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 67
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... recalls thinking.7 Indeed, he and his two friends had each become millionaires. The following year, the bull market ended. Other go-go funds blew up; Fred Mates, the top-performing mutual-fund manager of 1968, found himself working as a ...
... recalls thinking.7 Indeed, he and his two friends had each become millionaires. The following year, the bull market ended. Other go-go funds blew up; Fred Mates, the top-performing mutual-fund manager of 1968, found himself working as a ...
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... recalled. “Deferred this, different tax rate that, capital gains that they put as operating earnings,” said Jerry Fine of the company reports of the period.10 In short, the stock market was trading at levels that reflected broad ...
... recalled. “Deferred this, different tax rate that, capital gains that they put as operating earnings,” said Jerry Fine of the company reports of the period.10 In short, the stock market was trading at levels that reflected broad ...
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... recalls the vilification this way: for me, the height of professional satisfaction.”12 was “That was, THE SUCCESS OF STEINHARDT, FINE, BERKOWITZ DEMONSTRATED the capacity for contrarianism that marked later hedge funds. A. W. Jones had ...
... recalls the vilification this way: for me, the height of professional satisfaction.”12 was “That was, THE SUCCESS OF STEINHARDT, FINE, BERKOWITZ DEMONSTRATED the capacity for contrarianism that marked later hedge funds. A. W. Jones had ...
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... recalls his first weeks on the job; he visited IBM and returned convinced that its profits were headed upward. At the partnership's Monday-morning meeting, LeFrere recommended buying IBM stock ahead of that Friday's quarterly results ...
... recalls his first weeks on the job; he visited IBM and returned convinced that its profits were headed upward. At the partnership's Monday-morning meeting, LeFrere recommended buying IBM stock ahead of that Friday's quarterly results ...
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... recalls. “Down one point” meant that Steinhardt had received a discount on each share of $1. “How many shares?” the broker would ask. “Four hundred thousand.” “What do you want for them?” “Why don't we do two hundred thousand, up an ...
... recalls. “Down one point” meant that Steinhardt had received a discount on each share of $1. “How many shares?” the broker would ask. “Four hundred thousand.” “What do you want for them?” “Why don't we do two hundred thousand, up an ...
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