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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... investors would have pounced and it would have moved up already. Pouncing investors ensure that all relevant information is already in prices, though the next move of a stock will be determined by something unexpected. follows that ...
... investors would have pounced and it would have moved up already. Pouncing investors ensure that all relevant information is already in prices, though the next move of a stock will be determined by something unexpected. follows that ...
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... investors, who could yank their money out on short notice. But patience ended abruptly when markets went into a tailspin. Investors demanded their capital back, and some funds withheld it by imposing “gates.” Surely now it was obvious ...
... investors, who could yank their money out on short notice. But patience ended abruptly when markets went into a tailspin. Investors demanded their capital back, and some funds withheld it by imposing “gates.” Surely now it was obvious ...
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... investing. Jones's investment record over the next twenty years was one of the most remarkable in history. By 1968 ... investors, Winslow Carlton, a dapper man who favored blue shirts with white collars and tightly knotted ties and who ...
... investing. Jones's investment record over the next twenty years was one of the most remarkable in history. By 1968 ... investors, Winslow Carlton, a dapper man who favored blue shirts with white collars and tightly knotted ties and who ...
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... investors was to load up with stocks when the market was expected to go up and to hold a lot of cash when it was expected to topple. But Jones improved on these options. When the charts signaled a bull market, he did not merely put 100 ...
... investors was to load up with stocks when the market was expected to go up and to hold a lot of cash when it was expected to topple. But Jones improved on these options. When the charts signaled a bull market, he did not merely put 100 ...
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... investors in Jones's example see their longs beat the market by ten points, yielding a rise of 30 percent. The short ... investors' performance will look like this: TRADITIONAL INVESTOR HEDGED INVESTOR 30% gain on $80,000 worth of stocks ...
... investors in Jones's example see their longs beat the market by ten points, yielding a rise of 30 percent. The short ... investors' performance will look like this: TRADITIONAL INVESTOR HEDGED INVESTOR 30% gain on $80,000 worth of stocks ...
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