guides you in this book telling real stories, some from his own experience, about how derivatives have evolved since its beginnings, covering the whole range of derivatives from futures, options, swaps and credit.
Reading the newspaper today, it said that some companies had made some good profits from our country currency valuation against the dollar, thanks to swaps and futures operations --- at least now I have an idea on what they are talking about. I liked this book, I laughed in some parts of it, and for sure I am eager to read more about the subject.

Disappointing, 03 Nov 2007
I wasn't too impressed by this book. I loved FIASCO and I generally enjoy books such as Liar's Poker, Ugly Americans etc, but this was quite a let down.

A lot of the material feels very familiar; if you have even a passing interest in the world of derivatives, you'll already have read about Orange County, P&G, LTCM etc and you'll find little new information here. I found the later sections on structured products to be much more interesting - the author describes several of these products in detail and his depth of knowledge really starts to become apparent.

There are 3 reasons I rate this book poorly. First, nearly all the personal experiences and anecdotes related in the book are frustratingly lacking in specifics. It's always "A trader at a certain bank was said to have done X", or "a large American bank was discovered to have done Y" - but the exact details are never divulged. I wonder how many of these stories actually happened, and how much is simple gossip and rumour. Sure, he covers the details of high-profile cases in great detail, but I'm left thinking that I could have written this book myself by simply copy-and-pasting factual information from the financial press and padding it out with made-up stories and gossip.

Second, the book is littered with typos. There's talk of accountants "pouring" over balance sheets, TMT as an acronym for "Technology, Media, inTernet" (surely that final T is for "telecoms" ?) and worst of all something called "dvo1" (I assume the author means dv01, with a zero rather than a letter 'o').

Finally, the tone of the book is quite cynical. I was left wondering why the author spent 25 years working in an industry which he seems to be dislike so much. There's a section towards the very end in which the author is describing his experiences as an expert witness in a court case between an (un-named) bank and an aggrieved customer. He comes across as a rather difficult and unprofessional character, dragging his heels and refusing to cooperate in discussions with another expert. It's bewildering that the author seems to take pride in this childish behaviour.

Oh, one more thing - where are the 'guns' that the title refers to ? They're not mentioned anywhere in the book !


Please read this... but now where do you invest your pension?, 30 Oct 2007
Entertaining, insightful, skeptical rather than cynical. This book opens the can of worms that is Derivatives and those that peddle them. As someone who has spent the last 12 years selling trading systems in to this group, it was fascinating to gain an insight as to why TARNs, PRDC and the Range Accruals were so important. I was very interested to understand the real thinking underlying the various products, many of which have I have had to workshop/demonstrate as part of the sales process when banks go to market for a new trading system.

This is a good book written by someone who has seen it all, he clearly outlines why the trading floors of the major financial centers are little more than casinos that close at 5pm. The lead-in to the recent Credit crisis is well handled in chapter 9.

My only worry now is where now do I invest my pension fund?


"Stunning", "Electrifying", "5 Thumbs Up!!", 23 Jul 2007
Das' sardonic description of the derivatives industry provides an extremely entertaining new approach to a genre saturated with glorified good fortune and dire warnings of imminent market apocalypse. The comically acid tone with which he describes every element of the business (from front to back-office) has much more in common with Jon Stewart's "Daily Show" than the academic tomes on credit derivatives and structured products that preceded it.

If you are considering a career in investment banking, this book is required reading. Along with an incredible introduction to derivatives and their impact on financial markets, "Traders, Guns and Money" touches on the frustrations involved in working at every level of the bank, describing the internal friction and disparity between support functions (product control, operations, accounting, risk control... the almost always overlooked segments of the firm that comprise the majority of people at any bank) and the front office traders with a surprising degree of insight.



This book is a risk free investment of time and money, 17 May 2007
Traders, guns and money is an entertaining foray into the complex world of financial derivatives. Satyajit Das manages to take a topic, that has sent countless students to sleep in the lecture room, and make it engaging and yet informative at the same time.

The real beauty of the book lies in the fact that the author has real world experience within the field he is writing about. Hence you do not just read about derivatives and the related formulas and theories. Instead you read real stories where derivatives were involved along with immeasurable amounts of arrogance, greed and money. This approach makes you feel like you a reading a Wilbur Smith book with all its excitement rather than a book on derivatives. Yet all this is achieved without dumbing down any of the anecdotes or watering down his language to fit a "target audience" while all the while never succumbing to peronal ego boosting.

However, unlike many other authors that have tried a similar tact in regards to financial writing, Satyajit avoids the trap of getting lost amongst the stories. Throughout the whole book there is a clear and logical structure which is followed consistently. By the time any reader has finished reading this book, they will feel like an expert on derivatives who has been in the markets for decades. Though these decades of expertise are only gleaned in the short time it takes to read this book.

Guns Trader and Money is easily the best book to open up the world of finance since Liar's poker was released almost two decades ago.




New Labour's Profligacy and Incompetence Exposed, 20 Oct 2008
I deducted a star in my review of the First Edition of this book, partly because I could not find any reference to Brown's reckless - and deceitful - use of PFI schemes, which are kept "off balance".

No such doubts about the second edition, which makes it quite clear what benefits we would all get from an efficiently run government machine.

The staggering figure of £101 billion (page 19) is almost beyond comprehension, but illustrates New Labour's catastrophic failure to spend our taxes wisely and carefully.

This book is more important than ever, now that government has responded to the credit crunch - and looming recession - by racking up borrowing which, on 14 October 2008, The Independent reported to be above 100 per cent of GDP for the first time in half a century.

Six days later, the same paper reported that borrowing is heading toward the £120 billion level.

Reflect on what it might be were it not for the level of waste unearthed by TaxPayer's Alliance! Almost a tenth that figure.

Further reflect on the burden being racked-up for our children and their children.

Is six stars possible, please Amazon?

Make a difficult subject an attractive reading, 29 Feb 2008
For me the world of derivatives are a known unknown and after reading the book, it remains like that. Derivatives are complex indeed if you don't have experience or are involve in it, but this book helps to provide an idea about the mechanics of the financials markets. The author guides you in this book telling real stories, some from his own experience, about how derivatives have evolved since its beginnings, covering the whole range of derivatives from futures, options, swaps and credit.
Reading the newspaper today, it said that some companies had made some good profits from our country currency valuation against the dollar, thanks to swaps and futures operations --- at least now I have an idea on what they are talking about. I liked this book, I laughed in some parts of it, and for sure I am eager to read more about the subject.

Disappointing, 03 Nov 2007
I wasn't too impressed by this book. I loved FIASCO and I generally enjoy books such as Liar's Poker, Ugly Americans etc, but this was quite a let down.

A lot of the material feels very familiar; if you have even a passing interest in the world of derivatives, you'll already have read about Orange County, P&G, LTCM etc and you'll find little new information here. I found the later sections on structured products to be much more interesting - the author describes several of these products in detail and his depth of knowledge really starts to become apparent.

There are 3 reasons I rate this book poorly. First, nearly all the personal experiences and anecdotes related in the book are frustratingly lacking in specifics. It's always "A trader at a certain bank was said to have done X", or "a large American bank was discovered to have done Y" - but the exact details are never divulged. I wonder how many of these stories actually happened, and how much is simple gossip and rumour. Sure, he covers the details of high-profile cases in great detail, but I'm left thinking that I could have written this book myself by simply copy-and-pasting factual information from the financial press and padding it out with made-up stories and gossip.

