- ペーパーバック: 432ページ
- 出版社: Wiley; 1版 (2009/1/9)
- 言語: 英語
- ISBN-10: 047037909X
- ISBN-13: 978-0470379097
- 発売日： 2009/1/9
- 商品パッケージの寸法: 14.9 x 3 x 23 cm
- おすすめ度： この商品の最初のレビューを書き込んでください。
- Amazon 売れ筋ランキング: 洋書 - 342,039位 (洋書の売れ筋ランキングを見る)
Inside the House of Money, Revised and Updated: Top Hedge Fund Traders on Profiting in the Global Markets (英語) ペーパーバック – 2009/1/9
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This updated paperback edition of Inside the House of Money lifts the veil on the typically opaque world of hedge funds offering a rare glimpse at how today′s highest paid money managers approach their craft. Now with new commentary, author, Steve Drobny takes you even further into the hedge fund industry. He demystifies how these star traders make billions for their well–heeled investors, revealing their theories, strategies and approaches to markets. Whereas some still maintain that rationality permeates financial markets, Drobny captures a different dimension, showing how the unquantifiable human forces of emotion and intuition are also at play. Along the way, readers get an inside look at firsthand trading experiences through some of the major world financial crises of the last few decades including tragedies such as September 11th. Whether Russian bonds, Pakistani stocks, Southeast Asian currencies or stakes in African brewing companies, no market or instrument is out of bounds for these elite global macro hedge fund managers. Highly accessible and filled with in–depth expert opinion, Inside the House of Money is a must–read for financial professionals and anyone else interested in understanding how greed, fear, and the human forces of emotion drive world markets.
Steven Drobny is the founder of Drobny Global Asset Management, a full-service asset management, investment advisory, and consulting firm focused on global macro and commodity hedge fund strategies. He is also the author of the critically acclaimed The Invisible Hands: Top Hedge Funds on Bubbles, Crashes and Rethinking Real Money (Wiley) and Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets (Wiley). Please visit www.drobnycapital.com for more information on Mr. Drobny and his books.
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For those who are new to the subject, Global Macro is basically a fund whose approach allows them to act nimbly in any global market using any class of asset including stocks, bonds, currency, and commodities. These funds employ a wide variety of hedging and arbitrage strategies using complex combinations of assets, and constantly seek out anomalies in any market that can offer superior returns.
I particularly liked the interview with Jim Leitner who has a very personal and unorthodox style that is hard not to marvel at. Jim offers this definition of GM, "The willingness to opportunistically look at every idea that comes along, from micro situations to country-specific situations, across every asset category and every country in the world. Its the combination of a broad top-down country analysis with a bottom-up micro analysis of companies. In many cases, after we make our country decisions, we then drill down and analyze the companies in the sectors that should do well in light of our macro view....Macro themes expressed in a micro style. Global Macro only means that you start at the top and work your way down." Jim also says that if there was only one thing he could ever read before choosing investments, it would be "The Economist".
If you are curious about hedge funds you will find this glimpse into the rarefied world of Global Macro a real eye opener. If you are an investor or investment professional, the book is loaded with gems of trading strategy. There are many great charts throughout the book, but it is not bogged down with heavy math. The format is similar to the Market Wizard books and there is something for everyone here. The main difference between this new edition and the 2006 is the addition of 2 new appendixes by Dr. Lee R Thomas III: "The Crash of '08"; and "Who Controls Liquidity?". Enjoy.
I like the first person voice where we actually can learn how these people think. Conclusions are not presented as facts. In fact, there are no conclusions in the book. Just views from a large number of professionals. If you are willing to spend some time thinking about what the people say, I think you can learn quite a bit. The good thing is that you can read one interview and then think. You don't need to read the whole book in one go. However, don't expect any conclusions about how the market works from this book.
The book is five years old so the examples are a bit old. However, I would not worry about that at all. Naturally, some interviews are more interesting than others, but that's just life. The second edition have some extra chapters but the interviews are the same.
Finally, I think the title is kind of stupid. I thought it was some second rate author who was going to go on and on about the hedge fund industry based on some narrow knowledge and that the publisher hotted up the title. The latter is probably true. Anyway, my only point is: don't let the title scare you away.
But the big take-away from the book is that like the term "hedge fund" is detached from its original definition and no longer has any meaning, so too with "global macro." While there is a lot of self-similarity (as stated above) he value is in the distinctions and the places where these traders are operating (both physically and market segments/opportunity sets).
This is a well written, combination of interview and narrative that is an order or magnitude above the "gee whiz" subservient tone of the "Market Wizards" books. Still, for me the nagging question remains that many of these traders are not so much as insightful but lucky, as any population of random coin flippers will still have a handful of serial winners at the end. Therefore, the most valuable interviews were with those guys who talked about their mistakes in detail, and why they made them.
Few talked of how they raised their AUM, which for me is the big secret.
All in all, worth reading, but for those with their head in the game or decades of experience only marginal utility.