The Alpha Masters: Unlocking the Genius of the World's Top Hedge Funds

Overview

The ultimate behind-the-scenes look at the hedge fund industry,The Alpha Masters: Unlocking the Genius of the World's Top HedgeFunds offers an unprecedented glimpse into the strategies andinvestment criteria serious money managers use to determine andevaluate their positions and maximize their hedge fund profits, intheir own words. Author and CNBC hedge fund specialist Maneet Ahujahas unrivalled access to the masters of the market, and in thisgame-changing new book, she takes ...

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Overview

The ultimate behind-the-scenes look at the hedge fund industry,The Alpha Masters: Unlocking the Genius of the World's Top HedgeFunds offers an unprecedented glimpse into the strategies andinvestment criteria serious money managers use to determine andevaluate their positions and maximize their hedge fund profits, intheir own words. Author and CNBC hedge fund specialist Maneet Ahujahas unrivalled access to the masters of the market, and in thisgame-changing new book, she takes their stories public for thefirst time.

Bringing the secretive world of hedge funds out into the lightof day, the book includes interviews with star fund managers:

  • Ray Dalio, Bridgewater Associates
  • Pierre LaGrange and Tim Wong, Man Group / AHL
  • John Paulson, Paulson & Co.
  • Marc Lasry and Sonia Gardner, Avenue Capital Group
  • David Tepper, Appaloosa Management
  • William A. Ackman, Pershing Square CapitalManagement
  • Daniel Loeb, Third Point
  • James Chanos, Kynikos Associates
  • Boaz Weinstein, Saba Capital Management

Experts at outperforming the market, many of these industryluminaries have never talked as candidly about theirexperiences—and the lessons they've learned—as they do inthese pages.

Ahuja's unparalleled insider access allows her to bring theremarkable stories of these eleven incredibly successfulindividuals vividly to life as no one else can. Accessible andinsightful, The Alpha Masters gets to the very heart of whatmakes these men and women so profitable. Packed with uniqueinsights into the psychology of the hedge fund trade that are sureto help readers replicate the successes of the managers profiledhere for themselves, the book is a provocative analysis of today'sinvesting landscape.

Essential reading for business and investment readers of allbackgrounds, The Alpha Masters is a true tell-all about lifein the innermost chambers of the world of hedge funds, from areporter on the front lines.

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What People Are Saying

From the Publisher
“This is one of the very few books I know of that crawlsinside the minds of today’s most brilliant investors to getthe play-by-play of their best (and sometimes worst) investments.You feel as though you are sitting across from the likes of JohnPaulson and David Tepper as they share their most sought-aftertechniques and analysis. This book will pay for itself and thensome for those who are smart enough to pick it up.”

—Nouriel Roubini, Cofounder and Chairman, Roubini GlobalEconomics, Professor of Economics, NYU Stern School of Business

“Maneet Ahuja knows well the stars of the hedge funduniverse. She has written a really very interesting book thatprovides insights into the industry, its rapid evolution, and itsadaptability to a constantly shifting investment landscape. But,most of all, she introduces us to its fascinating leaders, indepth. From their backgrounds, values, and modes of thought, shegives us insight into what it takes to be successful in this mostdemanding profession.”

—Michael Spence, 2001 Nobel Laureate in Economics, formerDean of Stanford Business School

“Hedge funds carry a range of connotations for investors,both good and bad. Maneet’s demystification of thisincreasingly important sector of the financial world provides avaluable service for investors, as they look for alternatives tothe financial institutions—and investing tenets—thatfailed them during the financial crisis.”

—Sallie Krawcheck, former CEO of Merrill Lynch WealthManagement and U.S. Trust

“No one has the type of access to this elite class ofhedge fund managers as Maneet Ahuja does. The Alpha Mastersprovides the type of in-depth insight and advice that only comesfrom countless conversations and time spent one-on-one with thesemanagers. The Alpha Masters is bound to be a classic.”

—Leon G. Cooperman, Chairman and CEO, Omega Advisors,Inc.

“The Alpha Masters has captured the background, the ideas,and the money-making cutting-edge strategy of today’s driversof financial thought, analysis, and action. It is a great read forthose who track the capital market and the tug-of-war betweencreativity, ideas, and capital market stress.”

