The Manager’s Bookshelf

The following books represent “must haves” about energy risk management on your office bookshelf, according to author John Wengler of R. W. Beck, who wrote EL&P’s July “Power Pointers.”

To read “Power Pointers,” visit this web address:

Bernstein, Peter, Against the Gods: The Remarkable Story of Risk, John Wiley & Sons, 1996.
The perfect holiday or birthday present for your manager. Fun-to-read introduction to how humans feel about risk. No equations! An audio version is even available.

Hull, John C., Options, Futures, and Other Derivative Securities, Prentice-Hall, Inc., Englewood Cliffs, NJ, 1993.
The “Blue Book” that is now golden. The Basic Text. A well-written text for those wanting to understand derivatives theory by looking under the hood.

Jarrow, Robert and Turnbull, Stuart, Derivative Securities, South-Western College Publishing, 1996.
Written for MBA students, this encyclopedia of futures and options is a great reference for the generalist.

Pilipovic, Dragana, Energy Risk: Valuing and Managing Energy Derivatives, McGraw-Hill, 1998.
A leading book in the energy market. This book details how energy markets differ from money markets and provides new tools to handle these differences.

Wengler, John, Managing Energy Risk: A Nontechnical Guide to Markets and Trading, PennWell, 2001.
Written for the business generalist with a focus on risk management policies and procedures. Very few equations; great overview of topic.

Wilmott, Paul, Derivatives: The Theory and Practice of Financial Engineering, John Wiley & Sons, 1998.
A comprehensive reference for generalists wanting to become specialists.
Source: Wengler, John, Managing Energy Risk, PennWell Books, April 2001, Table 1-2.

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