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Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets
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Audible Audiobook
Listening Length: 13 hours and 44 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Audible Studios
Audible.com Release Date: August 6, 2012
Language: English, English
ASIN: B008TSI0DO
Amazon Best Sellers Rank:
I've read a lot of trading books including the two Market Wizards and this book is right up there. The one difference is that the traders are just not as well known. The results and methods that the traders have are expressed, which is very useful, and the stories are complete. Good job to the author for helping to add some color to the people's lives too. I highly recommend this book to students of trading, it's worth it.
Unlike many other books that discuss hedge funds, Inside the House of Money is both entertaining and useful. Specifically, it provides condensed interviews of several star investors (Jim Rogers, Peter Thiel, Yra Harris, Christian Siva-Jothy, etc) and some lesser known players in the global macro hedge fund industry. As the book covers "global macro", a wide range of investments are discussed - equities, commodities, bonds, options, interest rate options, and others. What makes this book better than other mainstream texts is the inclusion of useful, actionable information. Two particularly relevant topics include favorite trades and issues that worry managers. In total, the quality of content in this book inspires the reader to take notes.As one might suspect, there is often a tinge of eccentricity with certain top traders. It is an electric group of people, including a billionaire dot-com entrepreneur, former central banker, a Goldman Sachs star prop trader, and family office manager - in NYC, London, San Francisco, Chicago and even Miami. The breath of the traders and styles is impressive.One particular notable interviewee was Goldman Sachs prop trader Chrisitan Siva-Jothy. In the book, he discussed how he made millions in London making a lightning-fast bet that initial reports on 9/11 were, in fact, indicative of a terrorist attack. While this may be unsettling, it illustrates how top investors make their money - by seeing signals and patterns before others. On occasion, you will find wisdom to be incorrect. This can be due, in part, to the timing of the book's release. For example, Jim Rogers is somewhat ambivalent on gold suggesting that other commodities were superior investments. The Rodgers paragraph illustrates one problem with this book in that the author doesn't reveal the precise time of the interviews. Sometimes this can be inferred, but it would be nice if Drobny time-stamped the interviews.Overall, this is one of the best hedge fund texts covering a wide range of styles and investments. One possible improvement for more technical readers would be greater detail on specific trades. Also, as previously mentioned, the author should have provided the specific times of his interviews. Even with such shortcomings, I would recommend this book to anyone interested in trading or hedge funds in general.
It's a pleasure to say it: "House" is a worthy successor to Jack Schwager's "Market Wizards" series. Having first read it a few years ago, it's a shame I'm only just getting off my duff to review it now - in October 2008 - after so much has happened.As of this writing, Wall Street as we know it has "ceased to exist" (according to the WSJ). The investment banking model has gone up in smoke. More than one featured player in "House" - like Dwight Anderson's Ospraie fund for example - has violently gone the way of the dodo. No doubt at least one or two more will be carried out in the ongoing carnage that has brought about the worst year for stocks (and perhaps commodities too) ever. Ever!Needless to say, I greatly anticipate Drobny's updated and appended version (due out Jan 2009)...Awe inspiring turmoil aside, it's a great book. And with the financial crisis sucking Wall Street into the vortex, it is perhaps instructive to note how the big hedge fund players have seemingly split into two camps.On the one hand you have those like Ospraie, who were too exposed to commodities, or illiquid capital commitments, or maybe just leverage in general, to survive. On the other hand you have the big players like Farallon and Perry Capital (neither mentioned in "House") where little leverage is used at all. While the now defunct houses of Lehman and Bear thought nothing of taking on risks that would make a gun-slinging futures trader blanch, the best of the hedge fund survivors played it very close to the vest.When the 2008 smoke clears - and the fires are still billowing at this point - the nearly $2 trillion hedge fund industry will look a lot different (and a lot smaller). But I imagine the bloodletting will work to the advantage of the survivors... the players who truly internalize the lessons in "House," as opposed to merely paying lip service to them.There is another subtle yet marked division that stands out to me among "House" participants: those