Rating: 
Summary: A Great Book for a Non-Academic
Review: Along with Paul Wilmott's books, I used this book to solidify my understanding of derivatives pricing. This book is accessible to those with elementary calculus and probability college courses.A must-have for those who want to understand the nuts-and-bolts of math behind derivatives pricing.
Rating:
Summary: Still the best Intro I've seen on the subject
Review: Author finally added much neeeded exercises, and has expanded book by 7 new chapters. Make sure you get the solutions manual to ensure you're doing them correctly.
Rating: 
Summary: What is the practical use ?
Review: Doing a stochastic calculus course during my MSc at ISMA Centre I used this book. However, I found that it lacks a great amount of depths. You can't use it as a substitute for the real literature on stochastic calculus. If you want to play in the premier league don't waste your time discovering all the little mistakes in the book. Just use it when you are completely lost!
Rating:
Summary: Excellent introductory book for derivatives' math
Review: Excellent book for derivative pricing methods' background. Most of for-the-MBA-course titles lacks the introductory explanations for the mathematical/stochastic underlyings of derivative pricing as stochastic calculus &c. Prof. Neftci's book fills that gap. Along it, with Hull's (I wait the next edition) and Duffie's book (for quants) you get the complete solution for the background of derivatives' math. I was following Prof. Neftci's articles in the newspapers, his book is as sound as these articles.
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Summary: Comprehensive analysis of derivative mathematics.
Review: Finally, I have discovered the most comprehensive book on derivative pricing and structuring I could imagine. For some time now I have been looking for a companion to Hull to detail the processes, theory and mathematics involved in derivative pricing which has either been forgotten or not studied. The level at which the book is pitched is superb - it starts low enough to be grasped with little advanced mathematical knowledge, but advances rapidly in depth to please those advanced in mathematics and finance. I have not been through the book thoroughly enough to comment on errors, but in its second edition I would assume many of the errors in the 1st edition have been resolved. With seven new chapters, exercises and most of the 1st editions 15 chapters revised and expanded, it is without doubt the best book on derivative mathematics I have bought.
Rating: 
Summary: Good first intro for those interested in the maths behind...
Review: For those that want to begin somewhere and learn about the mathematics behind financial derivatives this is a good place to start. Although it lacks mathematical rigour it will give you a good idea of what is going on behind the equations and the mathematical jargon to be encountered in more advanced textbooks.
Rating:
Summary: Great book, Look for the Solutions Guide to the Exercises
Review: Great book! However, solutions guide (is not yet available).I loved the first edition of this book, and have read most of thesecond. I worked through some of the book's exercises, but need the solutions guide to ensure I'm answering them correctly. Hopefully, publisher will allow these to be sold. Looks like author took account of our book reviews when he revised the text. Salih Neftci, keep up the good work. END
Rating: 
Summary: how could this book become a classic?
Review: I am seriously disappointed by this book. Considering it is directed to a non-specialist audience, you would expect it to be not too precise but at least clear and well written. However, the style is seriously sloppy - just look at the amount of footnotes, there's one per page. Language is also very imprecise: for example, 'impredicatble' is often used to signify something with zero expectation, which could really confuse a beginner. The cahpter on Girsanov's theorem has a couple of nice intuitions but it is deeply flawed. If you compare the statement of the theorem with Karatzas and Shreve you'll see Neftci has copied it shamelessly, but taking it out of context. As a consequence, the probability measure on the sample space and those induced by random variables on the real line are confused. I don't think this book will put anyone in a position to use what it aims to teach. I agree with others who suggested Baxter and Rennie or Bjork as books of comparable level but much much better written.
Rating:
Summary: Disgusting!
Review: I am so disgusted by this book that I am unable to write a "civilized" review. There is not even a single semi-positive thing about this piece of utter garbage (actually I take it back, the cover looks good!).
The "reader from London" under "Look elsewhere"'s review is very accurate. I could't say it any better, first because I am not as eloquent as he is, next because as I said earlier I cannot control my nerves when talking about this piece of junk.
Rating:
Summary: Excellent book for beginners
Review: I came across this book in the library and found it to be absolutely stunning in its simple exposition of financial calculus. This book is highly suited for those interested in furthering their knowledge of derivatives beyond the undergraduate level. A must for any student of derivatives jus starting out.
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