Joris Luyendijk, an investigative journalist, knew as much about banking as the average person: almost nothing. Bankers, he thought, were ruthless, competitive, bonus-obsessed sharks, irrelevant to his life. And then he was assigned to investigate the financial sector. Joris immersed himself in the City-London´s equivalent of Wall Street-for several years, speaking to over 200 people-from the competitive investment bankers and elite hedge-fund managers to downtrodden back-office staff, reviled HR managers, and those made redundant in the regular ´culls´. Breaking the strictly imposed code of secrecy and silence, these insiders spoke on record about what they actually do all day, how they see the toxic environment in which they work, and how they think the uninitiated see them. They confessed to feeling overwhelmed by the intransparency of our financial systems. They admitted that when Lehman Brothers went down in 2008 they hoarded food, put their money in gold, and prepared to evacuate their children to the countryside. They agreed that nothing has changed since the crash. A strange thing happens when you spend time among the bankers . . . you start to sympathize with them. What if the bankers themselves aren´t the real enemy? What if the truth about global finance is more sinister than that?
In the fast-paced world of investment banking, no one has been able to take the time to codify the lifeblood of their work, namely, valuation. Written by two practitioners with a combined banking experience of over fifteen years, this book meets the need of investment bankers, hedge fund managers, and private equity professionals looking for a book written by practitioners who have performed the valuation work in real world mergers and acquisitions, leveraged buyout, and initial public offering situations, as well as various other deal-related and investment scenarios. Investment Banking, UNIVERSITY EDITION is a highly accessible and authoritative book written by investment bankers that explains how to perform the valuation work at the core of the financial world. This body of work builds on Rosenbaum and Pearl´s combined 30+ years of experience on a multitude of transactions, as well as input received from numerous investment bankers, investment professionals at private equity firms and hedge funds, attorneys, corporate executives, peer authors, and university professors. This book fills a noticeable gap in contemporary finance literature, which tends to focus on theory rather than practical application. It focuses on the primary valuation methodologies currently used on Wall Street--comparable companies, precedent transactions, DCF, and LBO analysis--as well as M&A analysis. The ability to perform these methodologies is especially critical for those students aspiring to gain full-time positions at investment banks, private equity firms, or hedge funds. This is the book Rosenbaum and Pearl wish had existed when we were trying to break into Wall Street. Written to reflect today´s dynamic market conditions, Investment Banking, UNIVERSITY EDITION skillfully: * Introduces students to the primary valuation methodologies currently used on Wall Street * Uses a step-by-step how-to approach for each methodology and builds a chronological knowledge base * Defines key terms, financial concepts, and processes throughout * Provides a comprehensive overview of the fundamentals of LBOs and an organized M&A sale process * Presents new coverage of M&A buy-side analytical tools--which includes both qualitative aspects, such as buyer motivations and strategies, along with technical financial and valuation assessment tools * Includes a comprehensive merger consequences analysis, including accretion/(dilution) and balance sheet effects * Contains challenging end-of-chapter questions to reinforce concepts covered A perfect guide for those seeking to learn the fundamentals of valuation, M&A , and corporate finance used in investment banking and professional investing, this UNIVERSITY EDITION--which includes an instructor´s companion site--is an essential asset. It provides students with an invaluable education as well as a much-needed edge for gaining entry to the ultra-competitive world of professional finance.
**USA Today bestseller and Wall Street Journal business bestseller** They say John Maynard Keynes called gold a ´´barbarous relic.´´ They say there isn´t enough gold to support finance and commerce. They say the gold supply can´t increase fast enough to support world growth. They´re wrong. In this bold manifesto, bestselling author and economic commentator James Rickards steps forward to defend gold-as both an irreplaceable store of wealth and a standard for currency. Global political instability and market volatility are on the rise. Gold, always a prudent asset to own, has become the single most important wealth preservation tool for banks and individuals alike. Rickards draws on historical case studies, monetary theory, and personal experience as an investor to argue that: ? The next financial collapse will be exponentially bigger than the panic of 2008. ? The time will come, sooner rather than later, when there will be panic buying and only central banks, hedge funds, and other big players will be able to buy any gold at all. ? It´s not too late to prepare ourselves as a nation: there´s always enough gold for a gold standard if we specify a stable, nondeflationary price. Providing clear instructions on how much gold to buy and where to store it, the short, provocative argument in this book will change the way you look at this ´´barbarous relic´´ forever.
