Friday, April 22, 2016

Friday Feature Book Review: More Money Than God! by Sebastian Mallaby , ヘッジファンド ―投資家たちの野望と興亡、 セバスチャン・マラビー

Global hedge funds pay big time bonuses. If you want to know the wealth & power around them, then this book is for you. Author Sebastian Mallaby, has amazing access to top-tier hedge fund players and does some incredible research into the industry. The names and numbers really made sense and hooked me in. 

He did not waste my time or my money on this rich in detail volume. This was one of the most in depth books on hedge funds that I have ever come across. The direct quotes and input from the greatest managers of all-time make it work. Their views on many of the biggest trades the world has ever seen, was very insightful in its remarkable detail. 

You could feel that he not only developed excellent sources, but wished that you could have been there for the many of the conversations. For me, not a single page was drab and not worth my full attention. The wrap up on the industry in a big picture style worked for me too. It many ways, he makes a good case that global investment banks were in fact hedge fund partnerships themselves, but then got listed on various stock exchanges. A new wave of hedge funds will always come along to make money out of a never ending pattern of continuous opportunities. 

The overall bigger picture is easy enough to understand, hedge funds evolve and adapt. The best ones grow and keep the kind of DNA that keeps on tinkering, like any inventor in a garage. They have to keep looking for the next new thing, new market, new strategy, new arbitrage, whatever. Size matters, and investors tend to look for size as a kind of comfort. Over time this can be flawed in many ways, but it is a common practice. In a way, you feel that the old line, "nobody got fired for choosing IBM" works here too. 

A large hedge fund with US$1BN or more in assets seems safe as an investment. The financial size is not really a comfort in the end, as the performance can end quickly. It is the professionals, the real human capital, within any hedge fund that are the real assets being invested into. If these big brains, the traders have, can figure out the next new things in financial markets, then performance follows. 

Ultimately, any hedge fund once successful, gets big. A few even get listed. and then make way for a newer wave of "Young Turks" to follow with the new new market sensation. Hedge funds really are about finding opportunities and the people behind them. That is where the big money is made, by seeing a new twist or tact, and creating profits by innovation around those new opportunities. 

The author Sebastian Mallaby takes us on this journey in a very detailed fashion. It is full of the kind of glitz and bling that keeps your appetite always wanting a little bit more. This was a great read and a great insight in the hedge fund world. This book is Highly Recommended!

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