Inside the House of Money

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

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Description

Inside the House of Money lifts the veil on the typically opaque world of hedge funds, offering a rare glimpse at how todaya 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 industrya s best minds. Along the way, youa 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
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Product details

  • Hardback | 384 pages
  • 166 x 233 x 32mm | 592g
  • John Wiley & Sons Inc
  • New York, United States
  • English
  • Illustrations
  • 0471794473
  • 9780471794479
  • 691,268

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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 RogersThe Commodity Specialist: Dwight Anderson (Ospraie Management)The Emerging Market Specialist: Marko Dimitrijevic (Everest Capital)And othersFilled 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.
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Back cover copy

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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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 Dimitrijevic (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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Review Text

"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) "[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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Review quote

"...makes an interesting read..." (Money Week, June 2006) "...eye opener..." (NYSSA, July 2006) "...must read..." (Futures Magazine Group, July 2006) "...engaging..." (Active Traider, July 2006) "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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About Steven Drobny

STEVEN DROBNY is cofounder and partner of Drobny Global Advisors (DGA), an international macroeconomic research and advisory firm that counts many of the leading global hedge funds as clients. Prior to starting DGA, Drobny worked for Deutsche Banka s Hedge Fund Group in London, Singapore, and Zurich. Drobny holds a mastera s degree from the London School of Economics and Political Science and a bachelora s degree from Bucknell University. Please visit www.insidethehouseofmoney.com for information on Drobny, DGA, and this book.
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Rating details

1,105 ratings
3.99 out of 5 stars
5 35% (390)
4 36% (403)
3 22% (239)
2 6% (61)
1 1% (12)
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