Back to the Futures Book Reviews

Back to the Futures by Scott Irwin Book Summary

Named one of the 100 best non-fiction books of 2023 by Inc. magazine!! Whoever said learning about futures markets had to be boring? Futures markets are a mystery. Fortunes are made and lost in these markets, yet most people know little about how they work. In Back to the Futures, agricultural economist Scott Irwin explains why it’s essential to understand futures markets, whether you’re talking about grain, cattle, or the largest market of them all—crude oil. These massive markets lie at the heart of our economy, affecting us all. Irwin’s engaging storytelling style brings the madcap world of futures trading to life, drawing you in by sharing his wild, life-threatening adventures with motorcycles, snowmobiles, race cars, farm equipment, and renegade cows while growing up on an Iowa farm. Back to the Futures will keep you riveted as he explains how to reduce risk in today’s intense arena of commodity trading. This unique book brings in other experts as well, such as Terry Duffy, CEO of the CME Group (the largest commodity trading exchange in the world), and Leo Melamed, the man who revolutionized the market with electronic trading. Together, these experts combine their knowledge and experiences to provide clarity on the following topics: Why future markets are crucial for farmers and consumers. The critical role future markets play in our financial system. The role speculators play in making these markets work. And much more. Commodity futures trading has become a vital part of doing business in America. So, get ready to learn something new–and don’t be surprised if you find yourself highly entertained along the journey! “Irwin tells three parallel stories in this eclectic memoir: his wild risk-taking as a youth, the nature of futures speculation as a kind of rationally managed embracing of risk, and his own experience as an agricultural economist defending futures speculation. This last element forms the core of the memoir: As a counterpoint to the popular caricature of futures speculators as “villains” who befoul the market through their “sinister manipulations,” he accessibly presents them as necessary and largely helpful participants in the market… In the main, Irwin convincingly argues, they assist the market in the management and distribution of risk, inject much-needed liquidity, and, since they must contend with considerable exposure to financial danger, they enhance the market’s overall rationality. Irwin’s outline of the futures market is remarkably clear and should be comprehensible even for those with a modest background in economics. The text is written in an engaging, personal, anecdotal style that adds a human element to material that, by its very nature, threatens to become academically dry; it’s hard to imagine a more enjoyably readable book about the subject.” ---Kirkus Reviews “Irwin’s approach to his subject is oblique, charming, and effective. Unlike a typical finance author, he shares stories of risky behavior and near-death experiences from his younger days, using each as a launching pad for another lesson about commodities futures. That format, which might seem to risk being clunky or contrived, instead flows smoothly and offers suspense, humor, and real-world action—even including examples from popular movies to illuminate the workings of the futures market—to balance out the intellectual side of the book. The prose is delivered in a strong, knowledgeable, yet humble voice that paints a vivid picture of young Irwin’s town, friends, and neighbors…Irwin has a gift for clear, simple examples, as when he explains “cornering the market” through the popular card game of Hearts… In all, Back to the Futures is a unique, fun, and educational guide to understanding commodities futures.” ---Blue Ink Review

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Back to the Futures (Scott Irwin) Book Reviews 2024

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