who cut their teeth on the equity side, and those who cut their teeth on the futures side.The equity players, not to put too fine a point on it, are (or at least were) generally more fast and loose with risk. They seemed altogether more likely to double down on bets going against them, and to congratulate themselves on doing so. This was freshly highlighted for me in the Dwight Anderson interview (which I reread closely for "clues" after the widely reported Ospraie meltdown).Anderson did not radiate feverish waves of self-destructive tendency (as, say, Victor Niederhoffer did in "Education of a Speculator"). And yet, in talking about his training, Anderson favorably references an ingrained habit of his mentor, Julian Robertson: the willingness to "ignore" price action, obtusely so if need be, and to get aggressively "bigger" when one feels one is right.Anderson then references Paul Tudor Jones' mentality as a path not taken for Ospraie -- managing risk tightly via "technicals," something Robertson and cubs (Anderson included) chose not to do. Is it a truly big surprise, then, that Robertson's Tiger fund ultimately went under -- Anderson's too -- while PTJ is still around?The lessons in "House of Money" are rich and varied. If you are a trader or an aspiring fund manager, you will surely get some excellent ideas from this book... or at least be reminded of some key principles worth reconsidering.For me, the sad fate of Anderson (and others) serves as a clarion call warning against hubris. I have deep respect for fundamental traders, and a personal affinity for the virtues of value investing. And yet, perhaps befitting my early trading background, I ultimately prefer to "manage risk by technicals" as Jones does.At the end of the day, it's an odds game in which information is never perfect. As with poker, you can be 80 - 90% sure, but you are very rarely 100% sure. So why not hedge? Why take on risk you don't have to? I cannot help but think that some traders (a small handful) have some mysterious and ineffable connection with risk deep down in their souls. This theory argues that the true "lovers of risk" also have the deepest respect for what risk can do.Every one of the participants interviewed by Drobny is brilliant, no doubt excellent in their own way. In that they are like soldiers sent out to battle, or grizzled poker pros making their way through a giant tournament. Some will rise and fall on the sweep of serendipity alone... the panic of 2008, in particular, will slay virtuous and wicked alike. It doesn't make sense to lament this, though; the sweep of fate is just part of the deal. Fortuna will not be denied; excellence and dedication gets you a ticket to the dance, but it in no way guarantees a share of the prize.Those who wish to compete on talent and drive alone are no doubt put off by the fickleness of fate... as are those who got lucky early in life (right parents, right schools etc.) and want to freeze the status quo in place.But I take comfort in Fortuna's whims for a reason that might seem odd to some: She makes sure that the top spots are never permanently filled, and that hungry fighters always have a chance. There are always new stars rising as old ones fall from the firmament. (And sometimes, instead of falling, the "old" stars happily retire to their memoirs and their gardens.)And finally, the enthusiasm and diverse ideas in "House" reminded me of one more key truth in regard to markets, trading and investing: It's a truly beautiful game -- one worth playing for its own sake, even in light of horror shows like late 2008. Those who love to play for the sake of the game itself will find day-to-day reward in that, above and beyond the millions won or lost.
This book consists of a series of interviews with professional (mostly) speculators who focus on global macroeconomic events. This includes countries, raw materials, world politics, etc.I like the first person voice where we actually can learn how these people think. Conclusions are not presented as facts. In fact, there are no conclusions in the book. Just views from a large number of professionals. If you are willing to spend some time thinking about what the people say, I think you can learn quite a bit. The good thing is that you can read one interview and then think. You don't need to read the whole book in one go. However, don't expect any conclusions about how the market works from this book.The book is five years old so the examples are a bit old. However, I would not worry about that at all. Naturally, some interviews are more interesting than others, but that's just life.Finally, I think the title is kind of stupid. I thought it was some second rate author who was going to go on and on about the hedge fund industry based on some narrow knowledge and that the publisher hotted up the title. The latter is probably true. Anyway, my only point is: don't let the title scare you away.There is apparently a second edition out with some 40 extra pages. I have not seen that version, but off course that is the one you should buy.
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