Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets - Hardcover

Drobny, Steven

Hardcover

ISBN 10: 0471794473 ISBN 13: 9780471794479

Publisher: Wiley, 2006

Synopsis

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

About this title

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

Edition details

• Publisher: Wiley
• Publication date: 2006
• ISBN 10: 0471794473
• ISBN 13: 9780471794479
• Binding: Hardcover
• Language: English
• Edition number: 1
• Number of pages: 384