Written for the general reader who has little financial background, this book analyzes the extended bull market of the 1980s and the subsequent stock market crash on October 19, 1987. To tell their story, the authors use a sample portfolio of stocks, bonds, options, savings, and warrants, tracing actual investments bought and sold from the early 1980s through the October 1987 crash. By following their hypothetical portfolio through the ups and downs of the 1980s market, the reader gains a practical understanding of the workings of the stock market and the pressures that led to its calamitous plunge in October 1987. Anyone seeking a practical and nontechnical yet thorough explanation of the events of October 19th will find "The Crash Put Simply" fascinating reading.

As their story unfolds, the authors explain each type of investment in detail, paying special attention to their advantages and risks. They trace the impact of specific events on the market, using the sample portfolio to illustrate typical investor expectations and reactions during the long bull market. This unique approach enables the reader to understand how events moved the market and how, in the week prior to October 19th, a panic of action and reaction finally brought the market crashing down.

A hands-on guide to navigating the new fuel markets Fuel Hedging and Risk Management: Strategies for Airlines, Shippers and Other Consumers provides a clear and practical understanding of commodity price dynamics, key fuel hedging techniques, and risk management strategies for the corporate fuel consumer. It covers the commodity markets and derivative instruments in a manner accessible to corporate treasurers, financial officers, risk managers, commodity traders, structurers, as well as quantitative professionals dealing in the energy markets. The book includes a wide variety of key topics related to commodities and derivatives markets, financial risk analysis of commodity consumers, hedge program design and implementation, vanilla derivatives and exotic hedging products. The book is unique in providing intuitive guidance on understanding the dynamics of forward curves and volatility term structure for commodities, fuel derivatives valuation and counterparty risk concepts such as CVA, DVA and FVA. Fully up-to-date and relevant, this book includes comprehensive case studies that illustrate the hedging process from conception to execution and monitoring of hedges in diverse situations. This practical guide will help the reader: * Gain expert insight into all aspects of fuel hedging, price and volatility drivers and dynamics. * Develop a framework for financial risk analysis and hedge programs. * Navigate volatile energy markets by employing effective risk management techniques. * Manage unwanted risks associated with commodity derivatives by understanding liquidity and credit risk calculations, exposure optimization techniques, credit charges such as CVA, DVA, FVA, etc. Praise for Fuel Hedging and Risk Management "Risk Management is an art, not a science, but it certainly helps to know a lot of science. In this book, the authors provide an excellent overview of both qualitative and quantitative aspects of risk management and how to design and implement effective win-win fuel oil hedging strategies that will achieve the desired objectives under normal and extreme market conditions. In addition to discussing key foundational issues, the book also discusses a framework to understand and manage hugely important second-order effects, such as credit risk or margin calls or asset-liability mismatches, which have the potential to turn a good idea into a bad outcome. A must read for anyone in the finance department of a corporate, trade house, or financial firm involved in fuel oil hedging." Diego Parrilla, Former Global Head of Commodity Solutions and Head of Commodities, Bank of America "This book provides highly useful insights into hedging and risk management methodologies, as well as theory, for the users of energy products. Dafir provides intuition stemming from not just top-tier commodity structuring expertise, but also broader insight from his earlier experience as a credit derivatives and exotics trader." Mitch Matharu, former Head of Structuring, Merrill Lynch "An Absolute Must Read. From the fundamentals of oil markets to the key points in negotiating a credit agreement and minimizing hedging costs, passing by the subtleties of implied volatility surface construction and its implications in derivatives pricing, this book offers you the indispensable practitioner's toolbox, useful whether you are a novice or a seasoned fuel trader." Frederic Cogny, Global Head of Commodities Structured Products Trading, Standard Chartered Bank "In this book, Dafir blends his deep knowledge of the commodity markets and the vagaries of the financial market with his incredible mathematical ability to explore fuel hedging in a manner accessible to Fuel Procurement Departments, CFOs and board members." Mark Long, Former Head and Managing Director of Merrill Lynch Commodities Asia "...This book is a hands-on guide for anyone interested in "Fuel Hedging and Risk Management", including lawyers involved in the execution of commodities hedging transactions and related ISDA and CSA negotiations." Justin Boyd, Former Head of Financial Markets Legal, Standard Chartered Bank

In "Trader Vic on Commodities, " Wall Street legend Victor Sperandeo explains in simple terms how these markets operate, removes some of the mystique and uncertainty involved, and offers a proven method for capitalizing on commodity market trends--without taking giant risks. Sperandeo shows that, as commodities are cyclical in nature, your goal should be to capture as much of the major market trends as possible, while balancing that goal with a minimum of risk.

ISO 50001 - A strategic guide to establishing an energy management system provides a practical but strategic overview for leadership teams of what an EnMS (energy management system) is and how implementing one can bring added value to an organisation.