Second, the book is littered with typos. There's talk of accountants "pouring" over balance sheets, TMT as an acronym for "Technology, Media, inTernet" (surely that final T is for "telecoms" ?) and worst of all something called "dvo1" (I assume the author means dv01, with a zero rather than a letter 'o').

Finally, the tone of the book is quite cynical. I was left wondering why the author spent 25 years working in an industry which he seems to be dislike so much. There's a section towards the very end in which the author is describing his experiences as an expert witness in a court case between an (un-named) bank and an aggrieved customer. He comes across as a rather difficult and unprofessional character, dragging his heels and refusing to cooperate in discussions with another expert. It's bewildering that the author seems to take pride in this childish behaviour.

Oh, one more thing - where are the 'guns' that the title refers to ? They're not mentioned anywhere in the book !


Please read this... but now where do you invest your pension?, 30 Oct 2007
Entertaining, insightful, skeptical rather than cynical. This book opens the can of worms that is Derivatives and those that peddle them. As someone who has spent the last 12 years selling trading systems in to this group, it was fascinating to gain an insight as to why TARNs, PRDC and the Range Accruals were so important. I was very interested to understand the real thinking underlying the various products, many of which have I have had to workshop/demonstrate as part of the sales process when banks go to market for a new trading system.

This is a good book written by someone who has seen it all, he clearly outlines why the trading floors of the major financial centers are little more than casinos that close at 5pm. The lead-in to the recent Credit crisis is well handled in chapter 9.

My only worry now is where now do I invest my pension fund?


"Stunning", "Electrifying", "5 Thumbs Up!!", 23 Jul 2007
Das' sardonic description of the derivatives industry provides an extremely entertaining new approach to a genre saturated with glorified good fortune and dire warnings of imminent market apocalypse. The comically acid tone with which he describes every element of the business (from front to back-office) has much more in common with Jon Stewart's "Daily Show" than the academic tomes on credit derivatives and structured products that preceded it.

If you are considering a career in investment banking, this book is required reading. Along with an incredible introduction to derivatives and their impact on financial markets, "Traders, Guns and Money" touches on the frustrations involved in working at every level of the bank, describing the internal friction and disparity between support functions (product control, operations, accounting, risk control... the almost always overlooked segments of the firm that comprise the majority of people at any bank) and the front office traders with a surprising degree of insight.



This book is a risk free investment of time and money, 17 May 2007
Traders, guns and money is an entertaining foray into the complex world of financial derivatives. Satyajit Das manages to take a topic, that has sent countless students to sleep in the lecture room, and make it engaging and yet informative at the same time.

The real beauty of the book lies in the fact that the author has real world experience within the field he is writing about. Hence you do not just read about derivatives and the related formulas and theories. Instead you read real stories where derivatives were involved along with immeasurable amounts of arrogance, greed and money. This approach makes you feel like you a reading a Wilbur Smith book with all its excitement rather than a book on derivatives. Yet all this is achieved without dumbing down any of the anecdotes or watering down his language to fit a "target audience" while all the while never succumbing to peronal ego boosting.

However, unlike many other authors that have tried a similar tact in regards to financial writing, Satyajit avoids the trap of getting lost amongst the stories. Throughout the whole book there is a clear and logical structure which is followed consistently. By the time any reader has finished reading this book, they will feel like an expert on derivatives who has been in the markets for decades. Though these decades of expertise are only gleaned in the short time it takes to read this book.

Guns Trader and Money is easily the best book to open up the world of finance since Liar's poker was released almost two decades ago.




New Labour's Profligacy and Incompetence Exposed, 20 Oct 2008
I deducted a star in my review of the First Edition of this book, partly because I could not find any reference to Brown's reckless - and deceitful - use of PFI schemes, which are kept "off balance".

No such doubts about the second edition, which makes it quite clear what benefits we would all get from an efficiently run government machine.

The staggering figure of £101 billion (page 19) is almost beyond comprehension, but illustrates New Labour's catastrophic failure to spend our taxes wisely and carefully.

This book is more important than ever, now that government has responded to the credit crunch - and looming recession - by racking up borrowing which, on 14 October 2008, The Independent reported to be above 100 per cent of GDP for the first time in half a century.

Six days later, the same paper reported that borrowing is heading toward the £120 billion level.

Reflect on what it might be were it not for the level of waste unearthed by TaxPayer's Alliance! Almost a tenth that figure.

Further reflect on the burden being racked-up for our children and their children.

Is six stars possible, please Amazon?

fred's being proved right, 01 Sep 2008
With UK house prices now crashing and many experts now foreseeing falls of up to 40% it looks like Fred Harrison is spot on with his predictions so far. He seems to be one of the few who have got the timing of the bubble bursting just right.

High on opinions, Low on substance - buy something else, 09 Mar 2008
hmmm. not an impressive read. The Author alleges to build a case to 'prove' his 18 year economic cycle theory. The 'proof' offered is poor and not convincing. I had hoped for much more than the repeated Mantra of the 18 year cycle, I get the feeling that if he states it enough as fact, then it must be true. Having recently read "The Black Swan" by Taleb, then 2010 was a real disappointment.

I suppose I should have submitted this review after reselling my copy on Amazon. oops.

My Very Own Crystal Ball, 26 Dec 2007
A very interesting read. I purchased this book in mid 2006 and so far everything that was predicted has come true. According to Harrison we are in for two tough years in the property market. 2008 and 2009 will see a downturn, however, come 2010 the market will once again turn. Currently I would love to move into a larger house but believe you me until January 2010 I'm staying put.

Scarily accurate so far, 17 Oct 2007
I read this book 6 months ago, and in the past few months have started to see signs that suggest the author is correct in his suppositions. An essential read for anyone considering buying a property in 2007-2008.

The coming depression - how low will he go ?, 21 Aug 2006
As a prominent proponent of the Land Value Tax it is intriguing to find that Fred Harrison comes down on the side of both private ownership and economic growth. For him the value of the land is essentially as a material resource and this distinction forms the basis of his thorough analysis of the housing market in the context of a modern capitalist economy. Alan Greenspan and Gordon Brown are criticised for their failure to acknowledge the effect of land speculation on modern predicitve methods. For all his detailed analysis of the cyclical trends of boom and bust he nevertheless maintains that economics is not an exact science.

Make a difficult subject an attractive reading, 29 Feb 2008
For me the world of derivatives are a known unknown and after reading the book, it remains like that. Derivatives are complex indeed if you don't have experience or are involve in it, but this book helps to provide an idea about the mechanics of the financials markets. The author guides you in this book telling real stories, some from his own experience, about how derivatives have evolved since its beginnings, covering the whole range of derivatives from futures, options, swaps and credit.
Reading the newspaper today, it said that some companies had made some good profits from our country currency valuation against the dollar, thanks to swaps and futures operations --- at least now I have an idea on what they are talking about. I liked this book, I laughed in some parts of it, and for sure I am eager to read more about the subject.

Disappointing, 03 Nov 2007
I wasn't too impressed by this book. I loved FIASCO and I generally enjoy books such as Liar's Poker, Ugly Americans etc, but this was quite a let down.

A lot of the material feels very familiar; if you have even a passing interest in the world of derivatives, you'll already have read about Orange County, P&G, LTCM etc and you'll find little new information here. I found the later sections on structured products to be much more interesting - the author describes several of these products in detail and his depth of knowledge really starts to become apparent.

