Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets | 
|  | | | Title: | Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets | | Author: | Steven Drobny | | Publisher: | Wiley [Website] | | Type: | Book / Hardcover | | Publication Date: | 21 April, 2006 | | ISBN / ISBN-13: | 0471794473 / 9780471794479 | | List Price: | $29.95 | | You Save: | $10.18 | | Amazon Price: | $19.77 | |
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Product Description
Inside the House of Money lifts the veil on the typically opaque world of hedge funds, offering a rare glimpse at how today's highest paid money managers approach their craft. Author Steven Drobny demystifies how these star traders make billions for well-heeled investors, revealing their theories, strategies and approaches to markets. Drobny, cofounder of Drobny Global Advisors, an international macroeconomic research and advisory firm, has tapped into his network and beyond in order assemble this collection of thirteen interviews with the industry's best minds. Along the way, you'll get an inside look at firsthand trading experiences through some of the major world financial crises of the last few decades. Whether Russian bonds, Pakistani stocks, Southeast Asian currencies or stakes in African brewing companies, no market or instrument is out of bounds for these elite global macro hedge fund managers. Highly accessible and filled with in-depth expert opinion, Inside the House of Money is a must-read for financial professionals and anyone else interested in understanding the complexities at stake in world financial markets. "The ruminations of supposedly hush-hush hedge fund operators are richly illuminating." --New York Times
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Customer Reviews:
• A Little Overrated..... 25 April, 2008
Judging by the reviews here, you would think that you are buying the next great book in the mould of the 'Market Wizards' series by Jack Schwager. But, trust me, you will be sorely disappointed.
Drobny is a good writer and does ask some good questions of his subjects. But this is definitely NOT a collection of 'top hedge fund managers' or a collection of some of the 'greatest minds in global macro investing'. In fact some, like Andreas Drobny and Sushil Wadhwani are not even hedge managers. They are just academics and central bankers, in the author's own words.
Read it if you have been through most of the other good books out there and there are no other choices. The interviews with Jim Rogers (as always), Jim Leitner and Scott Bessent are entertaining. But there is nothing exceptional or eye-opening about any of these interviews. There is no shortage of hedge fund superstars in London or New York, so it would have been nice if Drobny had gotten access to some of them.
In short, there is more hype than warranted with this book. Get it from a library if you can!
- Reviewed by customer ID: A3FZD1F2JQK5HK
• Good Stuff 12 September, 2008
Amazing to read, how differently managers actually approach what is basically the same job: Make money in capital markets. One cannot live without stop loss limits, while another dislikes them a lot. One is riding trends, another one is contrarian. one loves to read research and newspapers, and travel, another one finds none of that of any use. But all of them claim to be successful. How comes? I'm just halfway through, and have a couple of hypothesis. Keen to see, which can be tested and falsified in the course of the second half.
Good inspiring read anyway for all with some knowledge of capital markets.
- Reviewed by customer ID: A1FCCNQ43B1HAU
• Interviews Of Varying Quality - From 'meh' To 'fantastic' - With Some Notable Hedge Fund Traders 26 January, 2008
MY RATING SYSTEM:
* - if you have to chose between torture and reading this book, then you might want to consider reading the book - although it depends on just how severe the torture would be.
** - if you've lost your job and have quite a bit of free time on your hands, and don't have anything else better to do, then you might want to consider reading this book; don't expect to learn much or really be entertained. It will however, help you pass the time until your death.
*** - meh...I'm indifferent. Reading this book will not alter your life in any significant way, yet it is not so horrendously dreadful that your taking the time to read it will be a complete waste of time.
**** - Good book to great book zone here. You should probably read this book if you have some spare time. This book could be interesting, entertaining, or informative.
***** - Outstanding book! Make time to read this book - you'll learn or be entertained or intrigued. The book might even be good enough to provide original or helpful insights into the world that we live in.
REVIEW:
Overall, while I found Inside the House of Money to be, at times, an interesting and engaging read, I did find that my perception of the value or interest of each of the interviews varied greatly throughout the book. I have not read the Market Wizards series or any of the other trader interview books that some other reviewers have mentioned as being superior to this book, so I can't really compare.
For me, the highlight of the book was quite likely the interview with Jim Leitner, with the interviews with Jim Rogers, Dwight Anderson and Scott Bessent also catching my interest. These interviews seemed to be more transparent in their discussions, more accessible, and more thought provoking than some of the others.
Generally, each of the interviews tends to hit on a few main areas: (a) how their careers developed and how they got into the industry; (b) that their main strategy is and some examples of good and bad trades they made; (c) some discussion of how they obtain/analyze information; (d) risk management/portfolio construction; (e) general views on the markets and areas they like/don't like; and (f) their thoughts on global macro as a strategy. There are a variety of different perspectives presented throughout the book, and while a couple of the interviews contained some basic technical finance lingo, most of the interviews should be easily understandable by readers with an understanding of economics and financial markets. Where is jargon, the author does a good job on including explanation boxes that clarify key terms and events to provide the reader with some background that helps clarify or put the interviewee's comments in context.
One of the interesting things that I picked up throughout the book is that there are a variety of different styles and techniques that are employed by these traders, and all are able to employ them in a way that achieves success. For example, some of the traders get research from investment banking research and sales groups while others avoid it. Some traders like to take vacations to clear their heads, others don't. Some traders find it valuable to visit the markets they are considering investing in, others find that doing so might make you more subject to making decisions based on anecdotal evidence.
I also enjoyed a couple tidbits that I picked up along the way. One trader mentioned the idea that being right at the wrong time is still being wrong. Also, the discussions of cost/benefit of managing money for others once you've established your skills and have accumulated enough of your own capital that you can trade for your own account.
In conclusion, I found the book interesting, but not captivating. I would have liked to have had more consistency in interview quality (some of the interviews didn't really seem to be that thought provoking or communicate that much of value to me). A decent read, but I'll take a look at some of the other trader books before I consider increasing my rating.
- Reviewed by customer ID: AK6D3SB8KZ0RK
• Wall Steet Bound....then Read This. 04 July, 2008
As a professional in the ETF business I highly recommend this book. After I read this book I gave it to my son as he recently graduated college and is planning a career on Wall Street-- It's that kind of book. Steven is well connected in the Hedge Fund world and this book is a testament to that. If you buy it to just read Jim Rogers section - your money will be well spent.
- Reviewed by customer ID: AS3JESGGMAV0V
• Just A Waste Of Time For Individual Investors. 20 May, 2008
I am the trader who is managing EZ Stock Options . com. I have been researching, developing, backtesting, and improving winning trading strategies for the past 7 years. This book has no useful information for investors. It is just talking about how in general (no details at all about strategies) he has made money for Yale University by managing their fund. Don't waste your money and more importantly your time on this book.
- Reviewed by customer ID: A1IRTGFRELAOSN
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