description: a type of structured asset-backed security whose value and payments are derived from a portfolio of fixed-income underlying assets.
269 results
by Alexander Davidson · 1 Apr 2008 · 368pp · 32,950 words
in another. We focus on concerns about credit risk, triggered by defaults in US sub-prime mortgages, which are packaged in the bond market as collateralised debt obligations and are hedged by derivatives. The commercial insurance market now claims that it is underwriting more cautiously than in the past. In this book
by Andrew Jackson (economist) and Ben Dyson (economist) · 15 Nov 2012 · 363pp · 107,817 words
banking made possible by securitisation. Securitisation is the practice of pooling multiple loans (including mortgages) together, and then selling these consolidated loans to investors as Collateralised Debt Obligations (CDOs). The bank receives an upfront payment, and the investors receive a stream of income over the life of the financial instrument. The bank
by John Kay · 2 Sep 2015 · 478pp · 126,416 words
economic stability. In retrospect, the critical development during this period was the growth in trade in asset-backed securities, especially mortgage-backed securities, and subsequently collateralised debt obligations, between financial institutions. A false belief in the security provided by such packaging stimulated demand for these assets. Further reassurance appeared to be provided
by Pierre Vernimmen, Pascal Quiry, Maurizio Dallocchio, Yann le Fur and Antonio Salvi · 16 Oct 2017 · 1,544pp · 391,691 words
, except when it is cov-lite (covenant light). When the debt amount is high, the loan will be syndicated to several banks (see Chapter 25). Collateralised debt obligation (CDO) funds have been created, which subscribed or bought tranches of LBO debt whose shareholders are mainly insurance companies, hedge funds and pension funds
by Mervyn King · 3 Mar 2016 · 464pp · 139,088 words
debt – hence their name ‘derivatives’. To increase their yield, banks created instruments that comprised highly risky and often opaque structures with obscure names such as ‘collateralised debt obligations’. The average rate of return on a risky asset is higher than that on a safe asset, such as a US or UK government
by Nicholas Shaxson · 10 Oct 2018 · 482pp · 149,351 words
times and spoke rapturously of the ‘massively favourable trends’ of easy credit, along with ‘public/private partnerships, specialised credit-based funds and funds of funds, collateralised debt obligations, collateralised loan obligations, credit default swaps, special purpose vehicles’ and many other mechanisms for taking on risk. Those were the very instruments that were
by Robert P. Baker · 4 Oct 2015
systems quickly and accurately. Post In an age where communication happens instantaneously, it may seem curious that some trades are still executed by post. Cashflow collateralised debt obligations, for example, might have contracts running to hundreds of pages, comprising legal ISDA agreements and precisely defining complicated cash waterfalls for the movement of
by Alexis Stenfors · 14 May 2017 · 312pp · 93,836 words
