More Money Than God: Hedge Funds and the Making of a New EliteThe New York Times bestseller “The bright light shed by More Money Than God is particularly welcome. Mr. Mallaby . . . brings a keen sense of financial theory to his subject and a vivid narrative style.” —Wall Street Journal “Splendid . . . the definitive history of the hedge fund history, a compelling narrative full of larger-than-life characters and dramatic tales of their financial triumphs and reversals.” —The Washington Post The first authoritative history of hedge funds-from their rebel beginnings to their role in defining the future of finance, from the author of The Power Law Wealthy, powerful, and potentially dangerous, hedge fund moguls have become the It Boys of twenty-first-century capitalism. Beating the market was long thought to be impossible, but hedge funds cracked its mysteries and made fortunes in the process. Drawing on his unprecedented access to the industry, esteemed financial writer Sebastian Mallaby tells the inside story of the hedge funds, from their origins in the 1960s to their role in the financial crisis of 2007 to 2009—and explains why understanding the history of hedge funds is key to predicting the future of finance. |
From inside the book
Results 1-5 of 66
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... , but now the spotlight was on hedge funds. Ken Griffin, the creator of Citadel Investment Group, bought himself a $50 million Bombardier Express private jet and had it fitted an with a crib for his two-year-old. Louis Bacon, the founder.
... , but now the spotlight was on hedge funds. Ken Griffin, the creator of Citadel Investment Group, bought himself a $50 million Bombardier Express private jet and had it fitted an with a crib for his two-year-old. Louis Bacon, the founder.
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... bought the country's largest bank, undeterred by the fact that a currency collapse, a political revolution, and Islamist extremism had scared most westerners out of the country. Following Swensen's example, endowments poured money into ...
... bought the country's largest bank, undeterred by the fact that a currency collapse, a political revolution, and Islamist extremism had scared most westerners out of the country. Following Swensen's example, endowments poured money into ...
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... bought,” as Jones put it.28 Whereas traditional investors had to sell hot companies like Xerox or Polaroid if the market looked wobbly, a hedged fund could profit from smart stock picking even at times when the market seemed overvalued ...
... bought,” as Jones put it.28 Whereas traditional investors had to sell hot companies like Xerox or Polaroid if the market looked wobbly, a hedged fund could profit from smart stock picking even at times when the market seemed overvalued ...
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... bought a large block in a go-go company one morning and sold it after lunch. Nobody could explain how this alleged crime harmed anyone. However much they might be envied and adored, hedge funds were also the object of notquite-rational ...
... bought a large block in a go-go company one morning and sold it after lunch. Nobody could explain how this alleged crime harmed anyone. However much they might be envied and adored, hedge funds were also the object of notquite-rational ...
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... bought another 25,000. That exchange left Steinhardt with some $18 million worth of IBM, representing perhaps a quarter of his capital. It was a hefty concentration of risk in one stock, five times the size that LeFrere had recommended ...
... bought another 25,000. That exchange left Steinhardt with some $18 million worth of IBM, representing perhaps a quarter of his capital. It was a hefty concentration of risk in one stock, five times the size that LeFrere had recommended ...
Contents
PAUL SAMUELSONS SECRET | |
THE ALCHEMIST | |
TOP | |
ROCKANDROLL COWBOY | |
WHITE WEDNESDAY | |
THE DOTCOM DOUBLE | |
THE YALE | |
THE CODE BREAKERS | |
PREMONITIONS OF A CRISIS | |
RIDING THE STORM | |
HOW COULD THEY DO THIS? | |
SCARIER THAN WHAT? | |
Acknowledgments | |
Other editions - View all
More Money Than God: Hedge Funds and the Making of the New Elite Sebastian Mallaby Limited preview - 2010 |
More Money Than God: Hedge Funds and the Making of a New Elite Sebastian Mallaby Limited preview - 2011 |
More Money Than God: Hedge Funds and the Making of the New Elite Sebastian Mallaby Limited preview - 2011 |
Common terms and phrases
assets banks began bets better billion bonds bought brokers bubble called capital central collapse Commodities Corporation crash created crisis currency dollar Druckenmiller early earnings economic equity example exchange failed fall fees firm forced futures going Goldman hand hedge funds hedge-fund idea institutional interest interview investment investors John Jones Jones’s Julian July knew later less leverage liquidity Long-Term looked losses LTCM managers March months mortgage move needed Paul percent performance portfolio positions profits raise rates reason recalls regulators reported returns risk Robertson securities seemed selling September shares short Soros Soros’s South Korea speculators started Steinhardt success thing Tiger took trading trend turned Wall Street wanted worth York