Average Reviews:
(More customer reviews)I have read this text from cover to cover twice. It is much easier to understand its organization the second time around. The reviewer who complained that it feels disjointed perhaps simply didn't connect with the key messages running through the book. Having assumed (incorrectly) that the intro chapters were a bunch of fluff typical of these texts, I glossed over the intro the first time around. You'll benefit greatly if you scan the book, then go re-read the intro. It's all there put together painstakingly by an author who must have spent an inordinate amount of care and effort trying to make his points clear.
Another reviewer complains that it's verbose. Perhaps, but Rebonato really drives his points home by explaining the same thing from multiple angles and repeats himself at just the right points to keep you on the right track. I can see how somebody impatient can get annoyed by it, but if you are willing to invest time and read his prose - especially the intro chapters - carefully, the insight gained is definitely worth it. Not verbose at all in my view. Every paragraph has a purpose if you understand what he's trying to communicate.
It's an advanced text. Don't waste your time if you just learned what a call option it. There are more relevant texts for you out there. You should also have covered basics of stochastic calculus (see Neftci for one). For somebody who has traded vol and wanted to go deeper this book is pure gold. I love it as much as I love Taleb's Dynamic Hedging, albeit Taleb is much less formal and rigorous. What's common betw the two is the depth of original insight relevant to a trader not typically found in the sea of literature on derivs.
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