there or in memory alone. ABBREVIATIONS ACI Association Cambiste Internationale BBA British Bankers’ Association BBAIRS BBA Interest Rate Settlement BIS Bank for International Settlements CDO collateralised debt obligation CDOR Canadian Dollar Offered Rate CDS credit default swap CEO chief executive officer CIA Central Intelligence Agency CIBOR Copenhagen Interbank Offered Rate CME Chicago
by Josh Ryan-Collins, Tony Greenham, Richard Werner and Andrew Jackson · 14 Apr 2012
side. Since capital usually is less than a tenth of assets, which include bank loans, sovereign debt, and derivatives such as Exchange Traded Funds* and Collateralised Debt Obligations† a 10 per cent default of loans would wipe out all capital and render the bank insolvent. A smaller loss would leave it in
by Guy Hands · 4 Nov 2021 · 341pp · 107,933 words
Citigroup’s Consumer Lending Group, had begun warning the board that they had a problem. Like most other financial conglomerates, Citigroup held massive portfolios of collateralised debt obligations (CDOs) and mortgage-backed securities (MBSs) – the majority of which were subprime. The company had used elaborate mathematical risk models that looked at mortgages
by Kevin Rodgers · 13 Jul 2016 · 318pp · 99,524 words
by Will Hutton · 30 Sep 2010 · 543pp · 147,357 words
by Faisal Islam · 28 Aug 2013 · 475pp · 155,554 words
by Lionel Barber · 3 Oct 2024 · 424pp · 123,730 words
by Ian Dunt · 15 Oct 2020
by Kevin Phillips · 31 Mar 2008 · 422pp · 113,830 words
by Ann Pettifor · 27 Mar 2017 · 182pp · 53,802 words
by Kariappa Bheemaiah · 26 Feb 2017 · 492pp · 118,882 words
by David Harvey · 1 Jan 2010 · 369pp · 94,588 words
by Tony Norfield · 352pp · 98,561 words
by Geert Mak · 27 Oct 2021 · 722pp · 223,701 words
by David Harvey · 3 Apr 2014 · 464pp · 116,945 words
by Iain Martin · 11 Sep 2013 · 387pp · 119,244 words
by Peter Oppenheimer · 3 May 2020 · 333pp · 76,990 words
by Lionel Barber · 5 Nov 2020
by William Quinn and John D. Turner · 5 Aug 2020 · 297pp · 108,353 words
by John Plender · 27 Jul 2015 · 355pp · 92,571 words
by Satyajit Das · 15 Nov 2006 · 349pp · 134,041 words
by Grace Blakeley · 9 Sep 2019 · 263pp · 80,594 words
by Andrew Sayer · 6 Nov 2014 · 504pp · 143,303 words
by Felix Martin · 5 Jun 2013 · 357pp · 110,017 words
by Stewart Lansley · 19 Jan 2012 · 223pp · 10,010 words
by Noah Berlatsky · 19 Feb 2010
by Tim Harford · 1 Jun 2011 · 459pp · 103,153 words
by Peter Gutmann
by Joris Luyendijk · 14 Sep 2015 · 257pp · 71,686 words
by Nick Harkaway · 18 Oct 2017 · 778pp · 239,744 words
by Brett Scott · 4 Jul 2022 · 308pp · 85,850 words
by James Ball · 19 Aug 2020 · 268pp · 76,702 words
by William D. Cohan · 15 Nov 2009 · 620pp · 214,639 words
by Andrew Ross Sorkin · 15 Oct 2009 · 351pp · 102,379 words
by Kwasi Kwarteng, Priti Patel, Dominic Raab, Chris Skidmore and Elizabeth Truss · 12 Sep 2012
by Duff McDonald · 5 Oct 2009 · 419pp · 130,627 words
by Henry M. Paulson · 15 Sep 2010 · 468pp · 145,998 words
by Mitch Feierstein · 2 Feb 2012 · 393pp · 115,263 words
by Alan S. Blinder · 24 Jan 2013 · 566pp · 155,428 words
by William D. Cohan · 11 Apr 2011 · 1,073pp · 302,361 words
by Ludwig B. Chincarini · 29 Jul 2012 · 701pp · 199,010 words
