Login       My Wishlist
  My Cart
$0.00 / 0 items
 
HYIP Offer
The Knowledge You Need to Make Smart, Safe Investments
International Access
Global Shipping Options Available
Home   Our Catalog   Mutual Funds

More Money Than God: Hedge Funds and the Making of a New Elite


On Sale Now! Save 10% on the More Money Than God: Hedge Funds and the Making of a New Elite by Penguin Press at HYIP Offer. Hurry! Limited time offer. Offer valid only while supplies last. The first authoritative history of hedge funds-from their rebel beginnings to their role in defining the future of finance. Based on author Sebastian Mallaby's unprecedented access to the industry, including three hundred hours of interviews, More Money Than God tells the inside story of hedge funds, from their origins in the 1960s and 1970s to their role in the financial crisis of 2007-2009. Wealthy, powerful, and potentially dangerous, hedge fund moguls have become the It Boys of


Product Description & Reviews

The first authoritative history of hedge funds-from their rebel beginnings to their role in defining the future of finance. Based on author Sebastian Mallaby's unprecedented access to the industry, including three hundred hours of interviews, More Money Than God tells the inside story of hedge funds, from their origins in the 1960s and 1970s to their role in the financial crisis of 2007-2009. Wealthy, powerful, and potentially dangerous, hedge fund moguls have become the It Boys of twenty-first ­century capitalism. Ken Griffin of Citadel started out trading convertible bonds from his dorm room at Harvard. Julian Robertson staffed his hedge fund with college athletes half his age, then he flew them to various retreats in the Rockies and raced them up the mountains. Paul Tudor Jones posed for a magazine photograph next to a killer shark and happily declared that a 1929-style crash would be "total rock-and-roll" for him. Michael Steinhardt was capable of reducing underlings to sobs. "All I want to do is kill myself," one said. "Can I watch?" Steinhardt responded. Finance professors have long argued that beating the market is impossible, and yet drawing on insights from physics, economics, and psychology, these titans have cracked the market's mysteries and gone on to earn fortunes. Their innovation has transformed the world, spawning new markets in exotic financial instruments and rewriting the rules of capitalism. More than just a history, More Money Than God is a window on tomorrow's financial system. Hedge funds have been left for dead after past financial panics: After the stock market rout of the early 1970s, after the bond market bloodbath of 1994, after the collapse of Long Term Capital Management in 1998, and yet again after the dot-com crash in 2000. Each time, hedge funds have proved to be survivors, and it would be wrong to bet against them now. Banks such as CitiGroup, brokers such as Bear Stearns and Lehman Brothers, home lenders such as Fannie Mae and Freddie Mac, insurers such as AIG, and money market funds run by giants such as Fidelity-all have failed or been bailed out. But the hedge fund industry has survived the test of 2008 far better than its rivals. The future of finance lies in the history of hedge funds. Sebastian Mallaby on Hedge Funds I set out to write the history of hedge funds for two reasons. Explaining the most secretive subculture of our economy posed an irresistible investigative challenge; and the common view of hedge funds seemed ripe for correction. Hedge funds were generally regarded as the least stable part of the financial system. Yet they managed risk better than banks, investment banks, insurers, and so on—and they did so without a safety net from taxpayers. Four years on, the book is done; and both my original motivations have been vindicated. Unearthing the story of hedge funds has been pure fun: From the left-wing anti-Nazi activist , A. W. Jones, to the irrepressible cryptographer, Jim Simons, the story of hedge funds is packed full of larger than life characters. Getting my hands on internal documents from George Soros’s Quantum Fund; visiting Paul Tudor Jones and reading the eureka emails he wrote in the middle of the night; poring over the entire set of monthly letters that the Julian Robertson wrote during the twenty year life of his Tiger fund; interviewing Stan Druckenmiller, Louis Bacon, and hundreds of other industry participants: my research has yielded a wealth of investment insights, as well as an understanding of why governments frequently collide markets. Meanwhile, the financial crisis of 2007-2009 vindicated my hypothesis that hedge funds are the good guys in finance. They came through the turmoil relatively unscathed, and never took a cent of taxpayers’ money. Since the book has come out, many readers have posed the skeptical question: Do hedge funds really make money systematically? The answer is an emphatic yes; and without giving the whole book away, I can point to a couple of reasons why hedge funds do outsmart the supposedly efficient market. First, hedge funds often trade against people who are buying or selling for some reason other than profit. In the currency markets, for example, hedge funders such as Bruce Kovner might trade against a central bank that is buying its own currency because it has a political mandate to prop it up. In the credit markets, likewise, a hedge fund such as Farallon might trade against pension funds whose rules require them to sell bonds of companies in bankruptcy. It’s not surprising that hedge funds beat the market when they trade against governments and buy bonds from forced sellers. Second, the hedge-fund structure makes people compete harder. There is an incentive to manage the downside: hedge-fund managers have their own money in their funds, so they lose personally if they take losses. There is an incentive to seek out the upside: hedge-fund managers keep a fifth of their funds’ profits. This combination explains why hedge funds were up in 2007, when most other investors were losing their shirts; it explains why they were down in 2008 by only half as much as the S&P 500 index. People sometimes suggest that hedge funds survived the subprime bubble by fluke—perhaps their ranks include wacky misfits who are naturally contrarian. But there is more to it than that. John Paulson poured $2 million in the research that gave him the conviction to bet against the bubble. The hedge-fund structure created the incentive to make that investment. Financial risk is not going away. Currencies and interest rates will rise and fall; there will be difficult decisions about how to allocated scarce capital in a sophisticated and specialized economy. The question is who will manage this risk without demanding a taxpayer backstop. The answer is hiding in plain sight: To a surprising and unrecognized degree, the future of finance lies in the history of hedge funds. --Sebastian Mallaby (Photo of Sebastian Mallaby © Julia Ewan)

