Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets (英語) ハードカバー – 2006/4/21
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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. Author Steven Drobny demystifies how these star traders make billions for well-heeled investors, revealing their theories, strategies and approaches to markets. Drobny, cofounder of Drobny Global Advisors, an international macroeconomic research and advisory firm, has tapped into his network and beyond in order assemble this collection of thirteen interviews with the industry's best minds. Along the way, you'll get an inside look at firsthand trading experiences through some of the major world financial crises of the last few decades. 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 the complexities at stake in world financial markets.
"The ruminations of supposedly hush-hush hedge fund operators are richly illuminating." --New York Times
"The managers featured in Drobny's book use various strategies, as evidenced by the panoply of securities mentioned, from African stocks to Icelandic housing bonds. Drobny stresses the importance of diversification in picking global-macro managers, adding, "You can't rely on one man."….Other managers featured in Drobny's book include Peter Thiel, who runs Clarium Capital Management….Christian Siva-Jothy, former head of proprietary trading at Goldman Sachs, and Jim Leitner of Falcon Management. In the book, Leitner offers this advice to managers: "If you read about an oil discovery, start thinking about how to develop it into a trade. The idea is to do as much research as you can just reading and thinking about anything in the world before reaching out to your network."….The key to thriving in global macro? Plenty of smarts for starters. And "humility and flexibility," Drobny says. "You have to be flexible enough to cut your positions when what you firmly believe in is not working for you." This year, global macro managers did great in the January-April period, and didn't do great in May and June, when equities and emerging markets took a big hit…..even for sophisticated players in the global-macro game, it sometimes pays to just sit on the sidelines." (Barron's)
"It's a fantastic book, both in content and execution." (Bloomberg News)
"Steven Drobny has been able to do something that few others have, especially in the media: He got hedge fund managers to share their trade secrets." (InstitutionalInvestor.com)
"...useful for anyone who has entrusted their money to funds operating in the sector...an insight into the way in which some of the best performing global macro managers think about the world they invest in and how they have amassed their fortunes." —Financial Times, (Los Angeles Times, June 4, 2006)
"[Steven Drobny] uses this access to present a series of fascinating interviews with more than a dozen managers representing a broad spectrum of investment thinking." (Financial Times)
"a good start in understanding what the new global micro manager is all about." (Lipper HedgeWorld)
"Couldn't come at a more appropriate time…sheds more light than ever on the minds behind the largest global macro funds…reveals the intricacies of thinking like a hedge fund manager." (Forbes)
"Drobny has a Rolodex that's the Wall Street equivalent of Wilt Chamberlain's little black book…he has used its power to help craft the absorbing Inside the House of Money. Think Market Wizards – only full of guys who aren't either dead or irrelevant." (Trader Monthly)
"For the investor, the trading strategies described in the interviews are chock-a-block with detail, and can serve as a starting point toward navigating hedge funds… more interesting are the stories of how these traders got where they are today… goes a long way toward enlightening those who aspire to enter." (Financial World Magazine)
"...eye opener..." (NYSSA)
"...must read..." (Futures Magazine)
"...engaging..." (Active Trader)
"written an intelligent analysis of the current hedge fund climate" (Pensions World, September 2006)
"Corporate finance managers are taking the message of the book on board." (CFO Europe, September 2006)商品の説明をすべて表示する
The books looks into the thoughts and investment process of the great investors.
It is a good read and I highly suggest reading it.
I liked how Keynes, the great economist, made good money. Also, Jim Rogers making a fortune (he is an economist too).
Now there are more resources about hedge funds online including blogs and podcasts.
Still it is a nice read. I suggest reading the book with googling the investor.
You will learn far more doing so.
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.
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.
There is apparently a second edition out with some 40 extra pages. I have not seen that version, but off course that is the one you should buy.
I liked the interviews of so many different styles because it just proves my personal theory that anyone can make money. Every trader in the book trades differently and they still all make money.
I also like the comments from many of these traders that said that we were heading for a sub-prime meltdown and that the banks would be having problems. This was written more than a year ago, and thats exactly whats happening today. Dow is now down 8.6% off the high it made last month. The volatility is crazy. And these guys predicted it long ago. Lots of good insight from their interviews.
As one might suspect, there is often a tinge of eccentricity with certain top traders. It is an electric group of people, including a billionaire dot-com entrepreneur, former central banker, a Goldman Sachs star prop trader, and family office manager - in NYC, London, San Francisco, Chicago and even Miami. The breath of the traders and styles is impressive.
One particular notable interviewee was Goldman Sachs prop trader Chrisitan Siva-Jothy. In the book, he discussed how he made millions in London making a lightning-fast bet that initial reports on 9/11 were, in fact, indicative of a terrorist attack. While this may be unsettling, it illustrates how top investors make their money - by seeing signals and patterns before others.
On occasion, you will find wisdom to be incorrect. This can be due, in part, to the timing of the book's release. For example, Jim Rogers is somewhat ambivalent on gold suggesting that other commodities were superior investments. The Rodgers paragraph illustrates one problem with this book in that the author doesn't reveal the precise time of the interviews. Sometimes this can be inferred, but it would be nice if Drobny time-stamped the interviews.
Overall, this is one of the best hedge fund texts covering a wide range of styles and investments. One possible improvement for more technical readers would be greater detail on specific trades. Also, as previously mentioned, the author should have provided the specific times of his interviews. Even with such shortcomings, I would recommend this book to anyone interested in trading or hedge funds in general.