Ebook Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets, by Steven Drobny
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Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets, by Steven Drobny
Ebook Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets, by Steven Drobny
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Inside the House of Money lifts the veil on the typically opaque world of hedge funds, offering a rare glimpse at how today's highest paid money managers approach their craft. Author Steven Drobny demystifies how these star traders make billions for well-heeled investors, revealing their theories, strategies and approaches to markets. Drobny, cofounder of Drobny Global Advisors, an international macroeconomic research and advisory firm, has tapped into his network and beyond in order assemble this collection of thirteen interviews with the industry's best minds. Along the way, you'll get an inside look at firsthand trading experiences through some of the major world financial crises of the last few decades. Whether Russian bonds, Pakistani stocks, Southeast Asian currencies or stakes in African brewing companies, no market or instrument is out of bounds for these elite global macro hedge fund managers. Highly accessible and filled with in-depth expert opinion, Inside the House of Money is a must-read for financial professionals and anyone else interested in understanding the complexities at stake in world financial markets.
"The ruminations of supposedly hush-hush hedge fund operators are richly illuminating." --New York Times
- Sales Rank: #244286 in Books
- Published on: 2006-04-21
- Original language: English
- Number of items: 1
- Dimensions: 9.32" h x 1.32" w x 6.40" l, 1.27 pounds
- Binding: Hardcover
- 384 pages
Review
"The managers featured in Drobny's book use various strategies, as evidenced by the panoply of securities mentioned, from African stocks to Icelandic housing bonds. Drobny stresses the importance of diversification in picking global-macro managers, adding, "You can't rely on one man."….Other managers featured in Drobny's book include Peter Thiel, who runs Clarium Capital Management….Christian Siva-Jothy, former head of proprietary trading at Goldman Sachs, and Jim Leitner of Falcon Management. In the book, Leitner offers this advice to managers: "If you read about an oil discovery, start thinking about how to develop it into a trade. The idea is to do as much research as you can just reading and thinking about anything in the world before reaching out to your network."….The key to thriving in global macro? Plenty of smarts for starters. And "humility and flexibility," Drobny says. "You have to be flexible enough to cut your positions when what you firmly believe in is not working for you." This year, global macro managers did great in the January-April period, and didn't do great in May and June, when equities and emerging markets took a big hit…..even for sophisticated players in the global-macro game, it sometimes pays to just sit on the sidelines." (Barron's)
"It's a fantastic book, both in content and execution." (Bloomberg News)
"Steven Drobny has been able to do something that few others have, especially in the media: He got hedge fund managers to share their trade secrets." (InstitutionalInvestor.com)
"...useful for anyone who has entrusted their money to funds operating in the sector...an insight into the way in which some of the best performing global macro managers think about the world they invest in and how they have amassed their fortunes." —Financial Times, (Los Angeles Times, June 4, 2006)
"[Steven Drobny] uses this access to present a series of fascinating interviews with more than a dozen managers representing a broad spectrum of investment thinking." (Financial Times)
"a good start in understanding what the new global micro manager is all about." (Lipper HedgeWorld)
"Couldn't come at a more appropriate time…sheds more light than ever on the minds behind the largest global macro funds…reveals the intricacies of thinking like a hedge fund manager." (Forbes)
"Drobny has a Rolodex that's the Wall Street equivalent of Wilt Chamberlain's little black book…he has used its power to help craft the absorbing Inside the House of Money. Think Market Wizards – only full of guys who aren't either dead or irrelevant." (Trader Monthly)
"For the investor, the trading strategies described in the interviews are chock-a-block with detail, and can serve as a starting point toward navigating hedge funds… more interesting are the stories of how these traders got where they are today… goes a long way toward enlightening those who aspire to enter." (Financial World Magazine)
"...eye opener..." (NYSSA)
"...must read..." (Futures Magazine)
"...engaging..." (Active Trader)
"written an intelligent analysis of the current hedge fund climate" (Pensions World, September 2006)
"Corporate finance managers are taking the message of the book on board." (CFO Europe, September 2006)
From the Inside Flap
In today's difficult investment environment, where geopolitical and social instability compound an already challenging search for higher returns, hedge funds have outperformed. As a result, assets under management have exploded and top investment talent has migrated over to hedge funds. Amidst the growth and evolution of the business, one strategy—global macro—has remained true to its original mandate of absolute return investing, which seeks outsized returns from investments anywhere in the world, in any asset class, and in any instrument.
