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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... “it doesn't suck” to be worth millions.1 By the eve of the subprime mortgage crash in 2007, Asness's firm, AQR Capital Management, was running a remarkable $38 billion and Asness himself personified Introduction: The Alpha Game.
... “it doesn't suck” to be worth millions.1 By the eve of the subprime mortgage crash in 2007, Asness's firm, AQR Capital Management, was running a remarkable $38 billion and Asness himself personified Introduction: The Alpha Game.
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... firm of Seward & Kissel. Valentine was a creative genius who could be cartoonishly absentminded in his personal dealings: He once phoned a colleague's home and launched into a lengthy exposition of his latest tax idea, oblivious to the ...
... firm of Seward & Kissel. Valentine was a creative genius who could be cartoonishly absentminded in his personal dealings: He once phoned a colleague's home and launched into a lengthy exposition of his latest tax idea, oblivious to the ...
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... the competitive multimanager structure that has been used to great effect by later generations of hedge funds. As we shall see in chapter three, the same structure was reinvented in the 1970s by a firm in Princeton, New Jersey,
... the competitive multimanager structure that has been used to great effect by later generations of hedge funds. As we shall see in chapter three, the same structure was reinvented in the 1970s by a firm in Princeton, New Jersey,
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... firm in Princeton, New Jersey, and later dozens of hedge funds came to use it. But in the 1950s and 1960s, the combination of Darwinist individualism and top-down risk control was almost unique to Jones, and this gave him a powerful ...
... firm in Princeton, New Jersey, and later dozens of hedge funds came to use it. But in the 1950s and 1960s, the combination of Darwinist individualism and top-down risk control was almost unique to Jones, and this gave him a powerful ...
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... firm called Tremont Partners identified only 68 of them. The A. W. Jones partnership withered from the $100 million ... firm's dominant partner, Michael Steinhardt, became a legend in the story of hedge funds, partly because of his ...
... firm called Tremont Partners identified only 68 of them. The A. W. Jones partnership withered from the $100 million ... firm's dominant partner, Michael Steinhardt, became a legend in the story of hedge funds, partly because of his ...
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