Commodity Option Pricing: A Practitioner s Guide covers commodity option pricing for quantitative analysts, traders or structurers in banks, hedge funds and commodity trading companies. Based on the author s industry experience with commodity derivatives, this book provides a thorough and mathematical introduction to the various market conventions and models used in commodity option pricing. It introduces the various derivative products typically traded for commodities and describes how these models can be calibrated and used for pricing and risk management. The book has been developed with input from traders and examples using real world data, together with relevant up to date academic research. The book includes practical descriptions of market conventions and quote codes used in commodity markets alongside typical products seen in broker quotes and used in calibration. Also discussed are commodity models and their mathematical derivation and volatility surface modelling for traded commodity derivatives. Gold, silver and other precious metals are addressed, including gold forward and gold lease rates, as well as copper, aluminium and other base metals, crude oil and natural gas, refined energy and electricity. There are also sections on the products encountered in commodities such as crack spread and spark spread options and alternative commodities such as carbon emissions, weather derivatives, bandwidth and telecommunications trading, plastics and freight. Commodity Option Pricing is ideal for anyone working in commodities or aiming to make the transition into the area, as well as academics needing to familiarize themselves with the industry conventions of the commodity markets.

Mention the name Roy Neuberger and several awe-inspiring images come to mind. There's the stock market neophyte who arrived on Wall Street just months before the Panic of 1929—and protected his capital by shorting RCA stock. There's the savvy businessman who founded Neuberger&Berman, a lucrative brokerage firm that today manages about $50 billion. Then, there is the esteemed philanthropist and patron of the arts who has graciously donated most of his private art collection to museums and institutions around the country.

Now, there is the vibrant nonagenarian who, as first-time author, shares his extraordinary life story in So Far, So Good—The First 94 Years. As inspirational as it is compelling, this stirring memoir recounts Neuberger's remarkable journey and enduring reign as one of the most prominent and fascinating figures of finance.

Roy R. Neuberger was born at the turn of the century to a businessman father and a musician mother, both of whom passed on to him qualities and interests that would profoundly influence his life. He spent his earliest years in Bridgeport, Connecticut, then moved with his family to New York City, a place he's called home for more than eight decades. Though he had a happy, comfortable childhood, it was tempered with tragedy when, in 1912, his mother died, and his father passed away just four years later.

After his freshman term at New York University, Neuberger left to begin working at the B. Altman & Company department store. It was there that he learned about business and trading, and was introduced to the world of art. Following three "extremely valuable" years at Altman's, in 1925 Neuberger set out for Paris, where he remained for almost four years. It was an unforgettable time during which he travelled, studied art, and befriended Thornton Wilder, the art historian Meyer Schapiro, and other notable Americans in Paris.

Returning to New York City in 1929, Neuberger landed a job on Wall Street at Halle & Stieglitz — just seven months before the infamous Crash. In a pulsating, you-are-there account, Neuberger recounts the tumultuous events leading up to —and following —the Panic, and reveals how he managed to emerge unscathed at a time when others were doing anything but. He also offers an intriguing behind-the-scenes look at his remarkable career since, with details on the launching of Neuberger&Berman; the creation of Guardian, one of the first no-load mutual funds; his success with closed-end investment trusts; and his extraordinary winning run during the market crash of 1987. Generously sharing a wealth of professional wisdom, Neuberger offers his "ten principles of successful investing," as well as penetrating and provocative ruminations on topics ranging from the economy and the federal budget to Social Security and the future of the market.

Neuberger speaks eloquently about his lifelong appreciation of art. He describes the formation of his valuable and eclectic collection (most of which he's now donated), his firm commitment to supporting the careers of artists, his role as trustee of both The Metropolitan Museum of Art and the Whitney Museum, and his involvement with the creation and sustenance of the Neuberger Museum of Art in Purchase, New York.

At the age of 94, Roy Neuberger is still going strong, trading every day, and enjoying life to the fullest. His dramatic story, told here with humor, insight, and complete candor, is part social history, part investment lesson, part personal reminiscence. So Far, So Good —The First 94 Years is a landmark work not to be missed.

Praise for So Far, so Good—the first 94 years

"The wisdom of Roy Neuberger is a beacon. There is nothing like experience, and here it is . . . in spades! We can all learn from the master." —Dr. William F. Baker, President, Thirteen/WNET, N.Y.

"Roy Neuberger has celebrated life for almost a century. He roared in Paris in the 1920s, assembled one of the great contemporary art collections of the world, and built a great investment firm. He has shared the journey with us through this book, and it is one helluva ride." —Byron Wein, Managing Director, Morgan Stanley & Co.

"What a life! Roy Neuberger's affecting memoir chronicles the passion and generosity that helped him overcome early adversity to fill his charmed, long life with meaning and accomplishment. Readers will benefit from his great advice about making money, and will take pleasure in learning how he used his fortune to acquire and share wonderful works of art." —Agnes Gund, President, Museum of Modern Art

"Roy never fails to amuse and enlighten. Over the years, he's taught me many things I didn't know I didn't know." —Jim Rogers, author of The Investment Biker.

