Market Tremors av Hari P. Krishnan, Ash Bennington

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<p>Since the Global Financial Crisis,  the structure of financial markets has undergone a dramatic shift. Modern markets have been "zombified" by a combination of Central Bank policy, disintermediation of commercial banks through regulation, and the growth of passive products such as ETFs.  Increasingly, risk builds up beneath the surface, through a combination of excessive leverage and crowded exposure to specific asset classes and strategies.  In many cases, historical volatility understates prospective risk.</p>This book provides a practical and wide ranging framework for dealing with the credit, positioning and liquidity risk that investors face in the modern age.  The authors introduce concrete techniques for adjusting traditional risk measures such as volatility during this era of unprecedented balance sheet expansion.<p></p><p>When certain agents in the financial network behave differently or in larger scale than they have in the past, traditional portfolio t