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 About Donald

Don founded Kamakura Corporation in April 1990 and currently serves as its chairman and chief executive officer where he focuses on enterprise wide risk management and modern credit risk technology. His primary financial consulting and research interests involve the practical application of leading edge financial theory to solve critical financial risk management problems. Don was elected to the 50 member RISK Magazine Hall of Fame in 2002 for his work at Kamakura. Read More

 Now Available

An Introduction to Derivative Securities, Financial Markets, and Risk ManagementAdvanced Financial Risk Management, 2nd ed.

 Contact Us
Kamakura Corporation
2222 Kalakaua Avenue

Suite 1400
Honolulu HI 96815

Phone: 808.791.9888
Fax: 808.791.9898

Americas, Canada
James McKeon
Director of USA Business Solutions
Phone: 215.932.0312

Andrew Zippan
Director, North America (Canada)
Phone: 647.405.0895
Asia, Pacific
Clement Ooi
President, Asia Pacific Operations
Phone: +65.6818.6336

Australia, New Zealand
Andrew Cowton
Managing Director
Phone: +61.3.9563.6082

Europe, Middle East, Africa
Jim Moloney
Managing Director, EMEA
Phone: +

Tokyo, Japan
3-6-7 Kita-Aoyama, Level 11
Minato-ku, Tokyo, 107-0061 Japan
Toshio Murate
Phone: +03.5778.7807

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Technical Business Consultant – ASPAC
Asia Pacific Region
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Asia Pacific Region


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Europe, North America, Asia & Australia 



Kamakura Blog


Throughout the 2007-2009 credit crisis, we’ve heard “too big to fail” over and over again.  Somewhat less frequently, we’ve heard “too small to succeed,” a phrase about those banks who were in trouble but not big enough to be rescued by the U.S. government.  What these troubled times call for are banks that are “Too smart to fail.”  This blog looks at what it takes to meet that standard.

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The U.S. Treasury has just publicized a review of the Treasury’s methodologies for valuation warrants issued to the Treasury as compensation for the government rescues of distressed financial institutions.  Kamakura’s Managing Director for Research Robert A. Jarrow was retained by the Treasury to author this review.  We summarize Professor Jarrow’s insights and add comments in this blog.

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Today’s blog is a request for help from our loyal readers. I am writing on behalf of my Harvard classmate and fellow director of Kamakura Corporation, Dean V. Vance Roley of the Shidler College of Business at the University of Hawaii.  We would like to call your attention to two very generous scholarships available to students from Japan for the Masters in Financial Engineering Program at the University of Hawaii. 

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Joseph Tibman’s The Murder of Lehman Brothers is a great complement to Lawrence G. McDonald’s A Colossal Failure of Common Sense.  This blog is a reflection on Lehman and the points that Joe Tibman raises.

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Our post on October 15, 2009 on glass boxes versus black boxes has prompted a lot of feedback.  Three loyal readers provide feedback today on the danger of black boxes in risk management, why they’ve persisted as long as they have, and how risk management fits in.

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