There are 3 reasons I rate this book poorly. First, nearly all the personal experiences and anecdotes related in the book are frustratingly lacking in specifics. It's always "A trader at a certain bank was said to have done X", or "a large American bank was discovered to have done Y" - but the exact details are never divulged. I wonder how many of these stories actually happened, and how much is simple gossip and rumour. Sure, he covers the details of high-profile cases in great detail, but I'm left thinking that I could have written this book myself by simply copy-and-pasting factual information from the financial press and padding it out with made-up stories and gossip.

Second, the book is littered with typos. There's talk of accountants "pouring" over balance sheets, TMT as an acronym for "Technology, Media, inTernet" (surely that final T is for "telecoms" ?) and worst of all something called "dvo1" (I assume the author means dv01, with a zero rather than a letter 'o').

Finally, the tone of the book is quite cynical. I was left wondering why the author spent 25 years working in an industry which he seems to be dislike so much. There's a section towards the very end in which the author is describing his experiences as an expert witness in a court case between an (un-named) bank and an aggrieved customer. He comes across as a rather difficult and unprofessional character, dragging his heels and refusing to cooperate in discussions with another expert. It's bewildering that the author seems to take pride in this childish behaviour.

Oh, one more thing - where are the 'guns' that the title refers to ? They're not mentioned anywhere in the book !


Please read this... but now where do you invest your pension?, 30 Oct 2007
Entertaining, insightful, skeptical rather than cynical. This book opens the can of worms that is Derivatives and those that peddle them. As someone who has spent the last 12 years selling trading systems in to this group, it was fascinating to gain an insight as to why TARNs, PRDC and the Range Accruals were so important. I was very interested to understand the real thinking underlying the various products, many of which have I have had to workshop/demonstrate as part of the sales process when banks go to market for a new trading system.

This is a good book written by someone who has seen it all, he clearly outlines why the trading floors of the major financial centers are little more than casinos that close at 5pm. The lead-in to the recent Credit crisis is well handled in chapter 9.

My only worry now is where now do I invest my pension fund?


"Stunning", "Electrifying", "5 Thumbs Up!!", 23 Jul 2007
Das' sardonic description of the derivatives industry provides an extremely entertaining new approach to a genre saturated with glorified good fortune and dire warnings of imminent market apocalypse. The comically acid tone with which he describes every element of the business (from front to back-office) has much more in common with Jon Stewart's "Daily Show" than the academic tomes on credit derivatives and structured products that preceded it.

If you are considering a career in investment banking, this book is required reading. Along with an incredible introduction to derivatives and their impact on financial markets, "Traders, Guns and Money" touches on the frustrations involved in working at every level of the bank, describing the internal friction and disparity between support functions (product control, operations, accounting, risk control... the almost always overlooked segments of the firm that comprise the majority of people at any bank) and the front office traders with a surprising degree of insight.



This book is a risk free investment of time and money, 17 May 2007
Traders, guns and money is an entertaining foray into the complex world of financial derivatives. Satyajit Das manages to take a topic, that has sent countless students to sleep in the lecture room, and make it engaging and yet informative at the same time.

The real beauty of the book lies in the fact that the author has real world experience within the field he is writing about. Hence you do not just read about derivatives and the related formulas and theories. Instead you read real stories where derivatives were involved along with immeasurable amounts of arrogance, greed and money. This approach makes you feel like you a reading a Wilbur Smith book with all its excitement rather than a book on derivatives. Yet all this is achieved without dumbing down any of the anecdotes or watering down his language to fit a "target audience" while all the while never succumbing to peronal ego boosting.

However, unlike many other authors that have tried a similar tact in regards to financial writing, Satyajit avoids the trap of getting lost amongst the stories. Throughout the whole book there is a clear and logical structure which is followed consistently. By the time any reader has finished reading this book, they will feel like an expert on derivatives who has been in the markets for decades. Though these decades of expertise are only gleaned in the short time it takes to read this book.

Guns Trader and Money is easily the best book to open up the world of finance since Liar's poker was released almost two decades ago.




New Labour's Profligacy and Incompetence Exposed, 20 Oct 2008
I deducted a star in my review of the First Edition of this book, partly because I could not find any reference to Brown's reckless - and deceitful - use of PFI schemes, which are kept "off balance".

No such doubts about the second edition, which makes it quite clear what benefits we would all get from an efficiently run government machine.

The staggering figure of £101 billion (page 19) is almost beyond comprehension, but illustrates New Labour's catastrophic failure to spend our taxes wisely and carefully.

This book is more important than ever, now that government has responded to the credit crunch - and looming recession - by racking up borrowing which, on 14 October 2008, The Independent reported to be above 100 per cent of GDP for the first time in half a century.

Six days later, the same paper reported that borrowing is heading toward the £120 billion level.

Reflect on what it might be were it not for the level of waste unearthed by TaxPayer's Alliance! Almost a tenth that figure.

Further reflect on the burden being racked-up for our children and their children.

Is six stars possible, please Amazon?

fred's being proved right, 01 Sep 2008
With UK house prices now crashing and many experts now foreseeing falls of up to 40% it looks like Fred Harrison is spot on with his predictions so far. He seems to be one of the few who have got the timing of the bubble bursting just right.

High on opinions, Low on substance - buy something else, 09 Mar 2008
hmmm. not an impressive read. The Author alleges to build a case to 'prove' his 18 year economic cycle theory. The 'proof' offered is poor and not convincing. I had hoped for much more than the repeated Mantra of the 18 year cycle, I get the feeling that if he states it enough as fact, then it must be true. Having recently read "The Black Swan" by Taleb, then 2010 was a real disappointment.

I suppose I should have submitted this review after reselling my copy on Amazon. oops.

My Very Own Crystal Ball, 26 Dec 2007
A very interesting read. I purchased this book in mid 2006 and so far everything that was predicted has come true. According to Harrison we are in for two tough years in the property market. 2008 and 2009 will see a downturn, however, come 2010 the market will once again turn. Currently I would love to move into a larger house but believe you me until January 2010 I'm staying put.

Scarily accurate so far, 17 Oct 2007
I read this book 6 months ago, and in the past few months have started to see signs that suggest the author is correct in his suppositions. An essential read for anyone considering buying a property in 2007-2008.

The coming depression - how low will he go ?, 21 Aug 2006
As a prominent proponent of the Land Value Tax it is intriguing to find that Fred Harrison comes down on the side of both private ownership and economic growth. For him the value of the land is essentially as a material resource and this distinction forms the basis of his thorough analysis of the housing market in the context of a modern capitalist economy. Alan Greenspan and Gordon Brown are criticised for their failure to acknowledge the effect of land speculation on modern predicitve methods. For all his detailed analysis of the cyclical trends of boom and bust he nevertheless maintains that economics is not an exact science.

You ought to read about taxes at least once..., 28 Aug 2008
What can one say about a Tax Guide? If you know your way around taxes this won't help you much, but there are a few gems in there for those who are only partially aware of the Tax laws.

I'd say if you've never read one of these then you really ought to do so. The cost is little and the time it takes will be less than you expect. All you need to do is find one thing that you can use and it will have paid for itself many times over and you can bore all your friends with your new-found knowledge of tax avoidance (avoidance is ok, evasion is not!). Even if you don't find anything to increase your wealth you will know this for sure and will probably sleep better knowing the taxman is taking only what is due.

This is the first tax guide I have read, and I found it easy to follow, with examples helping explain things. Competitor guides may be worth looking at to ensure you're getting full information once you've pinned down whatever it is you need to learn more about. A worthy read.

