---
product_id: 4025887
title: "Dynamic Hedging: Managing Vanilla and Exotic Options"
price: "21609 kr"
currency: ISK
in_stock: true
reviews_count: 10
url: https://www.desertcart.is/products/4025887-dynamic-hedging-managing-vanilla-and-exotic-options
store_origin: IS
region: Iceland
---

# Dynamic Hedging: Managing Vanilla and Exotic Options

**Price:** 21609 kr
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- **What is this?** Dynamic Hedging: Managing Vanilla and Exotic Options
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## Description

desertcart.com: Dynamic Hedging: Managing Vanilla and Exotic Options: 0723812152803: Taleb, Nassim Nicholas: Books

Review: Advanced Text on Derivatives Trading - Taleb is one arrogant dude who loves flooding his books with archaic words which were last employed in the English Language by Geoffrey Chauncer. But alas, Dynamic Hedging is a strong advanced text which goes through many nuanced topics. For example, he makes some good points on managing option greeks. Some chapters I really enjoyed which are hugely important in practice that you don't learn in any classroom: soft American options, discrete delta vs continuous delta, fungibility. Just a warning that you might have to read over sections multiple times before you digest ideas. For example, for american options, you can tend to think of the early exercise having some sensitivity to interest rates (as rates go higher, it becomes more optimal to exercise puts and less optimal to exercise calls), so in some circumstances, the early exercise provision of american option is actually an option on rates. Also, every mathematician teaches delta as a continuous derivative d[option value]/d[spot], but really what's important is to the know the delta at discrete intervals since no one hedges continuously and also since in a real options book the greek sensitivities might flip or go through extreme changes over discrete intervals. Just some great material which makes you think hard. The structure of the book jumps over the place, but mainly Taleb is focused on options, volatility, and exotics. So not exactly a good book on vanilla rates or commodities for example. This text is certainly one I keep as a reference guide on my desk. As a sign of its value, everytime I read it, I do learn something new. I rated it highly based solely on the excellent and juicy material but the writing style is really horrible. Not for beginners but a great read for anyone interested in the deep details of trading derivatives.
Review: One of a kind - The book is a difficult read the first time around while you get used to Taleb's style. It is because his style is so refreshingly different from everything published on the subject before and 10 years later I don't see anything that comes close. If you are a beginner, get the basic option math down (Hull) then read Taleb, and be patient. I have the original edition and have read it several times from cover to cover and I don't see the "numerous" errors several reviewers are complaining about. There are a few very obvious typos towards the end of the book, but all the conclusions and intuition is right. If you think it's wrong, it's most likely you, not the book. Go reread it and think about it, you will get it and you will want to thank Taleb for making you think. I am a vol trader and I use this book to filter out idiots. If this book ticks you off, you don't have a makeup of a trader. Do yourself a favor and find something else to do. People who give this book a negative review are most frequently quants. His criticism towards guants has a purpose - it is to make you as an impressionable young trader aware that a person with a PhD does not have all the answers, and that you should not be intimidated and use your own head. If this ticks quants off then so be it. The book is not for them.

## Technical Specifications

| Specification | Value |
|---------------|-------|
| Best Sellers Rank | #74,313 in Books ( See Top 100 in Books ) #23 in Financial Risk Management (Books) #47 in Options Trading (Books) #546 in Economics (Books) |
| Customer Reviews | 4.4 4.4 out of 5 stars (181) |
| Dimensions  | 7.3 x 1.3 x 10.1 inches |
| Edition  | 1st |
| ISBN-10  | 0471152803 |
| ISBN-13  | 978-0471152804 |
| Item Weight  | 2.31 pounds |
| Language  | English |
| Print length  | 528 pages |
| Publication date  | January 14, 1997 |
| Publisher  | Wiley |

## Images

![Dynamic Hedging: Managing Vanilla and Exotic Options - Image 1](https://m.media-amazon.com/images/I/61sNx+6im1L.jpg)

## Customer Reviews

### ⭐⭐⭐⭐⭐ Advanced Text on Derivatives Trading
*by B***C on May 31, 2014*

Taleb is one arrogant dude who loves flooding his books with archaic words which were last employed in the English Language by Geoffrey Chauncer. But alas, Dynamic Hedging is a strong advanced text which goes through many nuanced topics. For example, he makes some good points on managing option greeks. Some chapters I really enjoyed which are hugely important in practice that you don't learn in any classroom: soft American options, discrete delta vs continuous delta, fungibility. Just a warning that you might have to read over sections multiple times before you digest ideas. For example, for american options, you can tend to think of the early exercise having some sensitivity to interest rates (as rates go higher, it becomes more optimal to exercise puts and less optimal to exercise calls), so in some circumstances, the early exercise provision of american option is actually an option on rates. Also, every mathematician teaches delta as a continuous derivative d[option value]/d[spot], but really what's important is to the know the delta at discrete intervals since no one hedges continuously and also since in a real options book the greek sensitivities might flip or go through extreme changes over discrete intervals. Just some great material which makes you think hard. The structure of the book jumps over the place, but mainly Taleb is focused on options, volatility, and exotics. So not exactly a good book on vanilla rates or commodities for example. This text is certainly one I keep as a reference guide on my desk. As a sign of its value, everytime I read it, I do learn something new. I rated it highly based solely on the excellent and juicy material but the writing style is really horrible. Not for beginners but a great read for anyone interested in the deep details of trading derivatives.

### ⭐⭐⭐⭐⭐ One of a kind
*by P***C on May 21, 2009*

The book is a difficult read the first time around while you get used to Taleb's style. It is because his style is so refreshingly different from everything published on the subject before and 10 years later I don't see anything that comes close. If you are a beginner, get the basic option math down (Hull) then read Taleb, and be patient. I have the original edition and have read it several times from cover to cover and I don't see the "numerous" errors several reviewers are complaining about. There are a few very obvious typos towards the end of the book, but all the conclusions and intuition is right. If you think it's wrong, it's most likely you, not the book. Go reread it and think about it, you will get it and you will want to thank Taleb for making you think. I am a vol trader and I use this book to filter out idiots. If this book ticks you off, you don't have a makeup of a trader. Do yourself a favor and find something else to do. People who give this book a negative review are most frequently quants. His criticism towards guants has a purpose - it is to make you as an impressionable young trader aware that a person with a PhD does not have all the answers, and that you should not be intimidated and use your own head. If this ticks quants off then so be it. The book is not for them.

### ⭐⭐⭐⭐⭐ Taleb Is Fantastic Here!
*by B***Y on August 13, 2020*

Excellent! This book is about how to avoid the absorbing barrier of bankruptcy! Taleb does an excellent job of covering the practical and mathematical (in a practical way) properties of options trading. There are no recommendations about volatility spreads but you will learn more about how vol, the Greeks, and time impact your P/L than you thought possible. The most interesting things discussed were the practical uses and impacts of unexpected market shifts and the consequences to the trader (liquidity holes, huge change in pricing and the impact on the traders portfolio, the limitations of Black scholes and delta hedges... when and how to use them). I bet you have never thought about the 7th derivative of an option contract and how it affects you P/L. Taleb discusses how to deal with all of these issues and much more. Build an anti-fragile portfolio. Excellent guide on the properties of options and their impact on your portfolio! Thanks Nassim!

## Frequently Bought Together

- Dynamic Hedging: Managing Vanilla and Exotic Options
- Option Volatility and Pricing: Advanced Trading Strategies and Techniques, 2nd Edition
- Options, Futures, and Other Derivatives, Global Edition

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*Product available on Desertcart Iceland*
*Store origin: IS*
*Last updated: 2026-02-23*