"Roy's memoirs read as if he'd chatted them to you on his regular matinal walks —sprinkled with engaging personal insights, and no end of advice for which the most compelling argument is Roy's own success. A most rewarding read." —Philippe de Montebello, Director, The Metropolitan Museum of Art.

At a time when the world is grappling with rising food and energy prices and climate change, "Living in a Material World" provides an insight into some of the contributing factors behind these challenges. The emergence of new consumers in China, India, Russia and the Middle East has added formidable competition to the natural resources that have been taken for granted in the developed world.

Everything we consume involves the use of metals, fossil fuels or agriculture. Our high tech 'lifestyles' depend on the secure supply of these raw materials which we take from planet earth and use to make our lives more comfortable, more productive or more manageable. The effect of this increasing global demand for commodities has pushed up prices of materials from oil and copper to corn and wheat; forcing consumers to pay more for the many 'necessities' of life, from a loaf of bread to electricity bills.

Since the commodity boom has unfolded, commodities have gone from the back page of the newspaper to the front; with more and more headlines about record food and oil prices, dire climate change warnings, energy security and China's demand for more raw materials.

This era of high oil and food prices is no passing phase: The supply of many key natural resources is stretched to the limit. But what is the real cost?

"Living in a Material World" makes the link between raw materials and the consumer, and shows how they are relevant to everybody, everyday - now more so than at any time since the last oil shock nearly three decades ago. A unique insight into this 'once in a generation' boom, the book shows how the increasing value of commodities is impacting on consumers and investors, inways we are only just beginning to understand.

""It was a great pleasure to read this book which provides an essential background to understanding commodities for anybody interested in understanding them more closely. It is so rare to see all the essential elements brought together in one book.""

Chris Brodie, Krom River Partners LLP

""Kevin Morrison set out to write a book about the daily relevance that raw materials have for the ordinary consumer. He has achieved his objective par excellence. The subject matter has been comprehensively researched and well documented - yet the writer has avoided using complicated technical language. The style of the book is more in tune with a novel and the main topics are treated with a special sense of humour. I would readily recommend this work to anyone interested in how global energy issues have a direct affect on us all.""

Mehdi Varzi, President, Varzi Energy, London

Shortlisted for the Financial Times & McKinsey Business Book of the Year Award An Economist Book of the Year The modern world is built on commodities - from the oil that fuels our cars to the metals that power our smartphones. We rarely stop to consider where they have come from. But we should. The World for Sale lifts the lid on one of the least scrutinized corners of the world economy: the billionaire commodity traders who buy, hoard, and sell the earth's resources. It is the story of how a handful of swashbuckling businessmen became indispensable cogs in global markets, enabling an enormous expansion in international trade and connecting resource-rich countries - no matter how corrupt or war-torn - with the world's financial centers. The result is an eye-opening tour through the wildest frontiers of the global economy, as well as a revelatory guide to how capitalism really works.

The collapse in commodity prices since 1980 has been a major cause of the economic crisis in a large number of developing countries. This book investigates whether the commodity-producing countries, by joint action, could have prevented the price collapse by appropriate supply management. The analysis is focused on the markets for the tropical beverage crops: coffee, cocoa, and tea. Using new econometric models for each market, the impact of alternative supply management schemes on supply, consumption, prices, and export earnings is simulated for the later 1980s. The results indicate that supply management by producing countries would, indeed, have been a viable alternative to the `free market' approach favoured by the developed countries. This has important implications for current international commodity policy, and, in particular, for future joint action by producing countries to overcome persistent commodity surpluses as a complement to needed diversification.

The Efficient Markets Hypothesis is one of the most controversial and hotly contested ideas in all the social sciences. It is disarmingly simple to state, has far-reaching consequences for academic pursuits and business practice, and yet is surprisingly resilient to empirical proof of refutation. Even after three decades of research and literally thousands of journal articles, economists have not yet reached a consensus about whether markets - particularly financial markets - are efficient or not. These two volumes bring together the most influential articles surrounding the Efficient Markets Hypothesis debate, from Paul Samuelson's pathbreaking proof that properly anticipated prices fluctuate randomly to Fischer Black's study of noise traders, from Eugene Fama's empirical implementation of the Efficient Markets Hypothesis to Robert Merton's analysis of stock price volatility.

For courses in derivatives, options and futures, financial engineering, financial mathematics, and risk management. An Easily Understandable Introduction to Futures and Options Markets Fundamentals of Futures and Options Markets covers much of the same material as Hull's acclaimed title, Options, Futures, and Other Derivatives. However, this text simplifies the language for a less mathematically sophisticated audience. Omitting calculus completely, the book is suitable for any graduate or undergraduate course in business, economics, and other faculties.