Features & Highlights

  • Great product!

Additional Information

Manufacturer:Penguin Press
Brand:Penguin Press
Publisher:Penguin Press
Studio:Penguin Press
EAN:9781594202551
Item Weight:1.8 pounds
Item Size:1.25 x 9.5 x 9.5 inches
Package Weight:1.8 pounds
Package Size:6.1 x 1.8 x 1.8 inches

More Money Than God: Hedge Funds and the Making of a New Elite by Penguin Press

Buy Now:
More Money Than God: Hedge Funds and the Making of a New Elite

Brand: Penguin Press
4.9 out of 5 stars with 58 reviews
Condition: New
Lead Time: 1 - 2 Business Days
Availability: In Stock
$29.95
$27.00
You Save: 10%


Quantity:  

 


View More In Mutual Funds.

 


Have questions about this item, or would like to inquire about a custom or bulk order?


If you have any questions about this product by Penguin Press, contact us by completing and submitting the form below. If you are looking for a specif part number, please include it with your message.

First Name:
Last Name:
Email Address:
Your Message:

Related Best Sellers


Mutual Fund Industry Handbook : A Comprehensive Guide for Investment Professionals
By John Wiley & Sons
ean: 9780471736240, isbn: 0471736244,
''The Mutual Fund Industry Handbook is a remarkably important work .. . I am profoundly impressed by the broad and comprehensive sweepof information and knowledge that this book makes available toindustry participants, college and business school students, andanyone else with a serious interest in this industry.''-- From the Foreword by John C. Bogle President, Bogle FinancialMarkets Research Center Founder and former chief executive, TheVanguard Group A Foreword by John C. Bogle, founder of

The Only Guide to a Winning Investment Strategy You'll Ever Need: The Way Smart Money Invests Today
By St. Martin's Press
ean: 9780312339876, isbn: 0312339879,
Investment professional Larry E. Swedroe describes the crucial difference between ''active'' and ''passive'' mutual funds, and tells you how you can win the investment game through long-term investments in such indexes as the S&P 500 instead of through the active buying and selling of stocks. A revised and updated edition of an investment classic, The Only Guide to a Winning Investment Strategy You'll Ever Need remains clear, understandable, and effective. This edition contains a new chapter