Make a difficult subject an attractive reading, 29 Feb 2008
For me the world of derivatives are a known unknown and after reading the book, it remains like that. Derivatives are complex indeed if you don't have experience or are involve in it, but this book helps to provide an idea about the mechanics of the financials markets. The author guides you in this book telling real stories, some from his own experience, about how derivatives have evolved since its beginnings, covering the whole range of derivatives from futures, options, swaps and credit.
Reading the newspaper today, it said that some companies had made some good profits from our country currency valuation against the dollar, thanks to swaps and futures operations --- at least now I have an idea on what they are talking about. I liked this book, I laughed in some parts of it, and for sure I am eager to read more about the subject.

Disappointing, 03 Nov 2007
I wasn't too impressed by this book. I loved FIASCO and I generally enjoy books such as Liar's Poker, Ugly Americans etc, but this was quite a let down.

A lot of the material feels very familiar; if you have even a passing interest in the world of derivatives, you'll already have read about Orange County, P&G, LTCM etc and you'll find little new information here. I found the later sections on structured products to be much more interesting - the author describes several of these products in detail and his depth of knowledge really starts to become apparent.

There are 3 reasons I rate this book poorly. First, nearly all the personal experiences and anecdotes related in the book are frustratingly lacking in specifics. It's always "A trader at a certain bank was said to have done X", or "a large American bank was discovered to have done Y" - but the exact details are never divulged. I wonder how many of these stories actually happened, and how much is simple gossip and rumour. Sure, he covers the details of high-profile cases in great detail, but I'm left thinking that I could have written this book myself by simply copy-and-pasting factual information from the financial press and padding it out with made-up stories and gossip.

Second, the book is littered with typos. There's talk of accountants "pouring" over balance sheets, TMT as an acronym for "Technology, Media, inTernet" (surely that final T is for "telecoms" ?) and worst of all something called "dvo1" (I assume the author means dv01, with a zero rather than a letter 'o').

Finally, the tone of the book is quite cynical. I was left wondering why the author spent 25 years working in an industry which he seems to be dislike so much. There's a section towards the very end in which the author is describing his experiences as an expert witness in a court case between an (un-named) bank and an aggrieved customer. He comes across as a rather difficult and unprofessional character, dragging his heels and refusing to cooperate in discussions with another expert. It's bewildering that the author seems to take pride in this childish behaviour.

Oh, one more thing - where are the 'guns' that the title refers to ? They're not mentioned anywhere in the book !


Please read this... but now where do you invest your pension?, 30 Oct 2007
Entertaining, insightful, skeptical rather than cynical. This book opens the can of worms that is Derivatives and those that peddle them. As someone who has spent the last 12 years selling trading systems in to this group, it was fascinating to gain an insight as to why TARNs, PRDC and the Range Accruals were so important. I was very interested to understand the real thinking underlying the various products, many of which have I have had to workshop/demonstrate as part of the sales process when banks go to market for a new trading system.

This is a good book written by someone who has seen it all, he clearly outlines why the trading floors of the major financial centers are little more than casinos that close at 5pm. The lead-in to the recent Credit crisis is well handled in chapter 9.

My only worry now is where now do I invest my pension fund?


"Stunning", "Electrifying", "5 Thumbs Up!!", 23 Jul 2007
Das' sardonic description of the derivatives industry provides an extremely entertaining new approach to a genre saturated with glorified good fortune and dire warnings of imminent market apocalypse. The comically acid tone with which he describes every element of the business (from front to back-office) has much more in common with Jon Stewart's "Daily Show" than the academic tomes on credit derivatives and structured products that preceded it.

If you are considering a career in investment banking, this book is required reading. Along with an incredible introduction to derivatives and their impact on financial markets, "Traders, Guns and Money" touches on the frustrations involved in working at every level of the bank, describing the internal friction and disparity between support functions (product control, operations, accounting, risk control... the almost always overlooked segments of the firm that comprise the majority of people at any bank) and the front office traders with a surprising degree of insight.



This book is a risk free investment of time and money, 17 May 2007
Traders, guns and money is an entertaining foray into the complex world of financial derivatives. Satyajit Das manages to take a topic, that has sent countless students to sleep in the lecture room, and make it engaging and yet informative at the same time.

The real beauty of the book lies in the fact that the author has real world experience within the field he is writing about. Hence you do not just read about derivatives and the related formulas and theories. Instead you read real stories where derivatives were involved along with immeasurable amounts of arrogance, greed and money. This approach makes you feel like you a reading a Wilbur Smith book with all its excitement rather than a book on derivatives. Yet all this is achieved without dumbing down any of the anecdotes or watering down his language to fit a "target audience" while all the while never succumbing to peronal ego boosting.

However, unlike many other authors that have tried a similar tact in regards to financial writing, Satyajit avoids the trap of getting lost amongst the stories. Throughout the whole book there is a clear and logical structure which is followed consistently. By the time any reader has finished reading this book, they will feel like an expert on derivatives who has been in the markets for decades. Though these decades of expertise are only gleaned in the short time it takes to read this book.

Guns Trader and Money is easily the best book to open up the world of finance since Liar's poker was released almost two decades ago.




New Labour's Profligacy and Incompetence Exposed, 20 Oct 2008
I deducted a star in my review of the First Edition of this book, partly because I could not find any reference to Brown's reckless - and deceitful - use of PFI schemes, which are kept "off balance".

No such doubts about the second edition, which makes it quite clear what benefits we would all get from an efficiently run government machine.

The staggering figure of £101 billion (page 19) is almost beyond comprehension, but illustrates New Labour's catastrophic failure to spend our taxes wisely and carefully.

This book is more important than ever, now that government has responded to the credit crunch - and looming recession - by racking up borrowing which, on 14 October 2008, The Independent reported to be above 100 per cent of GDP for the first time in half a century.

Six days later, the same paper reported that borrowing is heading toward the £120 billion level.

Reflect on what it might be were it not for the level of waste unearthed by TaxPayer's Alliance! Almost a tenth that figure.

Further reflect on the burden being racked-up for our children and their children.

Is six stars possible, please Amazon?

fred's being proved right, 01 Sep 2008
With UK house prices now crashing and many experts now foreseeing falls of up to 40% it looks like Fred Harrison is spot on with his predictions so far. He seems to be one of the few who have got the timing of the bubble bursting just right.

High on opinions, Low on substance - buy something else, 09 Mar 2008
hmmm. not an impressive read. The Author alleges to build a case to 'prove' his 18 year economic cycle theory. The 'proof' offered is poor and not convincing. I had hoped for much more than the repeated Mantra of the 18 year cycle, I get the feeling that if he states it enough as fact, then it must be true. Having recently read "The Black Swan" by Taleb, then 2010 was a real disappointment.

I suppose I should have submitted this review after reselling my copy on Amazon. oops.

My Very Own Crystal Ball, 26 Dec 2007
A very interesting read. I purchased this book in mid 2006 and so far everything that was predicted has come true. According to Harrison we are in for two tough years in the property market. 2008 and 2009 will see a downturn, however, come 2010 the market will once again turn. Currently I would love to move into a larger house but believe you me until January 2010 I'm staying put.

Scarily accurate so far, 17 Oct 2007
I read this book 6 months ago, and in the past few months have started to see signs that suggest the author is correct in his suppositions. An essential read for anyone considering buying a property in 2007-2008.

The coming depression - how low will he go ?, 21 Aug 2006
As a prominent proponent of the Land Value Tax it is intriguing to find that Fred Harrison comes down on the side of both private ownership and economic growth. For him the value of the land is essentially as a material resource and this distinction forms the basis of his thorough analysis of the housing market in the context of a modern capitalist economy. Alan Greenspan and Gordon Brown are criticised for their failure to acknowledge the effect of land speculation on modern predicitve methods. For all his detailed analysis of the cyclical trends of boom and bust he nevertheless maintains that economics is not an exact science.

