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 81
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... losses. The following year was more brutal by far. The collapse of Lehman Brothers left some hedge funds with money trapped inside the bankrupt shell, and the turmoil that followed inflicted losses on most others. Hedge funds needed ...
... losses. The following year was more brutal by far. The collapse of Lehman Brothers left some hedge funds with money trapped inside the bankrupt shell, and the turmoil that followed inflicted losses on most others. Hedge funds needed ...
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... losses. At some point in the future, a supersized hedge fund may prove to be too big to fail, which is why the ... losses. Hedge-fund bosses mostly have their own money in their funds, so they are speculating with capital that is at ...
... losses. At some point in the future, a supersized hedge fund may prove to be too big to fail, which is why the ... losses. Hedge-fund bosses mostly have their own money in their funds, so they are speculating with capital that is at ...
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... loss on $70,000 worth of shorts Gain: $24,000 Net gain: $39,000−$7,000 = $32,000 The result appears to defy a basic rule of investing, which is that you can only earn higher returns by assuming higher risk. The hedged investor earns a ...
... loss on $70,000 worth of shorts Gain: $24,000 Net gain: $39,000−$7,000 = $32,000 The result appears to defy a basic rule of investing, which is that you can only earn higher returns by assuming higher risk. The hedged investor earns a ...
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... loss on $80,000 worth of stocks 10% loss on $130,000 worth of stocks 30% gain on $70,000 worth of shorts Loss: $8,000 Net gain: $21,000–$13,000 = $8,000 In sum, the hedged fund does better in a bull market despite the lesser risk it has ...
... loss on $80,000 worth of stocks 10% loss on $130,000 worth of stocks 30% gain on $70,000 worth of shorts Loss: $8,000 Net gain: $21,000–$13,000 = $8,000 In sum, the hedged fund does better in a bull market despite the lesser risk it has ...
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... loss of $700. But the actual loss was only $400, and the difference, attributable to good short stock selection, is a gain of $300 or 0.3%. Being net long by the amount of $60,000, the market.
... loss of $700. But the actual loss was only $400, and the difference, attributable to good short stock selection, is a gain of $300 or 0.3%. Being net long by the amount of $60,000, the market.
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