Trading and Pricing Financial Derivatives is an introduction to the world of futures, options, and swaps. Self-study investors who are interested in deepening their knowledge of derivatives of all kinds will find this book to be an invaluable resource. The authors delve into the history of options pricing; simple strategies of options trading; binomial tree valuation; Black-Scholes option valuation; option sensitivities; risk management and interest rate swaps in this immensely informative yet easy to comprehend work. Using their vast working experience in the financial markets at international investment banks and hedge funds since the late 1990s and teaching derivatives and investment courses at the Master´s level, Patrick Boyle and Jesse McDougall put forth their knowledge and expertise in clearly explained concepts. This book does not presuppose advanced mathematical knowledge and is designed for a general audience, suitable for beginners through to those with intermediate knowledge.
Commodities are one of the fastest growing markets worldwide. Historically misunderstood, generally understudied and undervalued, certainly underrepresented, commodities are suddenly receiving the attention they deserve. After equities, fixed income and credit, this strategic asset class that has existed since the beginning of time is finally becoming a subject of research and modelling work on the part of academics and practitioners. Bringing together some of the leading authors in their fields, this book focuses on the risk management issues associated with both soft and hard commodities such as energy, weather, agriculturals, metals and shipping. Taking the reader through the various aspects of the commodities markets, the authors discuss the intricacies of modelling spot and forward prices, as well as the design of new Futures markets. The book also addresses the use of options and other derivative contract forms for hedging purposes, as well as supply management in commodity markets. The implications of climate policy in different continents; the various freight derivatives markets and products used to manage shipping and freight risk in a global commodity world are also presented and explained. It will be valuable reading for energy and mining companies corporates, utilities´ practitioners, commodity and cash derivatives traders in investment banks, CTA´s and hedge funds managers alike.
Anhand archäologischer, bauhistorischer, kartographischer und historischer Quellen wird ein Katalog von 225 Befestigungen in sechs Typen vorgelegt. Die Beziehungen deutscher Burgen zu slawischen Anlagen werden ebenso betrachtet wie die Kontinuität mittelalterlicher Höfe zu jüngeren adligen Wohnhöfen oder dörfliche und bäuerliche Befestigungen. In der ersten Phase der Ostsiedlung spielten Burgen der Askanier und Wettiner, die von ca. 1150-1200 slawische Niederungsburgen [Typ 1] übernahmen, die Hauptrolle. In der zweiten Stufe ab 1200 entstanden Burgen mit hohem Ausbaugrad , häufig auf Anhöhen, die im 13. Jh. in Stein oder später Ziegel ausgebaut wurden. Kleine Befestigungen  finden sich nach 1200 v. a. im östlichen [Turmhügelburgen] und südöstlichen [Viereckwälle] Barnim. Der häufig erwähnte, aber selten nachweisbare Typ 4 [befestigte Höfe] ist z. B. durch repräsentative Plankenzäune und Fachwerktürme greifbar. Dorfbefestigungen  markierten mit Palisade, Wall und Graben den Rechtsbereich und schützen vor Raubtieren und dem Entlaufen von Nutztieren. Im Spätmittelalter entstanden Landwehren , [Wall-Hecken]Graben-Hecken, die Raubzüge bei Fehden behinderten. On the basis of archaeological, architectural, cartographical, and historical evidence a catalogue of 225 fortifications of six types has been compiled. The relations of German castles to Slavic strongholds are considered, as are the continuity from Medieval farmsteads to later mansions of the gentry, village fortifications, and rural strongholds. In the initial phase of eastward expansion, the castles of the houses of Ascania and Wettin, who took over Slavic lowland forts [type 1] from ca. A.D. 1150-1200, played the leading part. In the 2nd phase after 1200 highly elaborate castles were built, mainly on hilltops , and changed into stone or later brick in the 13th century. Small fortifications  concentrated in the eastern [motte type] and south-eastern Barnim region [square earthworks] after A.D. 1200. The frequently mentioned but rarely documented type 4 [fortified farmsteads] is attested e. g. by representative plank fences and timber framed towers. Village fortifications  of palisade, bank, and ditch designated juridical spheres, protected against predators, and prevented cattle going astray. In the Late Middle Ages linear earthworks  of ditch and hedge [+/- bank] hindered raids in the context of feuds.