You ought to read about taxes at least once..., 28 Aug 2008
What can one say about a Tax Guide? If you know your way around taxes this won't help you much, but there are a few gems in there for those who are only partially aware of the Tax laws.

I'd say if you've never read one of these then you really ought to do so. The cost is little and the time it takes will be less than you expect. All you need to do is find one thing that you can use and it will have paid for itself many times over and you can bore all your friends with your new-found knowledge of tax avoidance (avoidance is ok, evasion is not!). Even if you don't find anything to increase your wealth you will know this for sure and will probably sleep better knowing the taxman is taking only what is due.

This is the first tax guide I have read, and I found it easy to follow, with examples helping explain things. Competitor guides may be worth looking at to ensure you're getting full information once you've pinned down whatever it is you need to learn more about. A worthy read.


I would be lost without this book, 21 Apr 2008
Recently I started working for myself and last year I had to fill in a UK self-assessment tax return for the first time. When I got the tax form from the Tax Office my heart sank - there were so many things I had to fill that I didn't understand. Furthermore the guidance notes that came with the form seemed to assume a level of understanding that was far greater than mine. Luckily I found this book on Amazon - there is no way I could have filled in my tax return accurately without it!

It is packed with information on tax matters for small businesses and it is clearly written with loads of examples to help explain the various calculations. I found the sections on expenses, capital allowances and working from home especially helpful as I was previously uncertain what things were tax-deductible. For those with bigger operations there is plenty of information on employees, VAT, and buying or renting business premises as well as what to do if you are closing or selling your business.

JUST WHAT I'VE BEEN WAITING FOR!!, 30 Nov 2006
Having recently set up a small business and being useless with "tax things" I really had to get to grips with tax. This book's straight-talking, non-nonsense style told me exactly what I needed to do. I have only owned the book a few days but I am already more confident about tax.
What I liked about this book was the fact that I didn't have to read it all - but I read more than I thought I would.

The first three chapters got me started. I then read chapter 5 to see if I was working out my business profits correctly, chapter 7 to see how much tax I would save by buying equipment and chapter 10 because I was wondering whether to register for VAT. Excellent - Thanks sooooo much!

Make a difficult subject an attractive reading, 29 Feb 2008
For me the world of derivatives are a known unknown and after reading the book, it remains like that. Derivatives are complex indeed if you don't have experience or are involve in it, but this book helps to provide an idea about the mechanics of the financials markets. The author guides you in this book telling real stories, some from his own experience, about how derivatives have evolved since its beginnings, covering the whole range of derivatives from futures, options, swaps and credit.
Reading the newspaper today, it said that some companies had made some good profits from our country currency valuation against the dollar, thanks to swaps and futures operations --- at least now I have an idea on what they are talking about. I liked this book, I laughed in some parts of it, and for sure I am eager to read more about the subject.

Disappointing, 03 Nov 2007
I wasn't too impressed by this book. I loved FIASCO and I generally enjoy books such as Liar's Poker, Ugly Americans etc, but this was quite a let down.

A lot of the material feels very familiar; if you have even a passing interest in the world of derivatives, you'll already have read about Orange County, P&G, LTCM etc and you'll find little new information here. I found the later sections on structured products to be much more interesting - the author describes several of these products in detail and his depth of knowledge really starts to become apparent.

There are 3 reasons I rate this book poorly. First, nearly all the personal experiences and anecdotes related in the book are frustratingly lacking in specifics. It's always "A trader at a certain bank was said to have done X", or "a large American bank was discovered to have done Y" - but the exact details are never divulged. I wonder how many of these stories actually happened, and how much is simple gossip and rumour. Sure, he covers the details of high-profile cases in great detail, but I'm left thinking that I could have written this book myself by simply copy-and-pasting factual information from the financial press and padding it out with made-up stories and gossip.

Second, the book is littered with typos. There's talk of accountants "pouring" over balance sheets, TMT as an acronym for "Technology, Media, inTernet" (surely that final T is for "telecoms" ?) and worst of all something called "dvo1" (I assume the author means dv01, with a zero rather than a letter 'o').

Finally, the tone of the book is quite cynical. I was left wondering why the author spent 25 years working in an industry which he seems to be dislike so much. There's a section towards the very end in which the author is describing his experiences as an expert witness in a court case between an (un-named) bank and an aggrieved customer. He comes across as a rather difficult and unprofessional character, dragging his heels and refusing to cooperate in discussions with another expert. It's bewildering that the author seems to take pride in this childish behaviour.

Oh, one more thing - where are the 'guns' that the title refers to ? They're not mentioned anywhere in the book !


Please read this... but now where do you invest your pension?, 30 Oct 2007
Entertaining, insightful, skeptical rather than cynical. This book opens the can of worms that is Derivatives and those that peddle them. As someone who has spent the last 12 years selling trading systems in to this group, it was fascinating to gain an insight as to why TARNs, PRDC and the Range Accruals were so important. I was very interested to understand the real thinking underlying the various products, many of which have I have had to workshop/demonstrate as part of the sales process when banks go to market for a new trading system.

This is a good book written by someone who has seen it all, he clearly outlines why the trading floors of the major financial centers are little more than casinos that close at 5pm. The lead-in to the recent Credit crisis is well handled in chapter 9.

My only worry now is where now do I invest my pension fund?


"Stunning", "Electrifying", "5 Thumbs Up!!", 23 Jul 2007
Das' sardonic description of the derivatives industry provides an extremely entertaining new approach to a genre saturated with glorified good fortune and dire warnings of imminent market apocalypse. The comically acid tone with which he describes every element of the business (from front to back-office) has much more in common with Jon Stewart's "Daily Show" than the academic tomes on credit derivatives and structured products that preceded it.

If you are considering a career in investment banking, this book is required reading. Along with an incredible introduction to derivatives and their impact on financial markets, "Traders, Guns and Money" touches on the frustrations involved in working at every level of the bank, describing the internal friction and disparity between support functions (product control, operations, accounting, risk control... the almost always overlooked segments of the firm that comprise the majority of people at any bank) and the front office traders with a surprising degree of insight.



This book is a risk free investment of time and money, 17 May 2007
Traders, guns and money is an entertaining foray into the complex world of financial derivatives. Satyajit Das manages to take a topic, that has sent countless students to sleep in the lecture room, and make it engaging and yet informative at the same time.

The real beauty of the book lies in the fact that the author has real world experience within the field he is writing about. Hence you do not just read about derivatives and the related formulas and theories. Instead you read real stories where derivatives were involved along with immeasurable amounts of arrogance, greed and money. This approach makes you feel like you a reading a Wilbur Smith book with all its excitement rather than a book on derivatives. Yet all this is achieved without dumbing down any of the anecdotes or watering down his language to fit a "target audience" while all the while never succumbing to peronal ego boosting.

However, unlike many other authors that have tried a similar tact in regards to financial writing, Satyajit avoids the trap of getting lost amongst the stories. Throughout the whole book there is a clear and logical structure which is followed consistently. By the time any reader has finished reading this book, they will feel like an expert on derivatives who has been in the markets for decades. Though these decades of expertise are only gleaned in the short time it takes to read this book.

Guns Trader and Money is easily the best book to open up the world of finance since Liar's poker was released almost two decades ago.




