An up-to-date resource on the intricacies of the credit defaultswap basis While credit default swaps and credit derivatives are of greatconcern to many in the field of finance, the Second Editionof The Credit Default Swap Basis does not directly focus onthese issues. It is instead about an aspect of CDS behavior, thebasis, which is of importance to all users of CDS products. Anunderstanding of the basis is essential to anyone involved in thecredit-risky debt capital markets, whether you're an investor,trader, or broker.The credit default swap basis (the basis) defines therelationship between the cash and synthetic credit markets. Financeprofessionals need to understand the drivers of the basis in orderto better undertake investment and value analysis, and for tradingpurposes. In this updated Second Edition, author MooradChoudhry, a market practitioner who has published widely in thefield of credit derivatives, explores this dynamic discipline andexamines the structural changes in the CDS market, including newsettlement mechanisms and contract standardization. Along the way,he describes how basis pricing has changed in the aftermath of thefinancial crisis and what that change means in regard to overallmarket and trading opportunities.The only book on basis issues of credit default swaps, itprovides practitioners with vital information on valuation, creditrisk assessment, and basis trading strategiesAddresses structural changes to the market, including theintroduction of central clearing houses in the U.S. and Europe andstandardization of contracts to reduce disputes about payoutsettlementsCovers the close relationship between the synthetic and cashmarkets in credit, which manifests itself in the credit defaultswap basisThe Credit Default Swap Basis, Second Edition offersinvaluable market insights to all financial professionals seeking adeeper understanding of credit derivatives and fixed incomesecurities.

The Credit Default Swap Basis (Bloomberg Financial)

Business & Money

Choudhry, Moorad

Finance

Bloomberg Press

An objective look at America's rapidly shrinking water supply Once believed to be a problem limited to America's southwest, water shortages are now an issue coast to coast, from New England to California. In Aqua Shock: The Water Crisis in America, author Susan J. Marks provides a comprehensive analysis of the current conflicts being waged over dwindling water supplies. She presents the findings of university studies, think tanks, and research groups, as well as the opinions of water experts, including Peter Gleick, president of the Pacific Institute for Studies in Development, Environment, and Security. The book <ul>
<li>Explains where our water comes from and who controls it, as well as the cost of water on cash, commodities, and capitalism</li> <li>Describes the risks of running out of water</li> <li>Details how we can preserve and protect our most precious, yet most undervalued natural resource</li> </ul>
Right now, battles over water supplies rage across the country. Aqua Shock is an objective look at how we arrived at this crisis point and what we can do-and should be doing-to solve the water crisis in America.

Aqua Shock: Water in Crisis

Marks, Susan J.

Economics

The Cul-de-sac Syndrome: Turning Around the Unsustainable American Dream

An incisive look at the consequences of today's costly and damaging suburban lifestyle 
In The Cul-de-Sac Syndrome, Bloomberg News' John Wasik exposes the economic, cultural, environmental, and health problems underlying life in suburbia. Wasik provides powerful insights into how the U.S. suburban lifestyle has become unsustainable and what can be done to salvage it. His observations are firmly grounded in exclusive on-the-ground research, interviews with thought leaders, and the latest studies and statistics. The book <ul>
<li>Exposes the untold truths about suburban home ownership: green isn't always so green, life isn't cheaper after accounting for gas, water, and taxes, and modern suburban living isn't so idyllic considering the toll it takes on our health</li> <li>Includes exclusive research and analysis by experts in the field that debunks the many myths associated with suburban living</li> <li>Explores innovative solutions being developed in cities across the country</li> </ul>
The American Dream of moving further from a city to buy a bigger house and find better schools has become a costly nightmare. The Cul-de-Sac Syndrome examines why and what can be done.

The Cul-de-Sac Syndrome: Turning Around the Unsustainable American Dream

Wasik, John F.

Completely revised and updated edition of this very popular and successful small business book The first edition of 201 Great Ideas for Your Small Business was hailed by management guru and author Tom Peters as "Brilliantly researched. Brilliantly written. A gem of priceless value on almost every page. Read. Inhale. Absorb. Great Stuff!" In this completely updated third edition of 201 Great Ideas for Your Small Business, renowned small-business expert and consultant Jane Applegate shares new, powerful, creative, simple, and proven approaches for building a better small business. <ul>
<li>Details how business owners can use online marketing and social networking more effectively</li> <li>Offers timely strategies for thriving in challenging economic times</li> <li>Includes scores of real-life success stories and all-new interviews with small-business owners, experts, and VIP's including Guy Kawasaki, Kay Koplovitz, and Michael Bloomberg</li> </ul>
It may be small, but your business is a big deal to you, your customers, and employees. 201 Great Ideas provides lively, practical strategies to help you manage, grow, and promote your business.