Series 6 Exam Practice Questions: Series 6 Practice Tests & Review for the Investment Company Products/Variable Contracts Limited Representative Qualification Exam
By Mometrix Media LLC
ean: 9781630945213, isbn: 1630945218,
***Your #1 Series 6 Practice Test Resource***Series 6 Exam Practice Questions are the simplest way to prepare for the Series 6 test. Practice is an essential part of preparing for a test and improving a test taker's chance of success. The best way to practice taking a test is by going through lots of Series 6 practice questions.If someone has never taken a Series 6 practice test, then they are unprepared for the types of questions and answer choices that they will encounter on the official

Investing 101
By Brand: Bloomberg Press
mpn: 9781576603079, ean: 9781576603079, isbn: 1576603075,
People wanting basic advice about stocks, bonds, mutual funds,retirement planning, and tax strategies are often frustrated byinformation overload. Picking the right book seems as daunting asdeciding what to do with their savings and investments. Investing 101: Updated and Expanded removes bothroadblocks, putting people on a path that they can understand andstick with. Kristof is renowned for taking the mystery and anxietyout of investing by keeping choices manageable.Kristof walks readers

The Fund Industry: How Your Money is Managed (Wiley Finance)
By Wiley
ean: 9781118929940, isbn: 1118929942,
A guide to how your money is managed, with foreword by Nobellaureate Robert Shiller The Fund Industry offers a comprehensive look at mutualfunds and the investment management industry, for fund investors,those working in the fund industry, service providers to theindustry and students of financial institutions or capital markets.Industry experts Robert Pozen and Theresa Hamacher take readers ona tour of the business of asset management. Readers will learn howto research a fund and assess

John Bogle on Investing: The First 50 Years (Wiley Investment Classics)
By imusti
mpn: 9781119088363, ean: 9781119088363, isbn: 1119088364,
Get fifty years of industry-defining expertise in a single volumeJohn Bogle on Investing is a compilation of the best speeches ever delivered by one of the 20th century's towering financial giants. Individually, each of these speeches delivers a powerful lesson in investing; taken together, Bogle's lifelong themes ring loud and clear. His investing philosophy has remained more or less constant throughout his illustrious career, and this book lays it out so you can learn from the very best.

The Index Revolution: Why Investors Should Join It Now
By Wiley
ean: 9781119313076, isbn: 1119313074,
The evidence-based approach to a more worthwhile portfolioThe Index Revolution argues that active investing is a loser's game, and that a passive approach is more profitable in today's market. By adjusting your portfolio asset weights to match a performance index, you consistently earn higher rates of returns and come out on top in the long run. This book explains why, and describes how individual investors can take advantage of indexing to make their portfolio stronger and more profitable. By

Capital: The Story of Long-Term Investment Excellence
By Wiley
ean: 9780471735878, isbn: 0471735876,
Go inside the elite investment firm with Capital. The Capital Group is one of the world?s largest investmentmanagement organizations, but little is known about it because thecompany has shunned any type of publicity. This compelling book,for the first time, takes you inside one of the most elite andprivate investment firms out there?the Capital Group Companies?avalue investment firm par excellence. It digs deeps to reveal thecorporate culture and long-term investment strategies that havemade

The ETF Book: All You Need to Know About Exchange-Traded Funds
By Wiley
ean: 9780470537466, isbn: 0470537469,
Exchange-traded funds (ETFs) are revolutionizing the investmentindustry. From their introduction in 1993, ETFs have expandedexponentially over the past fifteen years. You, as an informedinvestor, need to know what makes ETFs unique, how they work, andwhich funds may help you achieve your financial goals. The updatededition provides the most current look at the ETF market, where thenumber of funds has doubled since the book first published inDecember 2007. A huge number of bonds funds,

Rational Expectations: Asset Allocation for Investing Adults (Investing for Adults) (Volume 4)
By Efficient Frontier Publications
mpn: black & white illustrations, ean: 9780988780323, isbn: 0988780321,
Rational Expectations is a clean sheet of paper in the wonky world of quantitatively based asset allocation aimed at small investors. Continuing the theme of the Investing for Adults series, this full-length finance title is not for beginners, but rather assumes a fair degree of quantitative ability and finance knowledge. If you think you can time the market or pick stocks and mutual fund managers, or even if you think that you can formulate an optimally efficient mean-variance asset allocation

Scroll to Top


Privacy Policy / Terms of Service / Accessibility Statement
© 2019 - hyipoffer.com. All Rights Reserved.