by Bethany McLean · 19 Oct 2010 · 543pp · 157,991 words
by Christine S. Richard · 26 Apr 2010 · 459pp · 118,959 words
by Timothy F. Geithner · 11 May 2014 · 593pp · 189,857 words
by Neil Irwin · 4 Apr 2013 · 597pp · 172,130 words
by Gillian Tett · 11 May 2009 · 311pp · 99,699 words
by Frank J. Fabozzi, Steven V. Mann and Moorad Choudhry · 14 Jul 2002
by Nicholas Dunbar · 11 Jul 2011 · 350pp · 103,270 words
by Scott McCleskey · 10 Mar 2011
by Benjamin Graham and David Dodd · 1 Jan 1962 · 1,042pp · 266,547 words
by Jack (edited By) Guinan · 27 Jul 2009 · 353pp · 88,376 words
by Raghuram Rajan · 24 May 2010 · 358pp · 106,729 words
by Anat Admati and Martin Hellwig · 15 Feb 2013 · 726pp · 172,988 words
by Mark Blyth · 24 Apr 2013 · 576pp · 105,655 words
by Andrew Palmer · 13 Apr 2015 · 280pp · 79,029 words
by Richard A. Brealey, Stewart C. Myers and Franklin Allen · 15 Feb 2014
by Robert Skidelsky · 13 Nov 2018
by Nouriel Roubini and Stephen Mihm · 10 May 2010 · 491pp · 131,769 words
by Katharina Pistor · 27 May 2019 · 316pp · 117,228 words
by Christopher Leonard · 11 Jan 2022 · 416pp · 124,469 words
by Satyajit Das · 14 Oct 2011 · 741pp · 179,454 words
by Andrew W. Lo · 3 Apr 2017 · 733pp · 179,391 words
by Adam Tooze · 31 Jul 2018 · 1,066pp · 273,703 words
by Roger Lowenstein · 15 Jan 2010 · 460pp · 122,556 words
by Ray Dalio · 9 Sep 2018 · 782pp · 187,875 words
by Martin Wolf · 24 Nov 2015 · 524pp · 143,993 words
by Kindleberger, Charles P. and Robert Z., Aliber · 9 Aug 2011
by Matt Taibbi · 15 Feb 2010 · 291pp · 91,783 words
by Nigel Dodd · 14 May 2014 · 700pp · 201,953 words
by Lawrence G. Mcdonald and Patrick Robinson · 21 Jul 2009 · 430pp · 140,405 words
by Edward Chancellor · 15 Aug 2022 · 829pp · 187,394 words
by Jeff Madrick · 11 Jun 2012 · 840pp · 202,245 words
by Simon Johnson and James Kwak · 29 Mar 2010 · 430pp · 109,064 words
by Sebastian Mallaby · 9 Jun 2010 · 584pp · 187,436 words
by Joshua Rosenbaum, Joshua Pearl and Joseph R. Perella · 18 May 2009 · 444pp · 86,565 words
by Ben S. Bernanke, Timothy F. Geithner and Henry M. Paulson, Jr. · 16 Apr 2019
by Frederick Sheehan · 21 Oct 2009 · 435pp · 127,403 words
by Niall Ferguson · 13 Nov 2007 · 471pp · 124,585 words
by John Cassidy · 10 Nov 2009 · 545pp · 137,789 words
by Richard Bookstaber · 1 May 2017 · 293pp · 88,490 words
by Ian Goldin and Mike Mariathasan · 15 Mar 2014 · 414pp · 101,285 words
by Russell Jones · 15 Jan 2023 · 463pp · 140,499 words
by Bethany McLean · 25 Nov 2013 · 778pp · 233,096 words
by Robert Scheer · 14 Apr 2010 · 257pp · 64,763 words
by Charles Eisenstein · 11 Jul 2011 · 448pp · 142,946 words
by James Rickards · 7 Apr 2014 · 466pp · 127,728 words
by Matt Taibbi · 8 Apr 2014 · 455pp · 138,716 words
by Danielle Dimartino Booth · 14 Feb 2017 · 479pp · 113,510 words
by David J. Leinweber · 31 Dec 2008 · 402pp · 110,972 words
by Campbell R. Harvey, Ashwin Ramachandran, Joey Santoro, Vitalik Buterin and Fred Ehrsam · 23 Aug 2021 · 179pp · 42,081 words
by Mervyn King and John Kay · 5 Mar 2020 · 807pp · 154,435 words
by Alice Schroeder · 1 Sep 2008 · 1,336pp · 415,037 words
by Kate Kelly · 14 Apr 2009 · 258pp · 71,880 words
by Alan Greenspan · 14 Jun 2007
