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

Sebastian Mallaby

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

More Money Than God: Hedge Funds and the Making of a New Elite By Sebastian Mallaby More Money Than God Hedge Funds and the Making of a New Elite New Hardcover with dust jacket

  • Title: More Money Than God: Hedge Funds and the Making of a New Elite
  • Author: Sebastian Mallaby
  • ISBN: 9781594202551
  • Page: 311
  • Format: Hardcover
  • More Money Than God: Hedge Funds and the Making of a New Elite By Sebastian Mallaby New Hardcover with dust jacket
    More Money Than God: Hedge Funds and the Making of a New Elite By Sebastian Mallaby

    • [AZW] ↠ More Money Than God: Hedge Funds and the Making of a New Elite | By Ò Sebastian Mallaby
      311 Sebastian Mallaby
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      Posted by:Sebastian Mallaby
      Published :2019-09-22T06:08:36+00:00

    One thought on “More Money Than God: Hedge Funds and the Making of a New Elite

    1. Jon on said:

      Mallaby not only presents the definitive history of hedge funds, starting with the first one created by A.W Jones in 1949 , and continuing through the recent financial crisis, but he also makes the argument that hedge funds are the best alternative to the megabanks on Wall Street That s a pretty controversial claim Certain funds like Long Term Capital Management have completely imploded, and some hedge fund managers have been fined for fraud And yet, after reading this book, I m sympathetic to M [...]

    2. Vaishali on said:

      Despite a spicy title, one of the few books where I ve no notes to share Reason Unlike the Ivy League teams heading VC PE firms and investment banks, a hedge fund is often the brain child of one highly charismatic individual with a revolutionary, aggressive trading ethos Or so the book claims and then focuses solely on Soros Quantum, Robertson s Tiger, and Meriwether s LTCM Nil is said about the hundreds of other funds aggregating gazillions into highly leveraged options futures currency bundle [...]

    3. Henry Barry on said:

      More Money Than God was one of the most educational and interesting finance books I ve read Mallaby has really done his homework here, and it shows The history of hedge funds, by the very nature of hedge funds, gives a lot of general market history as well, and I often found myself realizing that Mallaby was telling of market incidents that I d read about in other books In that sense, this was a very high level overview to both hedge funds and markets This is a very holistic text Not only that, [...]

    4. Ilya on said:

      In 1949, an American sociologist and a former diplomat and anti Nazi operative decided to get rich He organized a hedged sic fund that bought shares in the companies he deemed promising, and sold short shares in the companies he deemed unpromising, doing all this on borrowed money The top marginal income tax rate at the time being 91%, he took 20% of the profits on the investments, which were taxed at the much lower capital gains rate of 25% If all of the original 100,000 had stayed with him, he [...]

    5. Ryan Stambaugh on said:

      The book is a first rate piece of non fiction Mallaby scans the history hedge funds over the past 60 or so years, with most chapters focusing in on an economic event and particular fund manager or hedge fund responding to such One minor quibble is Mallaby never quite says why A.W Jones gets credit for developing the first hedge fund over, say, Benjamin Graham or John Maynard Keynes Along the way you learn quite a bit, also, about the financial scene going on at the time from the commodities boom [...]

    6. Ravi J on said:

      Its insane when Hedge funds can lose hundreds of million dollars per hour in some cases and still come out on the right side of the trade.It does try really hard to show the Hedge funds in a good light providing liquidity, making prices efficient etc , But it is really hard to fathom the cases of Soros and Druckenmiller when they willfully killed the Sterling and then the Thai Baht.Loved reading the book, these guys hedge fund managers are hyper alpha males, and willing to go all out to get a s [...]

    7. Cheng Dang on said:

      A history lesson on the origins of hedge funds, back when hedging was still a pre requisite for the moniker, to George Soro s giant 10 B pound short, to the implosion of the Long Term Capital Management quants, to the misunderstood role of hedge funds during the financial crisis in 2008 The author argues that hedge funds as they are present a less systemic risk than the large public bank institutions in place where moral hazard runs rampant Not recommended for a general audience but a worthwhile [...]

    8. Khaleel on said:

      Nice overview of the hedge fund industry A bit tedious though and debate around regulation of the hedge fund industry is not too robust That part of the book was not worthwhile.Recommended if you want to understand the US hedge fund industry and how it became what it is today Heavy going and a little slow but a good read nonetheless.

