A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation

ACKNOWLEDGMENTS

Nearly a decade ago I made a presentation to the Institute for Quantitative Research in Finance on the origins of market crisis. One of those in attendance was the economist and author Peter Bernstein, who encouraged me to pursue the topic as the basis for a book and provided me with initial guidance for the process, including an introduction to the editors at John Wiley & Sons.

The road from that point to completion was far longer than I, Wiley, or just about anyone I knew would have anticipated. The editorial staff at Wiley has been patient in waiting out the manuscript as it moved forward in fits and starts. The book only reached its final form with the editorial guidance of Bill Saporito, business editor of Time magazine, who corralled the mesh of my academic prose, historical vignettes, and biographical events into a cohesive and readable result. My wife, Janice Horowitz, formerly a journalist with Time, supported me throughout the writing of the book and contributed her expertise in editing the final product.

The book has benefited from, and indeed to a large extent has as its topic, those who have enriched my professional life. Many are mentioned in the book so I will not list them here. But I wish to close with a nod of appreciation to those who introduced me to many facets of the exciting and challenging field of finance and who have worked as my colleagues with intensity and integrity through periods of exuberance and crisis.