More Money Than God: Hedge Funds and the Making of a New Elite (Council on Foreign Relations Books (Penguin Press)) (ISBN=9780143119418) 下载 pdf 百度网盘 epub 免费 2025 电子版 mobi 在线

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.

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Sebastian Mallaby is the Paul Volcker Senior

Fellow in International Economics at the Council on Foreign

Relations and a Washington Post columnist. He spent thirteen years

on The Economist magazine, covering international finance in

London and serving as the bureau chief in southern Africa, Japan,

and Washington. He spent eight years on the editorial board of

The Washington Post, focusing on globalization and political

economy. His previous books are The World's Banker (2004),

which was named as an Editor's Choice by The New York Times,

and After Apartheid (1992), which was a New York

Times Notable Book.

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编辑推荐

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)

Copyright © Reed Business Information, a division of Reed

Elsevier Inc. All rights reserved.

From Booklist

Shrouded in secrecy, mystery, exclusivity and privilege, hedge

funds have always remained the domain of the rich and well

connected. Whether derided for destabilizing the market through

excessive leverage or applauded for providing much-needed

liquidity, private hedged funds have been around since the late

1940s and remain unregulated to this day. Mallaby, who spent 13

years at the Economist magazine and authored two previous books,

presents a thorough history of hedge funds, beginning with the

founding father of the industry, Alfred Winslow Jones, and

continuing with men such as George Soros and many other

less-well-known but equally influential players in this arena. The

significance and role of hedge funds to the 1987 stock-market

crash, the dot-com bubble, and the mortgage-securities bust are

covered, and Mallaby presents this much-maligned industry in a more

positive light than the typical media reporting on the subject,

concluding that despite some dirty playing in the field, these high

rollers provide better value to their clients than much of the

commercial financial industry. --David Siegfried

媒体评论

"Smart... [Mallaby] argues that the obsessive, charismatic

oddballs of the hedge fund world are Wall Street's future - and

possibly its salvation... His forte is a clear and sophisticated

explanation of the economic model that earned billions for each of

the financiers he profiles."

-Chrystia Freeland,

New York Times

"Compelling . . . [Mallaby] brings a keen sense of financial theory

to his subject and a vivid narrative style . . . [

More Money

Than God

] is still the fullest account we have so far of a

too-little-understood business that changed the shape of finance

and no doubt will continue to do so."

-Scott Patterson,

Wall Street Journal

"[Mallaby] gets into the minds of the traders . . . and adds

extensive historical and academic context without interrupting the

highly readable narrative."

-James Mackintosh,

Financial Times

"A superbly researched history of hedge-fund heroes stretching back

to the 1950s, it is a fascinating tale of the contrarian and

cerebral misfits who created successful, flexible businesses in an

otherwise conventional financial world."

-

The Economist

" [

More Money Than God

] is the definitive history of the

hedge fund industry, a compelling narrative full of

larger-than-life characters and dramatic tales of their financial

triumphs and reversals."

-Steve Pearlstein,

Washington Post

"

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 de*ion 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

书籍介绍

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-firstcentury 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.