    9. Shoti on said:

      I always thought of hedge funds as the private playground of multimillionaires, which help the wealthy to become even wealthier It turns out my belief was not completely unfounded Nevertheless, Mallaby proves that there is much to the overall story of hedge funds He does a great job by walking his reader through the history, development, types, boom and bust cycles of hedge funds, also explaining their role and impact to the health of the global financial system Clearly, hedge funds may come i [...]

    10. Corey on said:

      This book is an accessible history of hedge funds that is easy enough to follow for those of us not experts in the field of finance It covers the different characters involved in the evolution of hedge funds from the first fund through the 2008 recession All in all I feel like I learned quite a bit about how hedge funds work, what type of people run them, and how they operate But this book also comes off as a defense of hedge funds As if the whole world has a negative view of them maybe it does [...]

    11. Charvak Patel on said:

      If you aspire to get a job in this industry, this is perfect for you.Also got to know about some geniuses.Crisis of Citadel and Quantum s bet on GBT are the best parts

    12. Owen on said:

      This was one of the best descriptions of how the financial system makes money that I have read This could stem from the fact that it built on top of the earlier information I had, but, in any event, I came away from this book with a much clearer understanding of the workings of the stock market than I had before, and I actually went back and re read some things I had read earlier and they made sense.The author is quite in favor of hedge funds I ll stop short of saying he is in thrall, but it at [...]

    13. Tim O'Hearn on said:

      MMTG provides an insider s take on the history of hedge funds using language that is appealing to the outsider Sebastian Mallaby presents colorful characterizations Robert Mercer never recalled having a nightmare of the major players behind some of the largest financial undertakings you have never heard about Extremely detailed research is reduced to a cascade of brilliance a triumph of tight editing Sebastian introduces new ideas and debates criticisms without ever skirting myopia The LTCM and [...]

    14. Aiman on said:

      Makes you feel like opening your own hedge fund What are the odds

    15. Tom on said:

      Other than the title may suggest, More Money Than God is, in essence, a plea against hedge fund regulation Mallaby describes various hedge funds and their effect on markets, often explaining how these hedge funds defied the laws of finance Indeed, it is illustrated how hedge funds managers were able to generate above market returns by finding statistical anomalies, patterns, asymmetrical bets, and sometimes by simply picking the right stocks to invest in More Money Than God combines fine researc [...]

    16. Mac on said:

      Sebastian Mallaby makes a fairly convincing argument in favor of hedge funds here, and it s hard to dismiss the romance of idiosyncratic loners going off and starting their own companies that beat out Goldman Sachs The book follows the history of hedge funds, from their beginnings with a quasi socialist Hemingway pal to their contemporary status as the plunderers of Wall Street, and certainly a good case is made that the biggest problems with Wall Street come from the plodding, public investment [...]

    17. E on said:

      A gripping hedge fund history lessonAs hedge funds increase in size, variety and number, they also exercise growing power over central banks and national governments, as well as companies and industries Unfettered by a fixed investment philosophy, hedge fund managers bank on the flexibility to buy assets and sell them short as dynamic markets dictate Some hedge funds have succeeded spectacularly and some have failed, such as those holding too many mortgage securities when the U.S housing industr [...]

    18. Harry Barnett on said:

      The subtitle is Hedge Funds and the Making of A New Elite I picked up this book after it was recommended by Fareed Zakaria on CNN The author, Sebastian Mallaby, wrote for the Economist for thirteen years and now is a columnist for the Washington Post You might have seen the term hedge fund in the press but not really know what they are, who invests in them, and how they invest This book gives you a history of hedge funds starting from the first hedge fund in 1949 Some of the significant events [...]

    19. Deniz on said:

      Fairly comprehensive history on hedge funds since their inception at the end of the 1940 s until their rise to the commanding heights of the contemporary world economy What I take away from this story of extraordinary characters is perhaps a positive view of hedge funds, mainly due to the fact that they are treated in the eyes of regulators as freestanding structures which can be allowed to fail without causing broad ripples across the economy and getting bailed out with taxpayer money unlike t [...]

