Just got my hands on Structured Products by Satyajit Das. It consists of two volumes, 2600 pages total. Volume 1 covers applications of derivatives, synthetic assets, exotic options, and interest rate and currency structured products. Volume 2 covers equity linked structures, commodity linked structures, credit derivatives and new markets (e.g., inflation, insurance, weather, etc).
You'd think that such massive tomes, covering such an encyclopedic list of topics, contain a wealth of knowledge. You'd be wrong. The explanations are at such a basic level that they are essentially useless to anybody with even an elementary understanding of structured products. And to top it off, the material is incredibly dated (even though the third "revised" edition was published in 2006). For example, the author dedicates pages to employee stock option plans and how they are not reflected in the financial statements, with references to articles written in the 1990s. He appears completely unaware that IASB and FASB both now require employee stock options to be accounted for in company's financial statements.
A total waste of money.
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