—Mario J. Gabelli, Chief Investment Officer, GAMCOInvestors, Inc.

“The great cultural divide in journalism has always beenbetween access and accountability reporting. But, in the end,it’s really just a division of labor; readers need both.Ahuja works the access side of the street, and gets people to talkas few others can. The result is a surprisingly absorbing bookabout people who you can’t help but be curiousabout.”

—Dean Starkman, Pulitzer Prize–winning journalistand Editor of the Columbia Journalism Review ’s “TheAudit”

“Maneet presents clear and thoughtful studies of some ofthe most successful investors of recent years. The Alpha Masters ishighly recommended as an excellent guide to what has worked bestrecently in the rapidly changing and sometimes secretive world ofhedge funds.”

—Jim McCaughan, Chief Executive, Principal GlobalInvestors

“With great insight and clarity, Maneet Ahuja distills theessence of what makes hedge fund managers successful.  Theleading – and legendary – figures in the businessprovide her with their recipes for the “secret sauce”that puts them ahead of the rest.  This book is a must readfor anyone considering investing in, working in, or just plaininterested in the hedge fund industry.”   

—Randall S. Kroszner, Norman R. Bobins Professor ofEconomics, Booth School of Business, University of Chicago andformer Governor of the Federal Reserve

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Product Details

  • ISBN-13: 9781118971178
  • Publisher: Wiley
  • Publication date: 11/17/2014
  • Edition description: Reprint
  • Edition number: 2
  • Pages: 272
  • Sales rank: 477,493
  • Product dimensions: 5.90 (w) x 8.90 (h) x 0.90 (d)

Meet the Author

Maneet Ahuja is CNBC's hedge fund specialist and a producer on Squawk Box. In 2011, she co-created and developed the network's "Delivering Alpha" hedge fund summit in conjunction with Institutional Investor and was awarded CNBC's prestigious Enterprise Award in 2009 for her groundbreaking coverage of the industry. She has covered the World Economic Forum in Davos, Switzerland, and produces quarterly shows at the Department of Labor with former Federal Reserve Board chairman Alan Greenspan as well as U.S. Competitiveness Summits at Harvard Business School. Prior to joining CNBC in 2008, she was a part of the Wall Street Journal's Money & Investing team. She began her career on Wall Street in 2002 at age 17 in Citigroup's Corporate & Investment Banking division as a credit risk analyst.

Maneet is one of Forbes magazine's 30 Under 30 (Jan. 2012), has been featured in Elle magazine's annual Genius issue (April 2011), and in 2010 was nominated for Crain's New York Business Forty Under 40 Rising Stars. Follow Maneet on twitter @WallStManeet and visit her book's websites at www.thealphamasters.com and www.alphamasters.cnbc.com.

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Table of Contents

Foreword: The Less Mysterious World of Hedge Funds by Mohamed A.El-Erian, CEO and Co-CIO of PIMCO ix

Preface xv

Disclaimer xxiii

Chapter 1: The Global Macro Maven: Ray Dalio, BridgewaterAssociates 1

Chapter 2: Man versus Machine: Pierre Lagrange and Tim Wong, ManGroup/AHL 25

Chapter 3: The Risk Arbitrageur: John Paulson, Paulson & Co.39

Chapter 4: Distressed Debt’s Value Seekers: Marc Lasry andSonia Gardner, Avenue Capital Group 75

Chapter 5: The Fearless First Mover: David Tepper, AppaloosaManagement 93

Chapter 6: The Activist Answer: William A. Ackman, PershingSquare Capital Management 115

Chapter 7: The Poison Pen: Daniel Loeb, Third Point 155

Chapter 8: The Cynical Sleuth: James Chanos, Kynikos AssociatesLP 173

Chapter 9: The Derivatives Pioneer: Boaz Weinstein, Saba CapitalManagement 193

Afterword: Myron S. Scholes, 1997 Nobel Laureate in Economicsand Co-Author of the Black-Scholes Option Pricing Model 203

Appendix 211

References 225

Acknowledgments 237

About the Author 240

Index 241

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  • Anonymous

    Posted May 22, 2012

    Fucking great

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