201 Great Ideas for Your Small Business

Applegate, Jane

Management & Leadership

An innovative approach to applying Elliott Wave Principle By convention, most Elliott Wave Principle (EWP) practitioners focus on individual market price movement. Connie Brown has a global reputation of developing analysis that focuses on the integration of global markets. In a two book series you will be taken through the steps to master the global cash flows of today’s financial markets. The approach found in this first book differs from the traditional view of EWP because it shows you how geometry and the use of simple boxes drawn within a trend will guide you away from the common complaint of subjectivity, thereby making smarter trades of higher probability. While EWP can be a challenging topic, the structure of this book eases you into the analysis principles. With Mastering Elliott Wave Principle you are guided step-by-step through the learning phases of Elliott Wave analysis and then your understanding is further challenged through self-examination. The preliminary coaching unravels common misunderstandings that sabotage the beginner. You will discover how price swings and waves are not the same. Elements of balance and proportion are mathematical concepts taught through geometry and not subjective. These basic skills establish a foundation that allow beginners to understand what to expect from their level of skill. There are three distinct levels of skill that all masters of the EWP have learned. Now there is a series to guide your understanding at each skill level so you can develop a working knowledge of how to define market positions around the world in short or long term time horizons. Bring your biases, bring your past concerns and discover how this breakthrough and original approach to teaching the Wave Principle can help you. <ul>
<li>Traders, from beginners to advanced, can use this book to become proficient in the Elliott Wave Principle</li> <li>Contains practice charts to compare your understanding and skill level with follow-up discussions of how you may have differed based on the results from twenty years of coaching</li> </ul>

Mastering Elliott Wave (Bloom

Brown, Constance

The final word on passive vs. active investing The debate on active investing-stock picking and market timing-versus passive investing-markets are highly efficient and almost impossible to outperform-has raged for decades. Which side is right? In The Quest for Alpha: The Holy Grail of Investing, author Larry E. Swedroe puts an end to the debate, proving once and for all that active investing is likely to prove futile as the associated expenses-costs, fees, and time spent analyzing individual stocks and the overall market-are likely to exceed any benefits gained. The book <ul>
<li>Presents research, data, and quotations that reveal it's extremely difficult to outperform the market</li> <li>Explains why investors should focus on asset allocation, fund construction, costs, tax efficiency, and the building of a globally diversified portfolio that minimizes, if not eliminates, the taking of idiosyncratic, uncompensated risks</li> <li>Other titles by Swedroe: The Only Guide to Alternative Investments You'll Ever Need and The Only Guide You'll Ever Need for the Right Financial Plan
</li> </ul>
Investors are on a never-ending search for a money manager who will deliver returns above the appropriate risk-adjusted benchmark, aka the "Holy Grail of Investing." The Quest for Alpha demonstrates that it's a loser's game-while it's possible to win, it's so unlikely that you shouldn't try.

Quest for Alpha (Bloomberg)

Swedroe, Larry E.