by Michael Lewis · 1 Nov 2009 · 265pp · 93,231 words
by Antti Ilmanen · 4 Apr 2011 · 1,088pp · 228,743 words
by Jack D. Schwager · 24 Apr 2012 · 272pp · 19,172 words
by Richard Heinberg · 1 Jun 2011 · 372pp · 107,587 words
by Dominique Mielle · 6 Sep 2021 · 195pp · 63,455 words
by Kevin Mellyn · 30 Sep 2009 · 225pp · 11,355 words
by Mehrsa Baradaran · 14 Sep 2017 · 520pp · 153,517 words
by Scott Patterson · 2 Feb 2010 · 374pp · 114,600 words
by Greg Ip · 12 Oct 2015 · 309pp · 95,495 words
by Yanis Varoufakis and Paul Mason · 4 Jul 2015 · 394pp · 85,734 words
by Philip Coggan · 1 Dec 2011 · 376pp · 109,092 words
by Greg N. Gregoriou, Vassilios Karavas, François-Serge Lhabitant and Fabrice Douglas Rouah · 23 Sep 2004
by John Lanchester · 14 Dec 2009 · 322pp · 77,341 words
by Johan Norberg · 14 Sep 2009 · 246pp · 74,341 words
by David Hale and Lyric Hughes Hale · 23 May 2011 · 397pp · 112,034 words
by Philip Mirowski · 24 Jun 2013 · 662pp · 180,546 words
by Frank Pasquale · 17 Nov 2014 · 320pp · 87,853 words
by Robert J. Shiller · 1 Jan 2012 · 288pp · 16,556 words
by Richard Brooks · 23 Apr 2018 · 398pp · 105,917 words
by Ben McKenzie and Jacob Silverman · 17 Jul 2023 · 329pp · 99,504 words
by George A. Akerlof and Robert J. Shiller · 1 Jan 2009 · 471pp · 97,152 words
by Ryan Dezember · 13 Jul 2020 · 279pp · 87,875 words
by Kirsten Grind · 11 Jun 2012 · 549pp · 147,112 words
by Sebastian Mallaby · 10 Oct 2016 · 1,242pp · 317,903 words
by Steven Drobny · 18 Mar 2010 · 537pp · 144,318 words
by Bruce Cannon Gibney · 7 Mar 2017 · 526pp · 160,601 words
by Jeff Faux · 16 May 2012 · 364pp · 99,613 words
by John A. Allison · 20 Sep 2012 · 348pp · 99,383 words
by Gregory Zuckerman · 3 Nov 2009 · 342pp · 99,390 words
by Tim Lee, Jamie Lee and Kevin Coldiron · 13 Dec 2019 · 241pp · 81,805 words
by James Rickards · 10 Nov 2011 · 381pp · 101,559 words
by Edward O. Thorp · 15 Nov 2016 · 505pp · 142,118 words
by Louis Hyman · 24 Jan 2012 · 251pp · 76,128 words
by Stephen D. King · 22 May 2017 · 354pp · 92,470 words
by Katrina Vanden Heuvel and William Greider · 9 Jan 2009 · 278pp · 82,069 words
by Matt Ridley · 17 May 2010 · 462pp · 150,129 words
by Richard A. Posner · 30 Apr 2009 · 305pp · 69,216 words
by Anastasia Nesvetailova and Ronen Palan · 28 Jan 2020 · 218pp · 62,889 words
by Frank J. Fabozzi · 25 Feb 2008 · 923pp · 163,556 words
by David Carey · 7 Feb 2012 · 421pp · 128,094 words
by Greg Farrell · 2 Nov 2010 · 526pp · 158,913 words
by Joyce Appleby · 22 Dec 2009 · 540pp · 168,921 words
by Alain Ruttiens · 24 Apr 2013 · 447pp · 104,258 words
by Rana Foroohar · 16 May 2016 · 515pp · 132,295 words
by David Enrich · 18 Feb 2020 · 399pp · 114,787 words
by Philip Coggan · 1 Jul 2009 · 253pp · 79,214 words
by Harold James · 15 Jan 2023 · 469pp · 137,880 words
by Daron Acemoglu and James A. Robinson · 23 Sep 2019 · 809pp · 237,921 words
by Paul Wilmott · 3 Jan 2007 · 345pp · 86,394 words
by Byrne Hobart and Tobias Huber · 29 Oct 2024 · 292pp · 106,826 words
by Kevin Mellyn · 18 Jun 2012 · 183pp · 17,571 words
by Tamim Bayoumi · 405pp · 109,114 words
by George R. Tyler · 15 Jul 2013 · 772pp · 203,182 words
by Adam Zoia and Aaron Finkel · 8 Feb 2008 · 192pp · 75,440 words