New Labour's Profligacy and Incompetence Exposed, 20 Oct 2008
I deducted a star in my review of the First Edition of this book, partly because I could not find any reference to Brown's reckless - and deceitful - use of PFI schemes, which are kept "off balance".

No such doubts about the second edition, which makes it quite clear what benefits we would all get from an efficiently run government machine.

The staggering figure of £101 billion (page 19) is almost beyond comprehension, but illustrates New Labour's catastrophic failure to spend our taxes wisely and carefully.

This book is more important than ever, now that government has responded to the credit crunch - and looming recession - by racking up borrowing which, on 14 October 2008, The Independent reported to be above 100 per cent of GDP for the first time in half a century.

Six days later, the same paper reported that borrowing is heading toward the £120 billion level.

Reflect on what it might be were it not for the level of waste unearthed by TaxPayer's Alliance! Almost a tenth that figure.

Further reflect on the burden being racked-up for our children and their children.

Is six stars possible, please Amazon?

fred's being proved right, 01 Sep 2008
With UK house prices now crashing and many experts now foreseeing falls of up to 40% it looks like Fred Harrison is spot on with his predictions so far. He seems to be one of the few who have got the timing of the bubble bursting just right.

High on opinions, Low on substance - buy something else, 09 Mar 2008
hmmm. not an impressive read. The Author alleges to build a case to 'prove' his 18 year economic cycle theory. The 'proof' offered is poor and not convincing. I had hoped for much more than the repeated Mantra of the 18 year cycle, I get the feeling that if he states it enough as fact, then it must be true. Having recently read "The Black Swan" by Taleb, then 2010 was a real disappointment.

I suppose I should have submitted this review after reselling my copy on Amazon. oops.

My Very Own Crystal Ball, 26 Dec 2007
A very interesting read. I purchased this book in mid 2006 and so far everything that was predicted has come true. According to Harrison we are in for two tough years in the property market. 2008 and 2009 will see a downturn, however, come 2010 the market will once again turn. Currently I would love to move into a larger house but believe you me until January 2010 I'm staying put.

Scarily accurate so far, 17 Oct 2007
I read this book 6 months ago, and in the past few months have started to see signs that suggest the author is correct in his suppositions. An essential read for anyone considering buying a property in 2007-2008.

The coming depression - how low will he go ?, 21 Aug 2006
As a prominent proponent of the Land Value Tax it is intriguing to find that Fred Harrison comes down on the side of both private ownership and economic growth. For him the value of the land is essentially as a material resource and this distinction forms the basis of his thorough analysis of the housing market in the context of a modern capitalist economy. Alan Greenspan and Gordon Brown are criticised for their failure to acknowledge the effect of land speculation on modern predicitve methods. For all his detailed analysis of the cyclical trends of boom and bust he nevertheless maintains that economics is not an exact science.

You ought to read about taxes at least once..., 28 Aug 2008
What can one say about a Tax Guide? If you know your way around taxes this won't help you much, but there are a few gems in there for those who are only partially aware of the Tax laws.

I'd say if you've never read one of these then you really ought to do so. The cost is little and the time it takes will be less than you expect. All you need to do is find one thing that you can use and it will have paid for itself many times over and you can bore all your friends with your new-found knowledge of tax avoidance (avoidance is ok, evasion is not!). Even if you don't find anything to increase your wealth you will know this for sure and will probably sleep better knowing the taxman is taking only what is due.

This is the first tax guide I have read, and I found it easy to follow, with examples helping explain things. Competitor guides may be worth looking at to ensure you're getting full information once you've pinned down whatever it is you need to learn more about. A worthy read.


I would be lost without this book, 21 Apr 2008
Recently I started working for myself and last year I had to fill in a UK self-assessment tax return for the first time. When I got the tax form from the Tax Office my heart sank - there were so many things I had to fill that I didn't understand. Furthermore the guidance notes that came with the form seemed to assume a level of understanding that was far greater than mine. Luckily I found this book on Amazon - there is no way I could have filled in my tax return accurately without it!

It is packed with information on tax matters for small businesses and it is clearly written with loads of examples to help explain the various calculations. I found the sections on expenses, capital allowances and working from home especially helpful as I was previously uncertain what things were tax-deductible. For those with bigger operations there is plenty of information on employees, VAT, and buying or renting business premises as well as what to do if you are closing or selling your business.

JUST WHAT I'VE BEEN WAITING FOR!!, 30 Nov 2006
Having recently set up a small business and being useless with "tax things" I really had to get to grips with tax. This book's straight-talking, non-nonsense style told me exactly what I needed to do. I have only owned the book a few days but I am already more confident about tax.
What I liked about this book was the fact that I didn't have to read it all - but I read more than I thought I would.

The first three chapters got me started. I then read chapter 5 to see if I was working out my business profits correctly, chapter 7 to see how much tax I would save by buying equipment and chapter 10 because I was wondering whether to register for VAT. Excellent - Thanks sooooo much!

Good overview of tax havens, 21 Oct 2008
This book provides a good overview of the major tax havens out there. It lists the main places that you might already be aware of, and some others you would never have thought of. The author is able to describe each tax haven clearly with the advantages of each, and then later in the book describes ways of using offshore companies. I enjoyed reading it and its worth a look if you're thinking about moving offshore.

Good summary of different tax havens, 17 Jan 2008
In the last few months we've been thinking about living abroad, but with so much information out there it was hard to know where to look, who to talk to and who to believe.

Thank god we read this book as we were able to read assessments of all major tax havens and decide which was the best for us. This book is really a must for anyone considering moving offshore.

Good overall guide to tax havens, 13 Jul 2007
The problem with other books on tax havens is that they only ever seem to cover a few main countires and tend to generalize others together. Thankfully this book details the major tax havens and allows you to accurately assess which place would be the most suitable for you and also offers further advice with minimizing tax offshore. Without it I'm sure that my wife and I would not be as confident when planning our retirement and moving abroad.

Does exactly what it says in the tin!, 25 Aug 2006
A fascinating read. This book takes you step-by-step through all of the countries considered to be "tax havens". I found it most intriguing to see the different ways in which you are taxed by all these different countries and if I didn't already know what a raw deal we get here in the UK, I do now! The second half of the book goes in to a fair bit of detail on how to best structure such a move. I found many of the tips extremely useful and I have no doubt that this little gem will be referred to constantly when we come to make our decision.

Goldmine of info for the aspiring UK tax exile., 13 Jun 2006
Published in April 2006, this book is an up-to-date goldmine of information on the increasingly prickly subject of offshore tax planning. Written primarily for the British reader, it lists and describes the pros and cons of what the author considers to be the very best tax havens, as well as explaining the best ways to legally exploit the relevant benefits such countries offer.

The book is written in nicely paced, well paragraphed plain English and minimises jargon, although there remains a lot of fundamental tax-speak to be taken on board by the novice, on which note a glossary would have been very helpful.

Overall, this is an exciting and very interesting book for anyone keen on keeping as much of their hard-earned money from the clutches of the tax man as possible.

Make a difficult subject an attractive reading, 29 Feb 2008
For me the world of derivatives are a known unknown and after reading the book, it remains like that. Derivatives are complex indeed if you don't have experience or are involve in it, but this book helps to provide an idea about the mechanics of the financials markets. The author guides you in this book telling real stories, some from his own experience, about how derivatives have evolved since its beginnings, covering the whole range of derivatives from futures, options, swaps and credit.
Reading the newspaper today, it said that some companies had made some good profits from our country currency valuation against the dollar, thanks to swaps and futures operations --- at least now I have an idea on what they are talking about. I liked this book, I laughed in some parts of it, and for sure I am eager to read more about the subject.

