Invisible Hands Top Hedge Fund Traders on Bubbles, Crashes, and Real Money
Produktdetaljer
Biografisk notat
STEVEN DROBNY is the founder and CEO of Drobny Global Asset Management, an independent investment advisory, asset management, and consulting firm focused on global macro and commodity hedge fund strategies. He is also the author of the critically acclaimed Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets (Wiley). Mr. Drobny holds an MSc in finance and accounting from the London School of Economics and Political Science and a BS/BA from Bucknell University. Please visit www.drobnycapital.com for more information on Drobny and this book.
In light of the colossal losses and amidst the resulting confusion that still lingers, it is time to rethink money management in the broadest of terms. Drastic changes still need to be made, and managers who actually made money during 2008 make for a logical starting place.
This updated and revised edition of The Invisible Hands provides investors and traders with the latest thinking from some of the best and the most successful players in money management, highlighting the specific risk and return objectives of each, and discussing the evolution of certain styles and beliefs in money management.
- Divulges how top financial professionals are looking forward by thinking clearly, managing risk, and seeking a new paradigm of profit making opportunities in the post-crisis world
- Outlines investments and strategies for the rocky road ahead
- Gives guidance on how traditional investors such as pensions, endowments, foundations and family offices should rethink how they approach asset allocation and portfolio construction
- Written by respected industry expert Steven Drobny
Page by page, the professionals found in this book reveal their own approaches to markets, risk, and the broader world in which we live, as well as their advice on how investors should be approaching money management in today's uncertain world.
Foreword to the 2011 Edition by Nouriel Roubini ix
Foreword to the 2010 Edition by Jared Diamond xiii
Preface xix
Preface to the 2011 Edition xxiii
Preface to the 2010 Edition xxvii
Part One Real Money and the Crash Of ‘08 1
Chapter 1 Rethinking Real Money 3
Chapter 2 The Family Office Manager: Jim Leitner, Falcon Management 33
Part Two THE INVISIBLE HANDS 57
Chapter 3 The House 59
Chapter 4 The Philosopher 91
Chapter 5 The Bond Trader 129
Chapter 6 The Professor 149
Chapter 7 The Commodity Trader 185
Chapter 8 The Commodity Investor 215
Chapter 9 The Commodity Hedger 249
Chapter 10 The Equity Trader 279
Chapter 11 The Predator 307
Chapter 12 The Plasticine Macro Trader 329
Part Three FINAL WORD 365
Chapter 13 The Pensioner 367
Conclusion 391
Acknowledgments 395
Bibliography 399
About the Author 407
Index 409
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, Georgetown University 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 former president, Central Bank of Brazil
"Drobny's pathbreaking 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, Armored Wolf, and former portfolio manager of the $80 billion PIMCO Real Return practice
Produktdetaljer
Biografisk notat
STEVEN DROBNY is the founder and CEO of Drobny Global Asset Management, an independent investment advisory, asset management, and consulting firm focused on global macro and commodity hedge fund strategies. He is also the author of the critically acclaimed Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets (Wiley). Mr. Drobny holds an MSc in finance and accounting from the London School of Economics and Political Science and a BS/BA from Bucknell University. Please visit www.drobnycapital.com for more information on Drobny and this book.