Investing

The truth behind the greatest environmental disaster in U.S. history In 2005, fifteen workers were killed when BP's Texas City Refinery exploded. In 2006, corroded pipes owned by BP led to an oil spill in Alaska. Now, in 2010, eleven men drilling for BP were killed in the blowout of the Macondo well in the Gulf of Mexico. 
What's next? In In Too Deep: BP and the Drilling Race That Took it Down, Stanley Reed, a journalist who has covered BP for over a decade, and investigative reporter Alison Fitzgerald answer not only that question, but also examine why these disasters happen to BP so much more than other large oil companies. 
<ul>
<li>Places the blame on a corporate culture created by former BP CEO John Browne who was forced to resign in 2007 after he lied in court documents in a case involving his gay lover </li>
<li>Details a BP built on risk-taking and cost-cutting </li>
<li>Examines the past, present, and future of BP</li>
</ul>
 In August 2010, BP successfully "killed" the company's damaged deepwater well. But, the environmental fallout and public relations campaign to rebuild the brand are just beginning. In Too Deep details why BP, why now, and what's next for this oil giant. Q&amp;A with Authors Stanley Reed and Alison Fitzgerald Author Alison Fitzgerald How did you do the research for this book? We had both been writing about BP and the disaster for some time so we each had an enormous trove of information, interviews and documents before we even began writing In Too Deep. 
Stanley had covered BP for more than a decade and drew on the reporting from his many stories for BusinessWeek. He also had notes and recordings from several exclusive interviews with John Browne and a trip to Russia with the powerful BP boss. The book includes lots of never-before-published details from these experiences. Alison had been covering the investigations into the causes of the Deepwater Horizon disaster and so had a vast file of documents related to BP's safety history and violations. Armed with that information, we both set out to speak to as many people as possible -- BP executives, former executives, competitors, oil workers, lawyers, government officials, safety experts, and politicians. We conducted dozens of new interviews just for the book while continuing to follow the investigations and the financial and legal troubles of the company. We also had the help of our Bloomberg colleagues who were writing about this tragedy every day and were generous in sharing their research, published stories, and unpublished notes. Their work was central to shaping this book. Author Stanley Reed You trace BP's record of accidents -- and specifically the Gulf oil spill -- to the reign of John Browne, the CEO who preceded Tony Hayward. What was it about his tenure that led you that conclusion? John Browne built today's BP, mostly through deals. He also pushed hard for financial performance. The company he created was good at gaining access to oil both through deals and exploration. But it was weaker on day-to-day operations. The culture he instilled at BP stressed financial performance and risk-taking while paying only lip-service to safety. Even before the end of Browne's tenure at BP in 2007, those shortcomings were revealed by the explosion that killed 15 people at the Texas City refinery in 2005. Tony Hayward vowed to fix those problems, but he was a protégé of Browne, and in the end couldn't do enough to change his predecessor's legacy. Was BP really different than other oil giants like ExxonMobil or Shell? Yes. This was actually a notion that surprised us both, in fact. Just after the Deepwater Horizon exploded, many people thought this was simply a random accident, one that was bound to happen to someone, and that BP was unlucky. Instead, we heard over and over from oil executives, regulators, and outside safety experts that BP had a particular problem with safety. The actual safety and enforcement records confirmed what all these people were telling us. What do the other companies do that's different? We looked at ExxonMobil, in particular, and found that they have strict safety rules and these are inviolable. Every operation is tested against a safety matrix. As the risk rises, the hurdle to approve the operation also rises. When they can't make the hurdle, the job is canceled. BP didn't have such a strict system in place. The company had a decentralized structure that left mid-level people in charge of major decisions and those people were judged and compensated based on the financial performance of their units. BP was putting in a centralized safety system, but the Gulf of Mexico unit had resisted that. Given that, how is it that BP was so successful before 2010? Browne bought two companies, Amoco and Arco, when oil prices were in the doldrums. Those deals looked very smart when prices surged and the profits rolled in. BP is also very good -- better than its competitors -- at exploration and at persuading governments to give it access to oil. They spent less money to find more new oil than almost any other oil company for more than a decade. What's next for BP? BP is still a money machine. It's profitable again even after writing off $40 billion 2010. Recent asset sales proved that BP's oil and gas properties are worth much more than the market thought. With its strong portfolio and depressed stock price, the company is a potential takeover target--though only a handful of companies could contemplate such a move. The new CEO, Bob Dudley, is trying to instill a new safety culture throughout the company. His challenge is to clean up BP's act without destroying its creativity.

In Too Deep: BP and the Drilling Race That Took It Down

FitzGerald, Alison

Reed Sir, Stanley

Biography & History

A complete resource to trading today's currency market Currency movements are impacted by a variety of factors, including interest rates, trade balances, inflation levels, monetary and fiscal policies, and the political climate. Traders use both fundamental data and a variety of technical tools to trade within this market. Inside the Currency Market describes both the underlying dynamics that drive this market and the strategies that can help you capture consistent profits in it. Page by page, this reliable guide skillfully discusses the structure of the market, its roles in the global economy, the forces that drive currency values, trading strategies, and tactics. It also offers a detailed understanding of how global financial flows, derivatives, and other markets such as oil and gold impact currencies. Along the way, author and professor Brian Twomey provides information on gathering and analyzing global financial data so that traders can gain a "big-picture" perspective when attempting to identify trades. <ul>
<li>Explains virtually every element of the market and can function as a desk reference that puts everyday events into context for traders</li> <li>Fundamentally driven trades based on interest rate differentials and trade imbalances are discussed, as well as technical trades involving chart patterns, trends, and trading ranges</li> <li>Each chapter contains questions and answers to help readers master the material</li> </ul>
The currency market continues to generate interest and attract new retail traders due to the many opportunities available within it. This book will show you how to successfully operate within this arena by making the most informed trading decisions possible.

Inside the Currency Market: Mechanics, Valuation and Strategies

Twomey, Brian

An essential guide to the fast growing area of binary options Long the province of professional traders, binary options are now offered to retail investors through the North American Derivative Exchange (Nadex) and a growing group of online brokerages. Now, with this new book, author Abe Cofnas explains how independent traders and investors can use binary options to speculate on price movements and global events. The great appeal of binary options is that they are less complex than conventional options and provide a simple method to trade based on an opinion of where the market is headed over a certain period of time. Engaging and informative, this reliable guide reveals how binary options work, what are the best binary options trading strategies, and when to use them. <ul>
<li>Identifies the various markets in which binaries are available</li> <li>Offers insights on how binary options allow for opportunities to speculate on the direction of a market and receive a substantial payout</li> <li>Provides suggestions as to which markets provide the best liquidity and lowest trade execution expenses</li> </ul>
As the first book solely devoted to this topic, Binary Options will provide retail traders with an authoritative guide to trading this exciting new market.