Although successful money managers often have a reputation for being reluctant to discuss their market views and trading strategies, Inside the House of Money opens the door to the typically opaque world of hedge funds—particularly global macro investing—and offers a rare glimpse into a high-intensity environment where enormous stakes are a part of everyday life. As cofounder and partner of Drobny Global Advisors—an international macroeconomic research and advisory firm—author Steven Drobny has access to a broad selection of today's top global macro hedge fund managers. Through detailed interviews with more than a dozen of these individuals, Drobny provides you with an inside look at how these money managers view world markets and offers subtle insights into how they make money.
First, you will receive an introduction to global macro from a professional investor's perspective. Then, you will discover how some key historical events have shaped this field. You will also learn how future events, such as increased competition and specialization, are pushing today's global macro manager into the realm of global micro investing. With this information in hand, you'll go Inside the House of Money through a collection of in-depth interviews with a variety of money managers, each with a unique perspective and approach to global markets, including:
- The Family Office Manager: Jim Leitner (Falcon Management)
- The Prop Trader: Christian Siva-Jothy (SemperMacro)
- The Treasurer: Dr. John Porter (Barclays Capital)
- The Central Banker: Dr. Sushil Wadhwani (Wadhwani Asset Management)
- The Dot-Commer: Peter Thiel (Clarium Capital Management)
- The Pioneer: Jim Rogers
- The Commodity Specialist: Dwight Anderson (Ospraie Management)
- The Emerging Market Specialist: Marko Dimitrijevic (Everest Capital)
- And others
Filled with in-depth insight and real-world experiences of top hedge fund traders, Inside the House of Money reveals how the best minds in the business identify and profit from opportunities in every corner of the globe.
From the Back Cover
Praise for Inside the House of Money
"Everyone loves to talk about hedge funds—except the people who actually run them. Until now. This book offers a unique and illuminating insight into a hitherto inaccessible and sometimes downright secretive world. And quite fascinating it proves to be. Future historians will thank Drobny for capturing the thinking that underlies a quiet financial revolution."
—Niall Ferguson, Laurence A. Tisch Professor of History, Harvard University and author of Colossus: The Rise and Fall of the American Empire
"We learn from these interviews of successful global macro investors that they share a style of thinking: they consider a strikingly broad list of factors influencing markets, they are exquisitely alert to nuances of timing and place in history, and, perhaps most fundamentally, they seem to think along broadly inductive rather than deductive lines."
—Prof. Robert J. Shiller, Cowles Foundation for Research in Economics International Center for Finance, Yale University and author of Irrational Exuberance
"Drobny's book will become the bible for those who want to understand the Byzantine minds of the world's top macro traders. It captures their brilliance as well as their many idiosyncrasies, and explains how they have made billions of dollars from the sanctity of small offices in New York and London. A great book about the rarest breed in the global markets—those who can consistently make money, almost out of thin air."
—Gavyn Davies, Chairman, Fulcrum Asset Management former chief economist, Goldman Sachs
"What a wonderful way to get into a macro trader's mind! I am so glad that this book exists. I will make my students read it."
—Nassim Nicholas Taleb, author, of Fooled by Randomness
"Drobny's book is not only fun reading but also offers unique insight into how financial market movers and shakers think and act. This is a definitive, must-read for any serious investor."
—Felix W. Zulauf, President, Zulauf Asset Management AG
Most helpful customer reviews
0 of 0 people found the following review helpful.
Five Stars
By Alexandre rafael Tassini Albuquerque
Love it.
38 of 45 people found the following review helpful.
