Inside the House of Money: Top Hedge Fund Traders on Profiting in a Global Market

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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 ...

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Overview

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

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Editorial Reviews

From the Publisher
"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)

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Product Details

  • ISBN-13: 9780471794479
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 4/21/2006
  • Edition number: 1
  • Pages: 384
  • Product dimensions: 6.34 (w) x 9.17 (h) x 1.41 (d)

Meet the Author

Steven Drobny is the founder of Drobny Global Asset Management, a full-service asset management, investment advisory, and consulting firm focused on global macro and commodity hedge fund strategies. He is also the author of the critically acclaimed The Invisible Hands: Top Hedge Funds on Bubbles, Crashes and Rethinking Real Money (Wiley) and Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets (Wiley). Please visit www.drobnycapital.com for more information on Mr. Drobny and his books.

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Table of Contents

Foreword by Joseph G. Nicholas (HFR Group).

Preface.

1. Introduction to Global Macro Hedge Funds by Joseph G. Nicholas (HFR Group).

2. The History of Global Macro Hedge Funds.

3. The Future of Global Macro Hedge Funds.

4. The Family Office Manager: Jim Leitner (Falcon Management).

5. The Prop Trader: Christian Siva-Jothy (SemperMacro).

6. The Researcher: Dr.Andres Drobny (Drobny Global Advisors).

7. The Treasurer: Dr. John Porter (Barclays Capital).

8. The Central Banker: Dr. Sushil Wadhwani (Wadhwani Asset Management).

9. The Dot-Commer: Peter Thiel (Clarium Capital).

10. The Floor Trader:Yra Harris (Praxis Trading).

11. The Pioneer: Jim Rogers.

12. The Commodity Specialist: Dwight Anderson (Ospraie Management).

13. The Stock Operator: Scott Bessent (Bessent Capital).

14. The Emerging Market Specialist: Marko Dimitrijević (Everest Capital).

15. The Fixed Income Specialists: David Gorton and Rob Standing (London Diversified Fund Management).

16. The Currency Specialist:Anonymous.

Conclusion.

Appendix A: Why Global Macro Is the Way to Go by Dr. Lee R.Thomas III.

Appendix B: A Note to Investors about Global Macro.

Acknowledgments.

Bibliography.

Index.

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Customer Reviews

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Sort by: Showing 1 Customer Reviews
  • Anonymous

    Posted September 28, 2007

    Insightful visit to the world of the global macro investor.

    This fascinating book will take you into the world of current global macro investing. Steven Drobny interviews 13 successful traders, analysts and fund managers who participate in global macro investing in many different ways. Although some of the discussions are technical (but never mathematical), they are readable and easy to understand. Drobny also provides some information on the origins and early years of global macroeconomic investing, from John Keynes to George Soros. He talks to his interviewees about their backgrounds and asks their investment advice. His question-and-answer approach keeps things moving. We enjoyed Drobny¿s descriptions of the people he interviewed, though the interview-style format leads to somewhat choppy data. This book is surprisingly fun for what could have become a very dense, technical tome in less skilled hands.

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