Must-read book helps explain the current turmoil

With the name Pressman, it’s not infrequently that I get the joke “good name for a reporter.” Richard Bookstaber, whose new book, A Demon of Our Own Design, has become a must-read amidst the current market chaos, probably elicits the opposite reaction. But ignore the name and get a copy of Bookstaber’s book. Sure, he was the director of risk management for two hedge funds and at Salomon Brothers. Sure, he helped start the quantitative trading unit at Morgan Stanley and has a Phd in economics from MIT. But none of those credentials are nearly as compelling as what Bookstaber actually experienced in his Wall Street career, as he recounts in the 260-page tome.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.