A Global Macro Version of The Market Wizards
By Kevin Kingston
While working on the book Steven, the author, learned and shares with the reader through a series of interviews, "how the best minds in the business think about risk, portfolio construction, history, politics, central bankers, globalization, trading, competition, investors, hiring, the evolution of the hedge fund business and a variety of other details."
The book provides an inside look at the thoughts and actions of many great financial minds. For example did you know that Maynard Keynes (the father of modern macroeconomic theory) was completely wiped out by a margin call during the commodity slump of 1929 or that George Soros's Quantum Fund averaged over 30% for it's 31 ½ years existence and that $100,000 invested in the fund at inception was worth $420 million 31 ½ years later.
Jim Leitner of Falcon Management who claims to have taken $2 billion out of the market so far in his career says he "reads a tremendous amount of books and papers" and feels, "developing a network by going out and meeting groups of intelligent people is very important". He also recommends reading the Economist. Jim says, "The Economist had something on Nigeria, stating the average beer consumption had dropped from 34 liters to 3 and then rebounded to 4. That signaled to me that there must be a trade there. There is something going on when beer consumption drops 90% in a hot country and then starts to rebound. We started buying Guinness of Nigeria and its gone straight up over the last 3 years".
Peter Thiel, the former CEO and co-founder of PayPal who runs Clarium Capital Management was given this advice from a major venture capital partner when asking about the industry, "The best way to get into venture capital is to make at least $20 million by starting a company and selling it. Take that money and invest in other companies as a VC." He would give the same advice today.
Then there is Jim Rogers, the co-founder of the Quantum fund in 1969, and author of, Investment Biker, Adventures in Capitalism and Hot Commodities, who lives in a Victorian mansion overlooking the Hudson River on the Upper West Side of NY that he bought for $105,000 and is worth $15 million today. He's so hot on commodities he says, "one day lumberjacks and farmers may be on the cover of Fortune magazine" and thinks in the next decade, "oil will be at $150 a barrel and they will be drilling for it on the white house lawn and cotton will be $4 and they will be planting it in central park".
He is so bearish on the dollar he believes it can fall to half the value of the Euro. He says, "the pound sterling was once the worlds reserve currency and it went down 80% from top to bottom. The dollar went up 400% against it."
For market enthusiasts this book is tons of fun and you sure as hell pick up real insight as to the thoughts of some brilliant traders. I may pull more of my favorite parts that I'd like to remember and post them on my blog.
By Kevin Kingston, author of: A 20,000% Gain in Real Estate: A True Story About the Ups and Downs From Wall Street to Real Estate Leading to Phenomenal Returns
My Blog: The Real Estate Investors Blog
15 of 16 people found the following review helpful.
Meet the Greatest Minds from the Hedge Fund World ...
By Sachin Gaikwad
One of the things money can't always buy is access to the great minds. Lets say you want have an 1 on 1 with Jim Rogers(the co-pioneer of the Hedge Funds concept). Will you be able to do it? Maybe ... maybe not. And if we expand the problem to 10+ top Hedge Fund minds ... the problem becomes even more challenging. However, instead if we find someone who has access to all these folks and can proxy for you? Won't that be neat? That is exactly what Steven Drobny has done in this book. He has been able to rein in some of the greatest & successful minds in the Hedge Funds arena and ask them interesting & revealing questions relating to their trading strategy, best trades, worst trades and the other lessons they learnt from their failures/successes.
As expected, this book is written in Q&A format. The author has done an excellent job of organizing and laying out the book which moves in gradual progression. The responses from the folks are equally simple and straight forward without the use of complicated financial language(except the overuse of long/short gamma/alpha) or financial models. In my opinion, the most interesting and revealing question/responses were the one relating to the biggest mistakes and the lessons learned from them. I would highly recommend reading the responses from the various folks on this particular question. It will be worth a lot.
Some of the key insights/views I found interesting ...
* Just being right does not matter. Being right at the right time does.
* Be fluid in your decisions. As fact changes, change your views too.
* If you make agressive bets, then make sure that you defend your investment with good hedging strategy.
* Cut your losses. Ride your winners.
It definitely is a must read ...
-Sachin
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