by Jack D. Schwager · 5 Oct 2012 · 297pp · 91,141 words
by Stephen D. King · 17 Jun 2013 · 324pp · 90,253 words
by Jesse Norman · 30 Jun 2018
by George Packer · 4 Mar 2014 · 559pp · 169,094 words
by Erwann Michel-Kerjan and Paul Slovic · 5 Jan 2010 · 411pp · 108,119 words
by Adrian Wooldridge and Alan Greenspan · 15 Oct 2018 · 585pp · 151,239 words
by Philip Augar · 4 Jul 2018 · 457pp · 143,967 words
by Ha-Joon Chang · 1 Jan 2010 · 365pp · 88,125 words
by Richard R. Lindsey and Barry Schachter · 30 Jun 2007
by Maneet Ahuja, Myron Scholes and Mohamed El-Erian · 29 May 2012 · 302pp · 86,614 words
by Meghnad Desai · 15 Feb 2015 · 270pp · 73,485 words
by Mark Greif · 5 Sep 2016 · 319pp · 103,707 words
by Nouriel Roubini · 17 Oct 2022 · 328pp · 96,678 words
by Greg Smith · 21 Oct 2012 · 304pp · 99,836 words
by Steven G. Mandis · 9 Sep 2013 · 413pp · 117,782 words
by Paul Roberts · 1 Sep 2014 · 324pp · 92,805 words
by Chris Burniske and Jack Tatar · 19 Oct 2017 · 416pp · 106,532 words
by Hedrick Smith · 10 Sep 2012 · 598pp · 172,137 words
by Colin Lancaster · 3 May 2021 · 245pp · 75,397 words
by Thomas Schneeweis, Garry B. Crowder and Hossein Kazemi · 8 Mar 2010 · 317pp · 106,130 words
by Michael Lewis · 2 Oct 2011 · 180pp · 61,340 words
by David Boyle and Andrew Simms · 14 Jun 2009 · 207pp · 86,639 words
by Thomas Frank · 16 Aug 2011 · 261pp · 64,977 words
by Kwasi Kwarteng · 12 May 2014 · 632pp · 159,454 words
by Linda McQuaig · 1 May 2013 · 261pp · 81,802 words
by James Owen Weatherall · 2 Jan 2013 · 338pp · 106,936 words
by David Boyle · 15 Jan 2014 · 367pp · 108,689 words
by Colin Read · 16 Jul 2012 · 206pp · 70,924 words
by Yuval Noah Harari · 9 Sep 2024 · 566pp · 169,013 words
by Christopher Steiner · 29 Aug 2012 · 317pp · 84,400 words
by Torben Iversen and David Soskice · 5 Feb 2019 · 550pp · 124,073 words
by Mary Childs · 15 Mar 2022 · 367pp · 110,161 words
by Aja Raden · 10 May 2021 · 291pp · 85,822 words
by Alice Ross · 19 Nov 2020 · 197pp · 53,831 words
by Varun Sivaram · 2 Mar 2018 · 469pp · 132,438 words
by David Harvey · 3 Apr 2012 · 206pp · 9,776 words
by Joshua Green · 17 Jul 2017 · 296pp · 78,112 words
by Arianna Huffington · 7 Sep 2010 · 300pp · 78,475 words
by Klaus Schwab and Peter Vanham · 27 Jan 2021 · 460pp · 107,454 words
by George Gilder · 30 Apr 1981 · 590pp · 153,208 words
by Jamie Bronstein · 29 Oct 2016 · 332pp · 89,668 words
by Dan Ariely · 19 Feb 2007 · 383pp · 108,266 words
by Martin Ford · 4 May 2015 · 484pp · 104,873 words
by Irene Aldridge · 1 Dec 2009 · 354pp · 26,550 words
by Turney Duff · 3 Jun 2013 · 262pp · 93,987 words
by Ha-Joon Chang · 26 May 2014 · 385pp · 111,807 words
by Matthew B. Crawford · 29 Mar 2015 · 351pp · 100,791 words
by Richard Brooks · 2 Jan 2014 · 301pp · 88,082 words
by Anna Minton · 31 May 2017 · 169pp · 52,744 words
by Don Tapscott and Anthony D. Williams · 28 Sep 2010 · 552pp · 168,518 words
by Mike Scotti · 14 May 2012 · 287pp · 92,118 words
by Daniel Gross · 7 May 2012 · 391pp · 97,018 words
by Richard A. Clarke · 10 Apr 2017 · 428pp · 121,717 words
by Rob Kitchin · 25 Aug 2014
by Daniel Markovits · 14 Sep 2019 · 976pp · 235,576 words
