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More Money Than God: Hedge Funds and the Making of a New Elite,New
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The first authoritative history of hedge fundsfrom their rebel beginnings to their role in defining the future of finance.Based on author Sebastian Mallaby's unprecedented access to the industry, including three hundred hours of interviews, More Money Than God tells the inside story of hedge funds, from their origins in the 1960s and 1970s to their role in the financial crisis of 20072009.Wealthy, powerful, and potentially dangerous, hedge fund moguls have become the It Boys of twentyfirst century capitalism. Ken Griffin of Citadel started out trading convertible bonds from his dorm room at Harvard. Julian Robertson staffed his hedge fund with college athletes half his age, then he flew them to various retreats in the Rockies and raced them up the mountains. Paul Tudor Jones posed for a magazine photograph next to a killer shark and happily declared that a 1929style crash would be 'total rockandroll' for him. Michael Steinhardt was capable of reducing underlings to sobs. 'All I want to do is kill myself,' one said. 'Can I watch?' Steinhardt responded.Finance professors have long argued that beating the market is impossible, and yet drawing on insights from physics, economics, and psychology, these titans have cracked the market's mysteries and gone on to earn fortunes. Their innovation has transformed the world, spawning new markets in exotic financial instruments and rewriting the rules of capitalism.More than just a history, More Money Than God is a window on tomorrow's financial system. Hedge funds have been left for dead after past financial panics: After the stock market rout of the early 1970s, after the bond market bloodbath of 1994, after the collapse of Long Term Capital Management in 1998, and yet again after the dotcom crash in 2000. Each time, hedge funds have proved to be survivors, and it would be wrong to bet against them now. Banks such as CitiGroup, brokers such as Bear Stearns and Lehman Brothers, home lenders such as Fannie Mae and Freddie Mac, insurers such as AIG, and money market funds run by giants such as Fidelityall have failed or been bailed out. But the hedge fund industry has survived the test of 2008 far better than its rivals. The future of finance lies in the history of hedge funds.
⚠️ WARNING (California Proposition 65):
This product may contain chemicals known to the State of California to cause cancer, birth defects, or other reproductive harm.
For more information, please visit www.P65Warnings.ca.gov.
- Q: What is the main topic of 'More Money Than God'? A: 'More Money Than God' primarily explores the history and evolution of hedge funds, detailing their impact on the financial industry and their role in shaping modern capitalism.
- Q: Who is the author of 'More Money Than God'? A: The book is authored by Sebastian Mallaby, who provides an in-depth analysis based on extensive interviews and research within the hedge fund industry.
- Q: What is the publication date of this book? A: 'More Money Than God' was published on June 10, 2010.
- Q: What type of binding does this book have? A: This book is available in hardcover binding, which offers durability and a classic look.
- Q: How many pages does 'More Money Than God' contain? A: The book contains a total of 496 pages.
- Q: Is 'More Money Than God' suitable for beginners in finance? A: While the book covers complex topics related to hedge funds, it is written in an accessible manner that can be understood by readers with varied levels of financial knowledge.
- Q: What unique insights does the author provide in this book? A: Sebastian Mallaby shares insights from over three hundred hours of interviews with hedge fund managers, revealing their strategies, successes, and failures.
- Q: Does the book cover the financial crisis of 2007-2009? A: Yes, 'More Money Than God' examines the role hedge funds played during the financial crisis of 2007-2009 and how they have managed to survive past financial panics.
- Q: What genre does 'More Money Than God' belong to? A: 'More Money Than God' falls under the 'Company Profiles' category, focusing specifically on hedge funds and their influence in the finance sector.
- Q: What can readers expect to learn from this book? A: Readers can expect to gain a comprehensive understanding of hedge funds, their history, the key players in the industry, and the future of finance as shaped by these entities.