Trading Binary Options: Strategies and Tactics

Cofnas, Abe

In 2001, Greece saw its application for membership into the Eurozone accepted, and the country sat down to the greatest free lunch in economic history. However, the coming years of global economic prosperity would lead to unrestrained spending, cheap borrowing, and a failure to implement financial reform, leaving the country massively exposed to a financial crisis—which duly struck. 
 In Bust: Greece, the Euro, and the Sovereign Debt Crisis, Bloomberg columnist Matthew Lynn explores Greece's spectacular rise and fall from grace and the global repercussions of its financial disaster. Page by page, he provides a thrilling account of the Greek financial crisis, drawing out its origins, how it escalated, and its implications for a fragile global economy. Along the way, Lynn looks at how the Greek contagion has spread like wildfire throughout Europe and explores how government ineptitude as well as financial speculators compounded the problem. 
 Blending financial history, politics, and current affairs, Lynn skillfully tells the story of how one nation rode the wave of economic prosperity and brought a continent, a currency, and, potentially, the global financial system to its knees. Lively, engaging, and thought provoking, Bust reminds us just how interconnected the world really is. Q&amp;A with Author Matthew Lynn Author Matthew Lynn Bust looks at how the sovereign debt crisis started in Greece, but why did it start there? Greece was one of the most profligate nations in the world. It has been virtually continually in default on its debts in one form or another ever since the modern Greek state was created in the nineteenth century. So it was always a fairly good candidate. 
At the start of 2010, the markets were already getting worried about sovereign debt. It was essentially Act II of the credit crunch. Governments all around the world had fixed a private debt crisis by turning it into a public debt crisis: they ran up these huge deficits, both to bail out their banking systems and to boost their economies. But the public debts were never any more sustainable than the private debts. Greece happened to be the easiest country to make an example of. But if it hadn’t been Greece, it would have been someone else. This was really a crisis about the markets refusing to sanction unending government deficits – and that’s what the book explores. But the book implies this is a story about the euro as well? Why is that? It certainly is. The sovereign debt crisis blew apart the euro, and it is going to be very hard to put it back together. Europe’s single currency celebrated its first decade of existence in pretty good shape. The currency was stable, new members were joining, and it was gaining ground on the dollar as the world’s most important currency. But then the Greeks came along and put a bomb underneath it. Greece lied and cheated its way into the euro. It completely made up the figures that squeezed it into the euro, and, once it was inside, made no attempt to play by the rules. When confidence in the country collapsed, they expected the rest of Europe to bail them out. But what kind of club is it where you can cheat your way in, ignore the rules, then expect the other members to pick up your bar bills? Not one that anyone is going to want to belong to for long. So this is not just a story about the sovereign debt crisis – it is a story about how the euro is falling apart, and how that will change the European Union as well. What did you learn from writing the book? The book was a real education for me. That was one of the reasons I wrote it. I wanted to learn more about how this fairly small country right on the edge of Europe which no one usually paid very much attention to was suddenly right at the epicentre of a major financial crisis. It’s not the kind of story you can make sense of just by reading a few headlines. There were so many strands that had to be pulled together. The history of Greece, and why its economy was so underdeveloped. The design of the euro, and all the compromises that led up to its creation that proved to be crippling once the crisis struck. The changing nature of Germany, how it had overcome post-war guilt, and why it was refusing to bail-out the rest of Europe any more. The build-up of government debt right around the word. All of these big themes came together to produce this crisis, and that is what made it such a fascinating book to write. What are the implications for the world economy of the themes you explore in the book? Firstly, it’s the end of the euro, at least in its current form. It was a disaster to bail-out Greece, and, curiously enough, I think a lot of the people right at the very top of the policy-making debate knew that. It created a single currency with all the wrong incentives. It would have been far better to let Greece go bust and then to deal with the consequences of that than to try and patch up a broken system. But, in the end, and this process is detailed in the book, they shied away from that, and just threw money at the problem instead. But it’s not going to work, and the euro is going to slowly unravel as a result. It might be three years, maybe five, maybe ten. But it going to happen, and it is going to be very messy. But it is also the end of state profligacy, at least in the developed world. For about thirty years, governments have been consistently spending more than they raise in taxes. It’s a very easy option – spending money is a lot more popular than raising taxes. They did it by just continually adding to the debt. In that respect, the politicians just reflected their electorates. Much the same thing happened in the private sector. In Europe and the U.S., ordinary people didn’t get much wealthier in the last thirty years, they just took on more and more debt. But this crisis represents the end of that road. You can’t just keep on piling on more and more debt. As the title puts it, the system is bust. And the road is going to be much harder from now on.

Bust: Greece, the Euro and the Sovereign Debt Crisis

Lynn, Matthew

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