    20. Gary on said:

      At one time this book seemed interesting so I got it to listen And when I came back from vacation, having no books to read, I started It s a bit dry but it does cover the nature of hedge funds and their contributions liquidity to society as well as the dangers damage to the markets It was interesting enough to get through, but I can t say it kept me riveted I did learn quite a bit about the functions of a hedge fund and how a number of smart folks can seek out inefficiencies, irregularities and [...]

    21. Marc on said:

      More entertaining than a history of hedge funds has any right to be The book is chockfull of colorful anecdotes, and clearly demonstrates that some hedge fund titans are genuinely interesting people Still, interesting though they may be, they also mostly come off as bunch of macho, immature, materialistic jerks, and Mallaby sometimes seems just a bit too awed by their money making prowess, which strikes me as a rather sad commentary on him and them I think that the interesting aspects of this b [...]

    22. Asif on said:

      If there was an option to give a book 6 stars I would have given it The writer has made an extraordinary effort which is clear from every single page He clearly understood the strategies employed by the hedge fund managers which he explained while at the same time made the book entertaining and enjoyable I read certain segments multiple times, made notes and revised my notes to ensure I don t miss a single important insight I am familiar with many of the characters mentioned in the book but the [...]

    23. Ben Charoenwong on said:

      The story telling is superb This book contains the tales though keep in mind, all these are real, with verifiable sources of hedge fund managers, from start with A.W Jones all the day to the modern master of the universes This is a narrative with both in depth insight and enthralling exposition This mix of sound economic reasoning with institutional knowledge is rare.The author understands the role of hedge funds, moral hazard, and the institutional details of the hedge fund industry Moreover, b [...]

    24. Ankur Khetan on said:

      The book is a good history lesson on hedge funds The author has done thorough research and the book is a good read for anyone who wants to get a glimpse of the functioning of Wall Street The language is easy and it has been written like a story However, the author has a fixed agenda starting from the first page, and rationally and irrationally tries to prove his point that hedge funds are a better alternative to big too big to fail banks This bias starts irritating at some point and it becomes h [...]

    25. Kumar Ritesh on said:

      The world of mystery, intrigue and super intelligence, The world of Hedge Funds This book is a good way to learn about how these mysterious companies called Hedge fund started and how they are different from the other Asset management company s.Starting from the first company which was started way back it has covered almost all the major market movements.Interesting to read about the methods employed by them like long short , Micro managers, momentum players, rocket scientist and Phd holders min [...]

    26. Delta on said:

      I will be the first to admit that the Stock Market and investment banking go way over my head, especially when we are talking about portfolio management But Mallaby managed to get me interested in a topic I never would have looked into You don t need to full understand the tactics of selling long and short and all those other trading words Mallaby has a way of writing that lets you know quite quickly if the tactic was a clever way of predicting the market, a shady way of manipulate trends, or an [...]

    27. William Y Wang on said:

      This is a great book to get a sense of how hedge funds have evolved since their humble days of focused hedging Many of these stories discuss how funds experience success in their original form, and try sometimes failing to expand their reach and capital The story s moral, however, is that hedge funds represent capitalism if they succeed, they do so in a big way, and if they fail, then they fail, taking everyone s equity with them Despite the funds sizes, there s no talk about too big to fail deb [...]

    28. John Clark on said:

      Excellent demystifying history of hedge funds Told as stories of the people that have built, traded, succeeded, and failed in this often opaque slice of the financial industry.Highly recommended for anyone interested in working with hedge funds Strong case for hedge funds as drivers of innovation and efficiency that can fail fast with no risk to taxpayers in a dysfunctional financial system dominated by the big banks that are too big to fail Well balanced between storytelling, trading strategies [...]

    29. Tobias on said:

      I loved this book Mallaby s archival and interview research was excellent and really added something to his story his accounts of various crises were written with verve and actually had my heart racing definition of suspense I knew what was coming and I even found myself sympathetic to his argument that hedge funds are actually superior to banks because they re too small too bail and actually do fail in considerable numbers.

    30. Simon on said:

      What s that song, I wanna be a billionaire so freakin bad, buy all the things I never had , that would go great with this book Good historical account about the origins and evolution of hedge funds, but was also a bit of hero worship at the same time Entertaining read, and actually did learn some interesting new things Would actually recommend it for both the average person and finance professional.

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