Disappointing, 03 Nov 2007
I wasn't too impressed by this book. I loved FIASCO and I generally enjoy books such as Liar's Poker, Ugly Americans etc, but this was quite a let down.

A lot of the material feels very familiar; if you have even a passing interest in the world of derivatives, you'll already have read about Orange County, P&G, LTCM etc and you'll find little new information here. I found the later sections on structured products to be much more interesting - the author describes several of these products in detail and his depth of knowledge really starts to become apparent.

There are 3 reasons I rate this book poorly. First, nearly all the personal experiences and anecdotes related in the book are frustratingly lacking in specifics. It's always "A trader at a certain bank was said to have done X", or "a large American bank was discovered to have done Y" - but the exact details are never divulged. I wonder how many of these stories actually happened, and how much is simple gossip and rumour. Sure, he covers the details of high-profile cases in great detail, but I'm left thinking that I could have written this book myself by simply copy-and-pasting factual information from the financial press and padding it out with made-up stories and gossip.

Second, the book is littered with typos. There's talk of accountants "pouring" over balance sheets, TMT as an acronym for "Technology, Media, inTernet" (surely that final T is for "telecoms" ?) and worst of all something called "dvo1" (I assume the author means dv01, with a zero rather than a letter 'o').

Finally, the tone of the book is quite cynical. I was left wondering why the author spent 25 years working in an industry which he seems to be dislike so much. There's a section towards the very end in which the author is describing his experiences as an expert witness in a court case between an (un-named) bank and an aggrieved customer. He comes across as a rather difficult and unprofessional character, dragging his heels and refusing to cooperate in discussions with another expert. It's bewildering that the author seems to take pride in this childish behaviour.

Oh, one more thing - where are the 'guns' that the title refers to ? They're not mentioned anywhere in the book !


Please read this... but now where do you invest your pension?, 30 Oct 2007
Entertaining, insightful, skeptical rather than cynical. This book opens the can of worms that is Derivatives and those that peddle them. As someone who has spent the last 12 years selling trading systems in to this group, it was fascinating to gain an insight as to why TARNs, PRDC and the Range Accruals were so important. I was very interested to understand the real thinking underlying the various products, many of which have I have had to workshop/demonstrate as part of the sales process when banks go to market for a new trading system.

This is a good book written by someone who has seen it all, he clearly outlines why the trading floors of the major financial centers are little more than casinos that close at 5pm. The lead-in to the recent Credit crisis is well handled in chapter 9.

My only worry now is where now do I invest my pension fund?


"Stunning", "Electrifying", "5 Thumbs Up!!", 23 Jul 2007
Das' sardonic description of the derivatives industry provides an extremely entertaining new approach to a genre saturated with glorified good fortune and dire warnings of imminent market apocalypse. The comically acid tone with which he describes every element of the business (from front to back-office) has much more in common with Jon Stewart's "Daily Show" than the academic tomes on credit derivatives and structured products that preceded it.

If you are considering a career in investment banking, this book is required reading. Along with an incredible introduction to derivatives and their impact on financial markets, "Traders, Guns and Money" touches on the frustrations involved in working at every level of the bank, describing the internal friction and disparity between support functions (product control, operations, accounting, risk control... the almost always overlooked segments of the firm that comprise the majority of people at any bank) and the front office traders with a surprising degree of insight.



This book is a risk free investment of time and money, 17 May 2007
Traders, guns and money is an entertaining foray into the complex world of financial derivatives. Satyajit Das manages to take a topic, that has sent countless students to sleep in the lecture room, and make it engaging and yet informative at the same time.

The real beauty of the book lies in the fact that the author has real world experience within the field he is writing about. Hence you do not just read about derivatives and the related formulas and theories. Instead you read real stories where derivatives were involved along with immeasurable amounts of arrogance, greed and money. This approach makes you feel like you a reading a Wilbur Smith book with all its excitement rather than a book on derivatives. Yet all this is achieved without dumbing down any of the anecdotes or watering down his language to fit a "target audience" while all the while never succumbing to peronal ego boosting.

However, unlike many other authors that have tried a similar tact in regards to financial writing, Satyajit avoids the trap of getting lost amongst the stories. Throughout the whole book there is a clear and logical structure which is followed consistently. By the time any reader has finished reading this book, they will feel like an expert on derivatives who has been in the markets for decades. Though these decades of expertise are only gleaned in the short time it takes to read this book.

Guns Trader and Money is easily the best book to open up the world of finance since Liar's poker was released almost two decades ago.




New Labour's Profligacy and Incompetence Exposed, 20 Oct 2008
I deducted a star in my review of the First Edition of this book, partly because I could not find any reference to Brown's reckless - and deceitful - use of PFI schemes, which are kept "off balance".

No such doubts about the second edition, which makes it quite clear what benefits we would all get from an efficiently run government machine.

The staggering figure of £101 billion (page 19) is almost beyond comprehension, but illustrates New Labour's catastrophic failure to spend our taxes wisely and carefully.

This book is more important than ever, now that government has responded to the credit crunch - and looming recession - by racking up borrowing which, on 14 October 2008, The Independent reported to be above 100 per cent of GDP for the first time in half a century.

Six days later, the same paper reported that borrowing is heading toward the £120 billion level.

Reflect on what it might be were it not for the level of waste unearthed by TaxPayer's Alliance! Almost a tenth that figure.

Further reflect on the burden being racked-up for our children and their children.

Is six stars possible, please Amazon?

fred's being proved right, 01 Sep 2008
With UK house prices now crashing and many experts now foreseeing falls of up to 40% it looks like Fred Harrison is spot on with his predictions so far. He seems to be one of the few who have got the timing of the bubble bursting just right.

High on opinions, Low on substance - buy something else, 09 Mar 2008
hmmm. not an impressive read. The Author alleges to build a case to 'prove' his 18 year economic cycle theory. The 'proof' offered is poor and not convincing. I had hoped for much more than the repeated Mantra of the 18 year cycle, I get the feeling that if he states it enough as fact, then it must be true. Having recently read "The Black Swan" by Taleb, then 2010 was a real disappointment.

I suppose I should have submitted this review after reselling my copy on Amazon. oops.

My Very Own Crystal Ball, 26 Dec 2007
A very interesting read. I purchased this book in mid 2006 and so far everything that was predicted has come true. According to Harrison we are in for two tough years in the property market. 2008 and 2009 will see a downturn, however, come 2010 the market will once again turn. Currently I would love to move into a larger house but believe you me until January 2010 I'm staying put.

Scarily accurate so far, 17 Oct 2007
I read this book 6 months ago, and in the past few months have started to see signs that suggest the author is correct in his suppositions. An essential read for anyone considering buying a property in 2007-2008.

The coming depression - how low will he go ?, 21 Aug 2006
As a prominent proponent of the Land Value Tax it is intriguing to find that Fred Harrison comes down on the side of both private ownership and economic growth. For him the value of the land is essentially as a material resource and this distinction forms the basis of his thorough analysis of the housing market in the context of a modern capitalist economy. Alan Greenspan and Gordon Brown are criticised for their failure to acknowledge the effect of land speculation on modern predicitve methods. For all his detailed analysis of the cyclical trends of boom and bust he nevertheless maintains that economics is not an exact science.

You ought to read about taxes at least once..., 28 Aug 2008
What can one say about a Tax Guide? If you know your way around taxes this won't help you much, but there are a few gems in there for those who are only partially aware of the Tax laws.

