The Invisible Hands: Hedge Funds Off the Record - Rethinking Real Money

Overview

The crash of 2008 crushed "real money" investors (endowments, pensions, foundations, and family offices). World markets—from real estate and equities to commodities and credit—collapsed. Some of the world's most venerable financial institutions disappeared, while many hedge fund, private equity, venture capital, and real asset managers suffered immense losses. Yet, the world has not ended, and now, all investors must adapt to the new reality.

Analyzing money managers who fared ...

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Overview

The crash of 2008 crushed "real money" investors (endowments, pensions, foundations, and family offices). World markets—from real estate and equities to commodities and credit—collapsed. Some of the world's most venerable financial institutions disappeared, while many hedge fund, private equity, venture capital, and real asset managers suffered immense losses. Yet, the world has not ended, and now, all investors must adapt to the new reality.

Analyzing money managers who fared well in 2008—either by posting strong performance or by preserving capital—is a logical starting point. Global macro hedge funds are those money managers. Risk management is a key differentiator during crises, and global macro hedge fund managers anchor their investment processes in risk, rather than targeting outsized returns.

In The Invisible Hands, Steven Drobny—cofounder of Drobny Global Advisors and author of Inside the House of Money—again reaches out to his professional network of leading global macro hedge fund managers to better understand how their risk management, investment, and portfolio construction process enabled them to effectively navigate the crash of '08. With this book as your guide, you'll glean valuable insights from unparalleled access to these winners in order to adapt to the new financial reality we all now face.

The Invisible Hands begins by addressing the importance of "real money" management, examining its evolution and raising important questions about how portfolios are constructed. In Part Two, the experts or "Invisible Hands"—ten anonymous global macro hedge fund managers—discuss how they approach money management, revealing how they made money or avoided large losses during the crisis of 2008, and detailing how they would address some of the challenges faced by real money managers. Part Three introduces the invisible hand known as "The Pensioner," who provides an inside look at the real money world.

Along the way, The Invisible Hands also:

  • Examines some of the fundamental questions currently being asked by all investors as they struggle to understand the new paradigm of the post-crisis world
  • Questions some core tenets of asset allocation and portfolio construction as these concepts are applied by real money investors
  • Reveals how some of the best in the hedge fund business are positioning themselves for the uncertain road ahead
  • And much more

Page by page, The Invisible Hands provides investors and traders with the latest thinking from some of the best players in money management, highlighting the specific risk and return objectives of each, and discussing the evolution of certain styles and beliefs in money management. This book will allow you to discover how successful global macro hedge fund managers navigated the most significant financial crisis of our lifetime and learn how to incorporate certain elements of their approach into your own investment endeavors.

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Editorial Reviews

From the Publisher
"ARE YOU MORE CONCERNED, to paraphrase Mark Twain, with the return of your money than the return on your money? If so, a new book, The Invisible Hands, might be of interest. Written by Steven Drobny, founder of hedge-fund consultant Drobny Global Advisors, the book, subtitled Hedge Funds Off the Record — Rethinking Real Money, focuses on the mistakes made and lessons learned in the financial crisis of 2008. The author says pension funds, endowments, foundations and other institutional investors must adopt a forward-looking, risk-based approach to investing, especially if they have annual cash needs." (Barron's, May 31, 2010)

"Wildly enjoyed reading this solely for the vast amount of information and advice divulged.... The insight divulged in part two of is priceless.... Many books that have come out of the financial crisis focus on learning from mistakes. On the other hand, Drobny's book pinpoints managers who fared well in 2008 as they were either able to preserve capital or grow it. This allows readers to learn from those who found success during a time when many others failed.... We treasured The Invisible Hands: Hedge Funds Off the Record and highly recommend it to anyone looking to learn from top hedge fund managers. We found the book's particular focus on global macro strategies especially intriguing given that the majority of the coverage on our site centers on long/short equity hedge funds. Those of you looking for a peephole into the fast paced world of global macro would find this book advantageous. And if you manage money, then Drobny's new boook is simply a must read." (Marketfolly.com)

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Product Details

  • ISBN-13: 9780470607534
  • Publisher: Wiley
  • Publication date: 4/5/2010
  • Edition number: 1
  • Pages: 384
  • Product dimensions: 9.28 (w) x 6.42 (h) x 1.49 (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 (Jared Diamond)

Preface.

PART ONE REAL MONEY AND THE CRASH OF '08.

Chapter 1 Rethinking Real Money.

Chapter 2 The Researcher: Dr. Andres Drobny, Drobny Global Advisors.

Chapter 3 The Family Office Manager: Jim Leitner, Falcon Management.

PART TWO THE INVISIBLE HANDS.

Chapter 4 The House.

Chapter 5 The Philosopher.

Chapter 6 The Bond Trader.

Chapter 7 The Professor.

Chapter 8 The Commodity Trader.

Chapter 9 The Commodity Investor.

Chapter 10 The Commodity Hedger.

Chapter 11 The Equity Trader.

Chapter 12 The Predator.

Chapter 13 The Plasticine Macro Trader.

PART THREE FINAL WORD.

Chapter 14 The Pensioner.

Conclusion.

Acknowledgments.

Bibliography.

About the Author.

Index

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