Der Inhalt des Buches deckt das Thema Wertpapierleihe/Wertpapierpensionsgeschäfte umfassend ab. Es vermittelt sowohl theoretische Produktkenntnisse (Produktbeschreibung, bilanzielle Abbildung, rechtliche Aspekte, Verträge, Risiken, steuerliche Behandlung, Netting und aufsichtsrechtliche Anforderungen, elektronische Handel- und Front-Office-Systeme, etc.) als auch praktische Einsatzmöglichkeiten bei Banken im Handel, Treasury sowie bei institutionellen Anlegern, wie Fonds, Versicherungen oder Hedge Fonds.
´The Best Thriller Writer Alive´ Ken Follett John Grisham´s newest legal thriller takes you inside a law firm that shouldn´t exist. They were three young law students. They dreamed of changing the world. But they were duped. They took out massive student loans and have no hope of graduating with a good job. Now the three friends have given up studying and spend a lot of time plotting in a bar. There is only way out of their crushing debt: pretend to be real lawyers and expose the crooked hedge fund operator who owns both the school and the bank that arranged their student loans. They are taking a desperate risk. After all, they are going to war with a billionaire and the might of the FBI.
John Grisham´s newest legal thriller takes you inside a law firm that shouldn´t exist. Law students Mark, Todd and Zola wanted to change the world - to make it a better place. But these days these three disillusioned friends spend a lot of time hanging out in The Rooster Bar, the place where Todd serves drinks. As third-year students, they realise they have been duped. They all borrowed heavily to attend a law school so mediocre that its graduates rarely pass the bar exam, let alone get good jobs. And when they learn that their school is one of a chain owned by a shady New York hedge-fund operator who also happens to own a bank specialising in student loans, the three realise they have been caught up in The Great Law School Scam. So they begin plotting a way out. Maybe there´s a way to escape their crushing debt, expose the bank and the scam, and make a few bucks in the process. But to do so, they have to leave law school, pretend they are qualified and go into battle with a billionaire and the FBI . . . Ingenious and immersive, The Rooster Bar is a John Grisham legal thriller bar none.
No. 1 bestselling author John Grisham´s newest legal thriller takes you inside a law firm that´s on shaky ground. ´´[A] buoyant, mischievous thriller . . . Grisham writes in such an inventive spirit. . . . A treat.´´-Janet Maslin, The New York Times Mark, Todd, and Zola came to law school to change the world, to make it a better place. But now, as third-year students, these close friends realize they have been duped. They all borrowed heavily to attend a third-tier for-profit law school so mediocre that its graduates rarely pass the bar exam, let alone get good jobs. And when they learn that their school is one of a chain owned by a shady New York hedge-fund operator who also happens to own a bank specializing in student loans, the three know they have been caught up in The Great Law School Scam. But maybe there´s a way out. Maybe there´s a way to escape their crushing debt, expose the bank and the scam, and make a few bucks in the process. But to do so, they would first have to quit school. And leaving law school a few short months before graduation would be completely crazy, right? Well, yes and no . . . Pull up a stool, grab a cold one, and get ready to spend some time at The Rooster Bar. ´´Satisfying . . . Grisham [is] at his best when he brings his sardonic sense of humor to the sometimes questionable ethics of law and banking.´´-USA Today ´´[A] smartly told tale . . . gratifying and all-too-real.´´-The Washington Post