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
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... markets. Of course, academia is a broad church, teaming with energetic skeptics. But from the mid 1960s to the mid 1980s, the prevailing view was that the market is efficient, prices follow a random walk, and hedge funds succeed mainly ...
... markets. Of course, academia is a broad church, teaming with energetic skeptics. But from the mid 1960s to the mid 1980s, the prevailing view was that the market is efficient, prices follow a random walk, and hedge funds succeed mainly ...
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... market consistently. But for the successful funds that dominate the industry, the efficient-market indictment is wrong. These hedge funds could drop their h and be called edge funds. Where does this edge come from? Sometimes it consists ...
... market consistently. But for the successful funds that dominate the industry, the efficient-market indictment is wrong. These hedge funds could drop their h and be called edge funds. Where does this edge come from? Sometimes it consists ...
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... efficient after all. Sometimes their conversions were deliciously perfect. A young economist named Scott Irwin procured an especially detailed price series for commodity markets from a small firm in Indianapolis ... market efficiency had a.
... efficient after all. Sometimes their conversions were deliciously perfect. A young economist named Scott Irwin procured an especially detailed price series for commodity markets from a small firm in Indianapolis ... market efficiency had a.
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... market efficiency had a profound effect on hedge funds. Before, the prevailing line from the academy had been that ... efficient-markets school, signed up with the hedge fund Long-Term Capital Management. Andrei Shleifer, the Harvard ...
... market efficiency had a profound effect on hedge funds. Before, the prevailing line from the academy had been that ... efficient-markets school, signed up with the hedge fund Long-Term Capital Management. Andrei Shleifer, the Harvard ...
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... markets could be rendered efficient, the more capital would flow to its most productive uses. The less prices got out of line, the less risk there would presumably be of financial bubbles—and so of sharp, destabilizing corrections. By ...
... markets could be rendered efficient, the more capital would flow to its most productive uses. The less prices got out of line, the less risk there would presumably be of financial bubbles—and so of sharp, destabilizing corrections. By ...
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