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More Money Than God - Hedge Funds and the Making of the New Elite (Paperback)
Loot Price: R460
Discovery Miles 4 600
You Save: R47
(9%)
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More Money Than God - Hedge Funds and the Making of the New Elite (Paperback)
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List price R507
Loot Price R460
Discovery Miles 4 600
You Save R47 (9%)
Expected to ship within 9 - 15 working days
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The first book of its kind: a fascinating and entertaining
examination of hedge funds today Shortlisted for the Financial
Times/Goldman Sachs Business Book of the Year Award 'An enormously
satisfying book: a gripping chronicle of the cutting edge of the
financial markets and a fascinating perspective on what was going
on in these shadowy institutions as the crash hit' Observer
Wealthy, powerful, and potentially dangerous, hedge-find managers
have emerged as the stars of twenty-first century capitalism. Based
on unprecedented access to the industry, More Money Than God
provides the first authoritative history of hedge funds. This is
the inside story of their origins in the 1960s and 1970s, their
explosive battles with central banks in the 1980s and 1990s, and
finally their role in the financial crisis of 2007-9. Hedge funds
reward risk takers, so they tend to attract larger-than-life
personalities. Jim Simons began life as a code-breaker and
mathematician, co-authoring a paper on theoretical geometry that
led to breakthroughs in string theory. Ken Griffin started out
trading convertible bonds from his Harvard dorm room. Paul Tudor
Jones happily declared that a 1929-style crash would be 'total
rock-and-roll' 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. A saga of riches and rich
egos, this is also a history of discovery. Drawing on insights from
mathematics, economics and psychology to crack the mysteries of the
market, hedge funds have transformed the world, spawning new
markets in exotic financial instruments and rewriting the rules of
capitalism. And while major banks, brokers, home lenders, insurers
and money market funds failed or were bailed out during the crisis
of 2007-9, the hedge-fund industry survived the test, proving that
money can be successfully managed without taxpayer safety nets.
Anybody pondering fixes to the financial system could usefully
start here: the future of finance lies in the history of hedge
funds.
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