Readers reviews of LEVERAGE YOUR INVESTMENT IDEAS WITH WARRANTS
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This handbook provides a limited view from the other side of the warrant
market. It is an excellent reference for understanding the theoretical
structure of warrants, how they are priced by the warrant issuers, and how
their idea of fair pricing changes. In part this is a very good background to
warrants and ought to be used as a supplement to the risk disclosure warrant
information provided to clients prior to obtaining approval to trade.
For those already trading warrants, the book is still very useful because in
many parts it is written from the issuers perspective. This provides an
opportunity to understand how they see the market, how they view their
obligations as market makers, and how they use the same terms as we do, but
with some very important differences. Issuers are less than transparent about
how they ‘make the market’ and this is the first book to look at this aspect
of warrant activity in any detail. This makes it particularly useful.
Despite the excellent coverage of the detail of the subject, the reader is
still left with the impression that the warrant issuers have kindly created a
product as a service to the investing and trading community. Of course,
nothing is further from the truth. Warrants are a profitable product for the
warrant issuers and unless traders understand how the issuers make money then
they are at a disadvantage. It is unfortunate that this book does not answer
this question at all. This omission leaves a very good book incomplete in a
Traders wanting to understand how to trade warrants in a practical way will
not find this type of information. A scant two and a half pages are formally
devoted to Warrant Risks. Experienced traders have written several long
chapters of the impact of the gap between warrant theory and warrant trading
Traders wanting to understand the theoretical basis of the warrant market will
find this book invaluable. It is clearly explained and this makes the book an
excellent starting point.
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