by Catherine Lutz and Anne Lutz Fernandez · 5 Jan 2010 · 269pp · 104,430 words
by Justin Fox · 29 May 2009 · 461pp · 128,421 words
by Klaus Schwab · 7 Jan 2021 · 460pp · 107,454 words
by Dr. Dan Ariely and Jeff Kreisler · 7 Nov 2017 · 302pp · 87,776 words
by Nate Silver · 31 Aug 2012 · 829pp · 186,976 words
by Jeff Rubin · 2 Sep 2013 · 262pp · 83,548 words
by Duff McDonald · 24 Apr 2017 · 827pp · 239,762 words
by David Pilling · 30 Jan 2018 · 264pp · 76,643 words
by Sandra Navidi · 24 Jan 2017 · 831pp · 98,409 words
by Bethany McLean · 13 Sep 2015 · 160pp · 6,876 words
by Stephen D. King · 14 Jun 2010 · 561pp · 87,892 words
by David Gelles · 30 May 2022 · 318pp · 91,957 words
by Dean Starkman · 1 Jan 2013 · 514pp · 152,903 words
by Cathy O'Neil · 5 Sep 2016 · 252pp · 72,473 words
by Ajay Agrawal, Joshua Gans and Avi Goldfarb · 16 Apr 2018 · 345pp · 75,660 words
by Zeke Faux · 11 Sep 2023 · 385pp · 106,848 words
by Glenn Greenwald · 11 Nov 2011 · 283pp · 77,272 words
by Howard Marks · 30 Sep 2018 · 302pp · 84,428 words
by Kevin Roose · 18 Feb 2014 · 269pp · 83,307 words
by Adam Kucharski · 23 Feb 2016 · 360pp · 85,321 words
by David Graeber · 14 May 2018 · 385pp · 123,168 words
by Daniel Brook · 18 Feb 2013 · 489pp · 132,734 words
by Adrian Wooldridge · 29 Nov 2011 · 460pp · 131,579 words
by Tim O'Reilly · 9 Oct 2017 · 561pp · 157,589 words
by John C. Bogle · 30 Jun 2012 · 339pp · 109,331 words
by Astra Taylor · 4 Mar 2014 · 283pp · 85,824 words
by Stanley McChrystal and Anna Butrico · 4 Oct 2021 · 489pp · 106,008 words
by Steven D. Levitt and Stephen J. Dubner · 19 Oct 2009 · 302pp · 83,116 words
by Rod Hill and Anthony Myatt · 15 Mar 2010
by David Graeber · 3 Feb 2015 · 252pp · 80,636 words
by Parag Khanna · 18 Apr 2016 · 497pp · 144,283 words
by Anita Raghavan · 4 Jun 2013 · 575pp · 171,599 words
by Michael Lewis · 30 Mar 2014 · 250pp · 87,722 words
by David Gerard · 23 Jul 2017 · 309pp · 54,839 words
by Robert Bryce · 26 Apr 2011 · 520pp · 129,887 words
by Tim Harford · 3 Oct 2016 · 349pp · 95,972 words
by Frank Partnoy · 15 Jan 2012 · 342pp · 94,762 words
by Greg Palast · 14 Nov 2011 · 493pp · 132,290 words
by Raj Patel and Jason W. Moore · 16 Oct 2017 · 335pp · 89,924 words
by Henry Marsh · 13 Mar 2014 · 281pp · 86,069 words
by Grace Blakeley · 11 Mar 2024 · 371pp · 137,268 words
by David Wolman · 14 Feb 2012 · 275pp · 77,017 words
by Robert B. Reich · 3 Sep 2012 · 124pp · 39,011 words
by Belinda Barnet · 14 Jul 2013 · 193pp · 19,478 words
by Lisa Gitelman · 25 Jan 2013
by Naomi Alderman · 9 Oct 2017 · 363pp · 105,689 words
by Rough Guides · 21 May 2018
by Dean Baker · 1 Jan 2011 · 172pp · 54,066 words
by Matt Parker · 7 Mar 2019
by Martin Ford · 28 May 2011 · 261pp · 10,785 words
by Andy Kessler · 1 Feb 2011 · 272pp · 64,626 words
by Carrie Sun · 13 Feb 2024 · 267pp · 90,353 words
by Tom Wainwright · 23 Feb 2016 · 325pp · 90,659 words
by Nancy Jo Sales · 23 Feb 2016 · 487pp · 147,238 words
by Jeff Connaughton · 202pp · 66,742 words
by Andy Kessler · 4 Jun 2012 · 77pp · 18,414 words
by Michael J. Mauboussin · 6 Nov 2012 · 256pp · 60,620 words
by Emanuel Derman,Michael B.Miller · 6 Sep 2016
by Jeff Rubin · 19 May 2009 · 258pp · 83,303 words