The Practical Guide to Wall Street: Equities and Derivatives | Date: 28 April 2011, 07:13
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The Practical Guide to Wall Street: Equities and Derivatives (Wiley Finance)
By Matthew Tagliani
* Publisher: Wiley
* Number Of Pages: 528
* Publication Date: 2009-04-06
* ISBN-10 / ASIN: 0470383720
* ISBN-13 / EAN: 9780470383728
Product Description:
The Practical Guide to Wall Street is an indispensable resource for anyone who aspires to a front-office sales or trading position on Wall Street and an essential desk reference for market practitioners and those who interact with this exciting but widely misunderstood industry. Written by an experienced trader in a clear, conversational style and assuming no previous background in finance, The Practical Guide to Wall Street provides a thorough schooling in the core curriculum of the equity and equity derivatives sales and trading business - exactly what you would learn from sitting beside the traders at a tier-one Wall Street investment bank (except that in practice, traders rarely have time to provide such detailed explanations!) Topics covered include:
* Clear, detailed and intuitive explanations of all major products, their function, pricing and risks (several of which are unavailable anywhere else despite producing billions of dollars in annual revenue for Wall St.)
* The layout of the trading floor, the roles and responsibilities of the different sales and trading groups and how they interact to service the client business
* An overview of the structure of the macro-economy and the trader’s perspective on the significance of economic data releases and their impact on the financial markets
* A review of those concepts from fundamental valuation and financial statement analysis of greatest relevance on the trading floor (as opposed to abstract valuation models)
* Practical details of the structure and functioning of the equity and derivative markets including translations of trader jargon, Bloomberg tips, market conventions, liquidity and risk considerations and much more…
This book provides the first comprehensive explanation of all aspects of the functioning of the equities division, with information, details and insights previously only available to those who already worked on a trading floor. The availability of this material in a format accessible to non-professionals fundamentally changes the level of industry knowledge employers in the financial services industry can expect of new hires.
Summary: A Must-Read for Wall Streeters
Rating: 5
Mr. Tagliani's book is a must-read for the aspiring Wall St. professional and the seasoned veteran alike. For those aspiring, particularly those college grads about to enter the field, the book explains much of the terminology, calculations, and thought processes that are lacking in nearly all finance 101 type courses and major. This is the same knowledge that young Wall St. professionals scramble to pick up in the first few years in the trade as analysts and associates. And for those that have been in the business, the book covers a breadth of topics that would require months of sitting at other trading desks to acquire (and at least a book you can bring home with you.)
This book avoids much of the fluff and useless pontification often found in classrooms, and focuses on the knowledge indispensable to today's Wall St. professional; that is, the modern Wall St. professional can rarely focus on just one product or a few stocks, and often requires both depth and breadth to cater to the ever increasing complexity of clients and to trade in the ever interconnected market that we trade in today.
The title is very fitting (it's practical, not fluffy), and I wish I had a book like this available to me when I first started in finance. Definitely a must-read.
Summary: Superb... a gem of a book
Rating: 5
I can't think of more useful resource for new hires, junior traders, salespeople or aspiring students than this book. It covers all the different product areas in the division and takes the enormously pragmatic approach of an actual trader - focusing on the real issues faced by practitioners, not abstract theoretical considerations.
As for the condescending (and creatively spelled) 1-star review from William the "FINANACE ENG." [sic], I think he's missed the point of the book entirely. If you want someone's opinion about the content, take a look at the back cover recommendations from the global heads of trading at Morgan Stanley ("an extraordinary accomplishment... enormously useful") and Credit Suisse ("an excellent introduction ... I'd enthusiastically recommend it to any new hire") as well as the professor who teaches at two Ivy League universities ("a textbook that combines practical wisdom with academic rigor").
If you're already in the industry, this book will broaden and structure your understanding. If you're trying to get into the industry, think of it as a solutions manual to the job interview questions. Who knows... someday it might be the author sitting across the table looking at your CV!
Buy this book.
Summary: Cannot beat the classics ones at all.
Rating: 1
Honestly, if you need to read this in the FO, I m pretty sure you will not be able to get into the FO in the first place, given that the quality of people in FO is improving rapidly.
Harsh comment but truthful from my head.
Summary: Perfect guide for newcomer or trading floor veteran
Rating: 5
Having worked on Wall Street for 7 years, this is the book I wish I had when I started. It gives exactly the right level of depth in each of the product areas you will encounter on the Equity side of Sales & Trading.
If you are an experienced trader on a particular desk the explanations will seem elementary. But as a basis for understanding all the various desks on the trading floor this is perfect.
There are also very useful sections on how to read company balance sheets and announcements and macro economic announcements. Crucially these sections concentrate on what you need to know as a salesperson or a trader and not what you need to be an accountant or an economist. Consequently a lot of unnecessary complication and depth is stripped away to make these concepts much easier to follow.
This book should not just be considered by traders and sales people - it is very relevant to anyone working in middle office or IT/Operations functions too.
Read this book cover to cover and you will finally understand in detail why it is the traders ask you to make available functions that show the future basis calculation or ask you to create or redeem an ETF.
One point to note is this book is limited to products found on an Equity trading floor. There is no coverage of Fixed Income products (Bonds, Foreign Exchange, Commodities). A similar book for those areas would be most welcome
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