Title: Second best book on Mathematics of Derivatives
Review: Baxter and Rennie did an excellent job in explaining the mathematics behind financial derivatives in a concise way. It's definitely the best book on the subject apart from Neftci's "An Introduction to the Mathematics of Financial Derivatives". Baxter and Rennie spend more time on probabilities than Neftci. One word on introductionary books on the mathematics of derivatives. Introductionary is meant for people who have a strong mathematical / quantitative background. For all the others, a book like "Quantitative Methods in Finance" might be a better book to start with.
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