More Money Than God

塞巴斯蒂安•马拉比保罗•沃尔克时期对外关系委员会国际经济高级研究员，《华盛顿邮报》的专栏作家。他在《经济学人》杂志工作了13年，在《华盛顿邮报》编委会工作了8年，主要专注于经济全球化和政治经济领域。他的著作包括2004年出版的《世界银行家》（The World’s Banker）和1992年出版的《后种族隔离时代》（After Apartheid），两本书均入选《纽约时报》推荐书目。

出版者:Bloomsbury Paperbacks

作者:Sebastian Mallaby

页数:496

出版时间:2011-5-3

价格:GBP 12.99

装帧:Paperback

isbn号码:9781408809754

图书标签:对冲基金金融经济推荐，值得一读学习商学院tipsMBA

Review

'The best account ever published of the economics, politics and adrenalin of these amazing firms. It shows why hedge funds dominate the world of finance and why the politicians who rail against them end up making them more powerful' Anatole Kaletsky 'A warts-and-all history of hedge funds...a splendid account of the ups and downs of an industry in which few of the twenty-something hedge-fund wannabes know their history. They, and meddling politicians, should read this book before they are condemned to repeat it' Financial Times '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 'A superbly researched history of hedge-fund heroes stretching back to the 1950s, it is a fascinating tale of the contrarian and cerebral misfits who created successful, flexible businesses in an otherwise conventional financial world' Economist

Product Description

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 2007-09, 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.

About the Author

Sebastian Mallaby is the Paul Volcker Senior Fellow in International Economics at the Council on Foreign Relations and a Washington Post columnist. He spent thirteen years on The Economist, covering international finance in London and serving as bureau chief in Southern Africa, Japan and Washington. From 1999 to 2007 he was a member of the editorial board of the Washington Post, focusing on globalization and political economy. His previous books are The World's Banker (2004) which was named as an Editor's Choice by the New York Times and After Apartheid (1992), which was a New York Times Notable Book. He lives in Washington with his wife, Zanny Minton Beddoes, the economics editor of The Economist.

读后感

长期资本的投资债券市场的方式也是对冲套利型，正如琼斯公司的经理可能更看好福特，于是就做多福特公司的股票而做空克莱斯勒，在股票市场上，看好一家公司的是非常主观的，对公司未来现金流的判断，从来都是千人千面，而债券不一样，它只是一笔贷款、一个利率以及一个特定日期...

要说投资是什么？我的回答是一场关于赔率和胜率不断变化的智力游戏。在这种游戏中，对冲基金是一个非常重要的玩家，本书详细介绍了这些玩家们的历史，选取了其中特别具有代表性的一些基金，述说了他们的生平以及玩法，很是难得，因为对冲基金对于一般人来说是非常神秘高...  

这本书写得很棒，对于一个想要了解美国对冲基金发展史的读者来说。 之前另一本同类题材的书是巴顿比格斯的《对冲基金风云录》，那本书成功地塑造了基金经理的群像。这本书，整理出了对冲基金的编年史。 这本书的缺点是，可能是因为字数过多的原因，纸张使用的是70G的轻型纸，单...  

如果你觉得对冲基金很神秘，建议你看看这本书。 里面的某些细节描述，基本构成了一家对冲基金应该怎么建立，如何进行投资，投资那些领域，怎么取得成功，涉及了什么的金融学原理，作者一直想说明，为什么某只对冲基金是他们那个时代的天之骄子。从大萧条之后开始说起...  

在豆瓣开了一个专栏，主要写投资自我管理方面，欢迎关注：http://read.douban.com/column/93927/ 作者提到宏观对冲高潮已经过去，信贷对冲开始成为主角（代表工具是CDS，代表事件是约翰保尔森在美国次贷危机时赚了140亿），让人不禁联想到：是否有新的金融手段、金融工具、金...