Book Description
Futures markets are a mystery. For many people, their only knowledge of futures markets comes from two movies: Ferris Bueller's Day Off, where Ferris and his friends visit a futures trading pit in Chicago; and Trading Places, where Eddie Murphy and Dan Akyroyd strike it big in futures contracts for oranges.Little do people know but futures markets sit at the center of the American economy. They keep commodity markets healthy, whether you're talking about grain, cattle, or the largest market of them all-crude oil. But futures markets are misunderstood, especially when it comes to the critical role played by speculators. In Back to the Futures, agricultural economist Scott Irwin describes how these massive markets work, but he does it in a compelling and unexpected way. He'll keep you riveted by his madcap, near-death experiences involving motorcycles, snowmobiles, race cars, farm equipment, tornadoes, and renegade steers and cows. In the process, you'll learn the ins and outs of the equally perilous realm of futures trading.We live in a risk-filled world, and Back to the Futures makes a convincing case for using futures markets to reduce risk in the intense arena of commodity trading. In 2007-08, Irwin emerged as one of the chief defenders of futures markets during the financial crisis, when grain and crude oil prices skyrocketed. He is one of the foremost authorities on commodity markets, but Back to the Futures also brings in other experts, such as Terry Duffy, CEO of the CME Group, the largest commodity trading exchange in the world, worth $75 billion, and Leo Melamed, the man who revolutionized the market with electronic trading. So, hang on tight as you enter the colorful world of trading pits, pressure-packed deals, and rampaging animals. Back to the Futures is a business book like no other.
