The Business Word, Inc. thebusinessword (atty) yahoo.com bwikeys.jpg
 
 
Follow RealDonJohnson on Twitter
Home
Weblog
   

Links to Colorado Politicians

Governor
John Hickenlooper
Greg Brophy
Scott Gessler
Matthew Hess
Mike Kopp
Tom Tancredo
Steve House
US Senate
Michael Bennet
Mark Udall
Owen Hill
US House
Diana DeGette (CD 1)
Jared Polis (CD 2)
Scot Tipton (CD 3)
Cory Gardner (CD 4)
Doug Lamborn (CD 5)
Mike Coffman (CD 6)
Ed Perlmutter (CD 7)
Andrew Romanoff
Attorney General
John W. Suthers
Secretary of State
Scott Gessler
Treasurer
Walker Stapleton
Courts
Colorado Supreme Court
Colorado Senate
Senate GOP
Senate Democrats
Colorado House
House GOP
House Democrats

Articles by Donald E. L. Johnson

About Us
 
 Syndicate
  RSS 1.0
RSS 2.0
Atom
 
[Valid RSS] [Valid Atom]
 
Today is Wednesday, April 23, 2014


Emily Lambert’s “The Futures, the rise of the speculator. . .” is disappointing

During the 60s and 70s I wrote hundreds of stories and weekly columns about the futures markets, the Chicago Board of Trade, Chicago Mercantile Exchange, Chicago Options Exchange and several of the characters mentioned in "The Futures, the rise of the speculator and the origins of the world's biggest markets," by Emilly Lambert, a Chicago-based reporter for Forbes.

 
I give the book only two stars for several reasons:
 
1. It's useless and barely entertaining for history buffs and Chicago traders.
2. It's shallow. There's not a chart or table in the book. Volume, open interest and other stats tell interesting stories.
3. It slams Leo Melamed, who I was the first to profile in depth while I was a business reporter for the Chicago Sun-Times. He isn't quoted in the book, which means his enemies told his story for him, and he refused to comment, angering the author.
4. The book profiles members of the exchanges as members of families and tribes. They were much more than that.
5. Lambert is unable to profile an exchange floor trader in a way that shows what kind of person succeeds as a floor trader or as an off-floor speculator.
6. Retail customers are almost totally ignored.
7. The folks who run commercial hedging operations for Cargill and other companies aren't profiled, described in any detail or given much credit for all of the committee work and time they put into exchange politics and development.
8. Descriptions of farmers who hedge or those who don't are missing. The book really down plays the huge role futures prices play in the lives of farmers, agribusinesses, banks, currency traders, petroleum company managers and the U.S. and world economies. 
9. Where are the commission brokers? They played huge roles in helping hedgers and speculators lose money while they and the floor brokers did very well.
10. This is one of the most poorly written and structured business and history books I"ve read in a long time. Some people are meant to write articles and columns, and some are meant to write books. Lambert is the former, not the latter. While the author cites her library research, her book looks like the work of a reporter who prefers to talk to people and suck up to some while slamming others. Most of the history of futures exchanges that you get from this book is in the introductory chapters of many books about trading futures.
 
I don't and never have traded futures, but I do trade options and covered Joe Sullivan as he worked on the development of the CBOE. As a reporter and columnist, I saw how dangerous and risky futures markets are for retail speculators, and they're even riskier today than they were 35 to 47 years ago.
Posted by Donald E. L. Johnson on 11/28/12 at 08:07 PM
AgricultureFutures MarketsBooksSpeculation
Weblog Search

Advanced Search

  

Links
Political Bloggers
BallotPedia
Climate Depot
ColoradoPols
Colorado Statesman
Complete Colorado
Drudge Report
Free Colorado
InstaPundit
Mark Hillman
Mount Virtus
Open Regulatons
Outside the Beltway
Pew on the States
Politico
Power Line
Real Clear Politics
Rossputin
Slate
State Bill Colorado
TalkLeft (CO)
The New Republic
The Spot
The Weekly Standard
Town Hall

Government/Politics
Centers for Disease Control
Centers for Medicare & Medicaid
Colo. Fundraising Reports
Colorado General Assembly
Colorado Legislative Council
Federal Election Commission

Investing & Speculating
Ag Web
Agri News
Banking News
Bespoke Investment
Bill Cara
Business Week Magazine
Dividend Growth Investor
ETF Expert
Footnoted
Forbes Magazine
Free Money Finance
Real Clear Markets
Seeking Alpha
The Big Picture
Ticker Sense
TickerSpy
Wired Magazine

Health Care Blogs
Grunt Doc's Blog
Health Business Blog
The Health Care Blog
Healthcare Economist
Health Care Policy
Health Care Renewal
Medical Rants
Running a Hospital

Economics Bloggers & Data
American Economics Assn.
Calculated Risk
Committee for a Responsible Federal Budget
Cowen & Tabarrok
Econ Log
Economics Search Engine
Federal Reserve
Free Economic Data

Think Tanks
Alliance for Health Reform
American Enterprise Institute
Cato Institute
Commonwealth Fund
Galen Institute
Health System Change
Heritage Foundation
InterStudy Publications
Kaiser Family Foundation
Manhattan Institute
Medpac
National Center for Policy Analysis
New America Foundation
NIHCM Foundation
Pacific Research Institute
Rand Corp.
MacArthur Foundation
Robert Wood Johnson
State Coverage Initiatives
Urban Institute

Writers' Resources
Business & Media
CEOexpress
Content Bridges
Journalism Tips & Advice
Jeff Jarvis
The Journalist's Toolbox
Poynter.org
Ref Desk

Small Business
NFIB

Advertising, Marketing, PR
Avinash Kaushik
Build a Better Blog
Church of the Customer
Idea Lab
The Clip Report
Pharma Marketing
Search Engine Journal
Search Engine Watch Forums


 Business Word Archives