Most businesses will face commodity risk in some form. It is how the company manages this risk that will help to determine the success of the firm. In this highly practical book, John J. Stephens explains in a clear concise manner the best techniques for managing such risks. Aimed at the ordinary businessperson, this book is a practical primer for those who wish to manage and minimise the risk to their industry, through instruments such as commodity futures, without wishing to have the technical knowledge of professional financiers. This book provides the ideal starting point for the good manager not only to minimise commodity risk but to gain benefit also.

From the Inside Flap

Commodity risk and commodity futures are not merely used by financial traders, they can also be an invaluable tool for the everyday business manager. This book examines, in a balanaced and objective fashion, the extent to which the commodity futures markets can be used to the (more…)

Most businesses will face commodity risk in some form. It is how the company manages this risk that will help to determine the success of the firm. In this highly practical book, John J. Stephens explains in a clear concise manner the best techniques for managing such risks. Aimed at the ordinary businessperson, this book is a practical primer for those who wish to manage and minimise the risk to their industry, through instruments such as commodity futures, without wishing to have the technical knowledge of professional financiers. This book provides the ideal starting point for the good manager not only to minimise commodity risk but to gain benefit also.

From the Inside Flap

Commodity risk and commodity futures are not merely used by financial traders, they can also be an invaluable tool for the everyday business manager. This book examines, in a balanaced and objective fashion, the extent to which the commodity futures markets can be used to the (more…)

Dynamic Hedging is the definitive source on derivatives risk. It provides a real-world methodology for managing portfolios containing any nonlinear security. It presents risks from the vantage point of the option market maker and arbitrage operator. The only book about derivatives risk written by an experienced trader with theoretical training, it remolds option theory to fit the practitioner’s environment. As a larger share of market exposure cannot be properly captured by mathematical models, noted option arbitrageur Nassim Taleb uniquely covers both on-model and off-model derivatives risks. The author discusses, in plain English, vital issues, including: The generalized option, which encompasses all instruments with convex payoff, including a trader’s potential bonus. The techniques for trading exotic options, including binary, barrier, multiasset, and Asian options, as well as methods to take into account the wrinkles of actual, non-bellshaped distributions. M (more…)

Dynamic Hedging is the definitive source on derivatives risk. It provides a real-world methodology for managing portfolios containing any nonlinear security. It presents risks from the vantage point of the option market maker and arbitrage operator. The only book about derivatives risk written by an experienced trader with theoretical training, it remolds option theory to fit the practitioner’s environment. As a larger share of market exposure cannot be properly captured by mathematical models, noted option arbitrageur Nassim Taleb uniquely covers both on-model and off-model derivatives risks. The author discusses, in plain English, vital issues, including: The generalized option, which encompasses all instruments with convex payoff, including a trader’s potential bonus. The techniques for trading exotic options, including binary, barrier, multiasset, and Asian options, as well as methods to take into account the wrinkles of actual, non-bellshaped distributions. M (more…)