I'd say if you've never read one of these then you really ought to do so. The cost is little and the time it takes will be less than you expect. All you need to do is find one thing that you can use and it will have paid for itself many times over and you can bore all your friends with your new-found knowledge of tax avoidance (avoidance is ok, evasion is not!). Even if you don't find anything to increase your wealth you will know this for sure and will probably sleep better knowing the taxman is taking only what is due.

This is the first tax guide I have read, and I found it easy to follow, with examples helping explain things. Competitor guides may be worth looking at to ensure you're getting full information once you've pinned down whatever it is you need to learn more about. A worthy read.


I would be lost without this book, 21 Apr 2008
Recently I started working for myself and last year I had to fill in a UK self-assessment tax return for the first time. When I got the tax form from the Tax Office my heart sank - there were so many things I had to fill that I didn't understand. Furthermore the guidance notes that came with the form seemed to assume a level of understanding that was far greater than mine. Luckily I found this book on Amazon - there is no way I could have filled in my tax return accurately without it!

It is packed with information on tax matters for small businesses and it is clearly written with loads of examples to help explain the various calculations. I found the sections on expenses, capital allowances and working from home especially helpful as I was previously uncertain what things were tax-deductible. For those with bigger operations there is plenty of information on employees, VAT, and buying or renting business premises as well as what to do if you are closing or selling your business.

JUST WHAT I'VE BEEN WAITING FOR!!, 30 Nov 2006
Having recently set up a small business and being useless with "tax things" I really had to get to grips with tax. This book's straight-talking, non-nonsense style told me exactly what I needed to do. I have only owned the book a few days but I am already more confident about tax.
What I liked about this book was the fact that I didn't have to read it all - but I read more than I thought I would.

The first three chapters got me started. I then read chapter 5 to see if I was working out my business profits correctly, chapter 7 to see how much tax I would save by buying equipment and chapter 10 because I was wondering whether to register for VAT. Excellent - Thanks sooooo much!

Good overview of tax havens, 21 Oct 2008
This book provides a good overview of the major tax havens out there. It lists the main places that you might already be aware of, and some others you would never have thought of. The author is able to describe each tax haven clearly with the advantages of each, and then later in the book describes ways of using offshore companies. I enjoyed reading it and its worth a look if you're thinking about moving offshore.

Good summary of different tax havens, 17 Jan 2008
In the last few months we've been thinking about living abroad, but with so much information out there it was hard to know where to look, who to talk to and who to believe.

Thank god we read this book as we were able to read assessments of all major tax havens and decide which was the best for us. This book is really a must for anyone considering moving offshore.

Good overall guide to tax havens, 13 Jul 2007
The problem with other books on tax havens is that they only ever seem to cover a few main countires and tend to generalize others together. Thankfully this book details the major tax havens and allows you to accurately assess which place would be the most suitable for you and also offers further advice with minimizing tax offshore. Without it I'm sure that my wife and I would not be as confident when planning our retirement and moving abroad.

Does exactly what it says in the tin!, 25 Aug 2006
A fascinating read. This book takes you step-by-step through all of the countries considered to be "tax havens". I found it most intriguing to see the different ways in which you are taxed by all these different countries and if I didn't already know what a raw deal we get here in the UK, I do now! The second half of the book goes in to a fair bit of detail on how to best structure such a move. I found many of the tips extremely useful and I have no doubt that this little gem will be referred to constantly when we come to make our decision.

Goldmine of info for the aspiring UK tax exile., 13 Jun 2006
Published in April 2006, this book is an up-to-date goldmine of information on the increasingly prickly subject of offshore tax planning. Written primarily for the British reader, it lists and describes the pros and cons of what the author considers to be the very best tax havens, as well as explaining the best ways to legally exploit the relevant benefits such countries offer.

The book is written in nicely paced, well paragraphed plain English and minimises jargon, although there remains a lot of fundamental tax-speak to be taken on board by the novice, on which note a glossary would have been very helpful.

Overall, this is an exciting and very interesting book for anyone keen on keeping as much of their hard-earned money from the clutches of the tax man as possible.

Spot on the money, but a bit hazy on economics..., 07 Jul 2008
Ann Pettifor's background appears to be in church groups campaigning for debt cancellation. Her take on debt, in particular third world debt, is primarily a moral one. This is right, as the question only has importance as it is a moral issue. She is also being proven right that, despite what the mainstream news will tell you, the debt crises are gradaully coming closer to the "first world" nations, and will inevitably occur there just as they have done everywhere else.

That said, her understanding of economics and history is a little shaky. In some cases this is only a minor problem, like saying Thatcher was PM in 1978, or the UK lost the Boer War. However, her account of Keynes is a bit mangled, and although she pitches for a moral Guardian-reader audience, her economic understanding probably owes more to writers like Michael Rowbotham. Moreover, although she is justifiably outraged at the dehumanising effects of massive debts, her strident moral tone sometimes reads as if she believes that the banks are run by sadists suicidally bent on causing mayhem for the sheer hell of it. Her attempts at a historical analysis of the development of the modern economy doesn't take into account the fact that economic pressures force people, even those in high places, to act the way they do or else to face bankruptcy themselves.

That said, this is a very timely book, and I'm not sure what other book on this topic is available just now.

highly recommended, 24 Sep 2007
This book analyses the nature, the historical context and the potentially horrific consequences of the enormous levels of debt that have grown in the so-called First World countries during recent times. Ann Pettifor shows us clearly the unsustainable structure and dynamics of our global debt-based financial systems, how Third World countries are already enslaved by irredeemable debt and how, unless we act swiftly and decisively, we will be next. She adopts an ethical stance and contrasts and compares the accepted and now orthodox laxity towards money creation and lending practices with the more controlled and conservative traditions of Islam and earlier Christianity. Towards the end of the book she outlines a five-step programme of action through which we can alleviate and manage the coming crisis by radically changing our beliefs, morals, politics, economics and personal behaviour.

Sometime within the next few years at most it is mathematically certain that there must be fundamental change of one sort or another to the current runaway global debt-laden financial system. Ann Pettifor's book alerts us to this fast approaching massive global dislocation and shows us how we might turn it into a change for the betterment and spiritual uplift of humanity rather than allow a world of misery dominated by universal debt-slavery to engulf us. Her message is that we need not be passive victims of the coming crisis and that radical change is both essential and possible. She shows that we all need urgently first to understand the nature and causes of our predicament, and then to influence and encourage those presently in power to undertake the necessary changes. Her tone is compassionate and hopeful, the issues and arguments are presented in clear and jargon-free language and I thoroughly recommend this book.


Get your head around our strangely designed global financial system..., 25 Feb 2007
If you've ever looked at headlines in the newspapers about the enormous profits of banks, hedge funds and private equity companies and wondered 'just how do they do this' and 'is it really sustainable'?, then this is the book for you.

Ann Pettifor takes the reader lucidly through the complexities of global financial developments since the 1950s, laying out in clear but passionate terms the great challenge facing modern economies and societies today: how to reform capitalism so that it puts productive activity and investment over the 'making of money from money'.

A truly enlightening read, illustrated with a host of powerful case studies and quotes from the world's great thinkers and economists, past and present, which gives hope that a better world is possible.

The book covers vast ground in a concise 180 pages and the chapters on the nature of money lending and how the deregulation of global capital, driven by US political interests, have led to the erosion of public and democratic control of money supply and the setting of interest rates are particularly important for anyone wishing to understand the strange world that we live in.

Buy it, and tell your friends about it.