The Invisible Hands: Top Hedge Fund Traders on Bubbles, Crashes, and Real Money: Hedge Funds Off the Record - Rethinking Real Money - Hardcover

Drobny, Steven

Hardcover

ISBN 10: 047060753X ISBN 13: 9780470607534

Publisher: John Wiley & Sons, 2010

Synopsis

Timely investment advice from the investors who survived—and thrived—during the economic crisis In light of the colossal losses and ongoing difficulties caused by the financial crisis, it′s obvious that the time has come to rethink money management in the broadest of terms. Drastic changes are clearly in order, but no new model has yet been implemented. Steven Drobny explores a new model from a simple starting point—by consulting the traders and managers who actually made money during this profoundly difficult period. In The Invisible Hands , top global macro managers reveal their own (clearly successful) approaches to markets and risk, suggesting important tenets for money management in a future, precarious world. Providing money managers and investors with the proven expertise of the best and most successful players in money management and detailing many specific elements of their risk management processes, The Invisible Hands : Outlines investment strategies for the rocky road ahead Provides guidance on how real money managers can implement certain elements of macro hedge fund strategies, developing a new paradigm of portfolio construction anchored in superior risk management Reveals intimate aspects of the investment processes of some of today′s top hedge fund managers The book highlights the similarities among successful traders, showing that the investment process should be anchored in understanding the true risk–adjusted returns in your portfolio.

About this title

Review

"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 )

From the Back Cover

Question: What is the difference between a Peruvian peasant farmer and a Harvard or Yale endowment manager? Answer: The peasant is the one who understands risk–sensitive investing and sound investment goals. — Jared Diamond from the Foreword of The Invisible Hands ; Professor of Geography and Environment Health Sciences, UCLA; Pulitzer Prize–winning author of Guns, Germs, and Steel Praise For the Invisible Hands "Drobny does it again!" — Jim Rogers , author of A Gift to My Children "While many are too busy trying to determine ′what just happened,′ the insights of these Invisible Hands provide a valuable forward–looking road map for managing institutional portfolios. With trillions at stake for our society′s pensions, endowments, and foundations, this book offers important lessons for any fiduciary charged with stewarding assets for future generations." — Michael K. Barry , Chief Investment Officer, University System of Maryland Endowment "Anyone looking for a better understanding of how to invest in turbulent waters will benefit from this guided tour of the experiences of smart and creative money managers over the last couple of years. Pick up a copy and enjoy!" — Arminio Fraga , Founding Partner, Gávea Investimentos, and formerpresident of the Central Bank of Brazil "Drobny′s path–breaking work analyzes the deficiencies of real money investors and proposes antidotes gleaned from the techniques of top macro hedge fund managers." — Dr. John Porter , Managing Director, Global Portfolio and Liquidity Management, Barclays Capital "Once again Drobny taps the most influential minds in investing to unearth some decidedly uncommon wisdom and candid revelations. The Invisible Hands maps out the winners and losers, empowering readers to navigate the transformation of the money management industry currently in full swing." — John Brynjolfsson , CIO of Armored Wolf, and former portfolio manager of the $80 billion PIMCO Real Return practice "As a money manager, I found this book tremendously insightful, in that it challenges long–held assumptions about—and more recently adopted approaches to—the management of ′real money.′ As a taxpayer, I found its contents terrifying." — Rishi Narang , CIO, Telesis Capital, author of Inside the Black Box

Edition details

• Publisher: John Wiley & Sons
• Publication date: 2010
• ISBN 10: 047060753X
• ISBN 13: 9780470607534
• Binding: Hardcover
• Language: English
• Number of pages: 384