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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... a New Elite Sebastian Mallaby. Acknowledgments Appendix I: Do the Tiger Funds Generate Alpha? Appendix II: Performance of the Pioneers Notes Photo Credits INTRODUCTION: THE ALPHA GAME The first hedge-fund manager, Alfred Winslow.
... a New Elite Sebastian Mallaby. Acknowledgments Appendix I: Do the Tiger Funds Generate Alpha? Appendix II: Performance of the Pioneers Notes Photo Credits INTRODUCTION: THE ALPHA GAME The first hedge-fund manager, Alfred Winslow.
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... performance fee: Jones kept one fifth of the fund's investment profits for himself and his team, a formula that sharpened the incentives of his lieutenants. Next, Jones made a conscious effort to avoid regulatory red tape, preserving ...
... performance fee: Jones kept one fifth of the fund's investment profits for himself and his team, a formula that sharpened the incentives of his lieutenants. Next, Jones made a conscious effort to avoid regulatory red tape, preserving ...
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... Performance fees create a powerful incentive to coin money. Ah yes, that money! At his death in 1913, J. Pierpont Morgan had accumulated a fortune of $1.4 billion in today's dollars, earning the nickname “Jupiter” because of his godlike ...
... Performance fees create a powerful incentive to coin money. Ah yes, that money! At his death in 1913, J. Pierpont Morgan had accumulated a fortune of $1.4 billion in today's dollars, earning the nickname “Jupiter” because of his godlike ...
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... performance. Bruce Kovner emerged as a godfather of the neoconservative movement, chairing the American Enterprise Institute in Washington, D.C.; Michael Steinhardt bankrolled efforts to create a new secular Judaism. But of course it ...
... performance. Bruce Kovner emerged as a godfather of the neoconservative movement, chairing the American Enterprise Institute in Washington, D.C.; Michael Steinhardt bankrolled efforts to create a new secular Judaism. But of course it ...
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... performance fees and bonuses dry up, but they do not go negative. Again, this heads-I-win-tails- you-lose problem is sharper at banks than at hedge funds. Hedge funds tend to have “high-water marks”: If they lose money one year, they ...
... performance fees and bonuses dry up, but they do not go negative. Again, this heads-I-win-tails- you-lose problem is sharper at banks than at hedge funds. Hedge funds tend to have “high-water marks”: If they lose money one year, they ...
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