HEDGE FUNDS: “MORE MONEY THAN GOD” BOOK

June 14, 2010 at 7:07 pm | Posted in Books, Economics, Financial, Globalization, History, Research, USA | Leave a comment

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More Money Than God:

Hedge Funds and the Making of a New Elite

Sebastian Mallaby (Author)

Editorial Reviews

From Publishers Weekly

Journalist Mallaby (The World’s Banker) gives unusually lucid explanations of hedge funds and their balancing of long and short positions with complex derivatives, but what really entrances him is their freedom from regulation, high leverage, and outsized performance incentives. In his telling, they empower a heroic breed of fund managers whose inspired stock picking, currency trading, and futures contracting outsmart the efficient market. In engrossing accounts of epic trades like George Soros’s 1993 shorting of the pound sterling and John Paulson’s shorting of subprime mortgages, the author celebrates hedge titans’ charisma, contrarianism, and market insights. Mallaby contends that hedge funds benefit the economy by correcting market anomalies; because they put managers’ money on the line and are small enough to fail, they are more prudent and less disruptive than heavily regulated banks. Mallaby’s enthusiasm for an old-school capitalism of unfettered risk taking isn’t always persuasive, but he does offer a penetrating look into a shadowy corner of high finance. (June)

Review

More Money than God shines a fascinating light on what is still the most obscure route to becoming a billionaire–the mysterious world of hedge funds. Sebastian Mallaby’s rollicking tour of industry legends–famous and otherwise– tells the improbable story of A.W. Jones, the vagabond journalist-sociologist and daring anti-Nazi activist who, after the war, would create the first “hedged” investment fund. From there, we get rip-roaring profiles of investing titans from the full-throated gambler Michael Steinhardt to the bold émigré George Soros and the courtly stockpicker Julian Robertson to the ill-fated intellects of LTCM and the hedge fund stars of the present day. Even as Mallaby entertains he advances an unorthodox yet compelling brief: rich as they are, hedge funds are probably the best vehicles society has for assuming risk. Any who disagree will have to contend with the evidence of the recent Wall Street collapse. If one shudders at the prospect of concentrating risk inside giant banks whose chieftains wager other people’s money and cavalierly call for taxpayer bailouts then, as Mallaby points out, hedge funds are a necessary antidote.”
-Roger Lowenstein, author of The End of Wall Street

“Sebastian Mallaby takes us into the secretive world of hedge funds and the result is a wonderful story and an education in finance. The book is full of colorful characters playing high stakes’ games. Throughout, with his customary intelligence, Mallaby helps us understand this important transformation of the financial industry.”
-Fareed Zakaria, author of The Post American World

“When Alfred Winslow Jones started the first hedge fund, he had no idea where it would lead. Sebastian Mallaby, who must be the keenest student of hedge funds anywhere, now does-and he shares it with you in this crackling good read.”
-Dr. Alan S. Blinder, Professor of Economics, Princeton University, and Former Vice Chairman, Federal Reserve

“A fascinating history. Mallaby combines vivid description of key personalities and episodes with thoughtful discussion of the sources of advantage for different investment styles in different periods of financial history. I enthusiastically recommend this book to colleagues and students in academia and asset management.”
-John Y. Campbell, Chairman of the Department of Economics, Harvard University, and Partner, Arrowstreet Capital

Product Details:

· Hardcover: 496 pages

· Publisher: Penguin Press HC, The

· June 10, 2010

· Language: English

· ISBN-10: 1594202559

· ISBN-13: 978-1594202551

More Money Than God:

Hedge Funds and the Making of a New Elite

Sebastian Mallaby (Author)

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