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2012-07-29
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The Alpha Masters: Unlocking the Genius of the World's Top Hedge Funds
By Maneet Ahuja, Myron Scholes, Mohamed El-Erian
2012 | 272 Pages | ISBN: 1118065522 | EPUB/MOBI


The ultimate behind-the-curtain look at the hedge fund industry, unlocking the most valuable stories, secrets, and lessons directly from those who have played the game best.

Written by Maneet Ahuja, the hedge fund industry insider, The Alpha Masters brings the secretive world of hedge funds into the light of day for the first time. As the authority that the biggest names in the business, including John Paulson, David Tepper, and Bill Ackman, go to before breaking major news, Ahuja has access to the innermost workings of the hedge fund industry. For the first time, in Alpha Masters, Ahuja provides both institutional and savvy private investors with tangible, analytical insight into the psychology of the trade, the strategies and investment criteria serious money managers use to determine and evaluate their positions, and special guidance on how the reader can replicate this success themselves.


There are few people with access to the inner chambers of the hedge fund industry, and as a result it remains practically uncharted financial territory. Alpha Masters changes all that, shedding light on star fund managers and how exactly they consistently outperform the market. The book:


Contains easy-to-follow chapters that are broken down by strategy--Long/Short, Event Arbitrage, Value, Macro, Distressed, Quantitative, Commodities, Activist, pure Short, Fund of Funds.


Includes insights from the biggest names in the trading game, including Ray Dalio, Marc Lasry, Jim Chanos, Sonia Gardner, Pierre Lagrange, and Tim Wong.
Features contributions from industry icon Mohamed El-Erian


Many of the subjects profiled in this groundbreaking new book have never spoken so candidly about their field, providing extremely provocative, newsworthy analysis of today's investing landscape.




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2012-7-29 17:49:22
  欢饮来到这里!!!
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2012-7-29 18:19:43
这是一本书吗?
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2012-7-29 19:09:29
英文版、 mobi、epub格式均有
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2012-7-30 11:41:08
Brilliant, thanks for sharing.  
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2012-8-2 09:18:49
amazon 评分很高的一本书,引了一段评论:

Would you like to understand the mindsets of a variety of successful hedge fund managers? This book will give that to you, but there is a catch: you will also learn how these managers developed, and this is a big plus.

Most of the managers went through rigorous experiences that made them far more effective at evaluating risk and return potentials. Have you been through anything similar to that? If not, you might read this very interesting set of accounts, but then realize that you don't have the personality/skills necessary to replicate what they have done. Don't feel bad, most people don't have that.

A large part of what makes hedge fund managers successful is their willingness to limit their activity to areas where they have genuine expertise. They gain insight beyond most into areas where they are experts in discerning value.

This book does not give you a formula for how to make money; instead, it gives you lessons in the characters of those that have made a lot of money for themselves and their clients. What are they like?

Among their many attributes, they are:

Driven/competitive -- though I have known my share of failures in investing that have that attribute.
Lifelong learners, like Buffett and Munger -- though I have known some really bright people who know a lot about investing/finance who add little to an investment process.
Opportunistic -- they recognize what their best opportunities are, and pursue them to the exclusion of others.
Focused -- they develop an edge, and try to be "best in class," whether in mathematics of the markets, understanding the legal rights of different types of securities, understanding industry dynamics, accounting nuances, etc.
Patient -- if opportunities are not promising, don't do much. It's like being an intelligent underwriter -- when your competitors are giving away the store, don't write business, spend time sharpening your skills. Study what could go wrong, and see if there is a way to take advantage of the situation.
Team-builders -- They develop talented teams/cultures and motivate them to excellence.
Sensible -- They know when to be doggedly persistent, and know when to admit defeat.

Now, no hedge fund manager has all of these, but the best have most of them.

Contents

The book covers nine managers/firms:

Ray Dalio -- Bridgewater
Pierre LaGrange & Tim Wong -- MAN Group / AHL
John Paulson -- Paulson & Co.
Marc Lasry and Sonia Gardner -- Avenue Capital Group
David Tepper -- Appaloosa Management
William A. Ackman -- Pershing Square Capital Management
Daniel Loeb -- Third Point
James Chanos -- Kynikos Associates LP
Boaz Weinstein, Saba Capital Management

About the Author

Her name is Maneet Ahuja, and is a producer for CNBC, specializing in covering hedge funds. That's how she gained the contacts in order to write the book. Business Insider did a profile on her, and you can find it here.

Quibbles

The book needs something to tie it together and give it depth, otherwise the book is only "Meet these nine nifty hedge fund managers that I have gotten to know." That's a serious deficiency; even a single chapter at the front or back would have enriched the book, making it more general and cohesive.

I also think there would have been better choices for those that wrote the foreword (Mohamed El-Erian) and the afterword (Myron Scholes). The former is an accomplished investor, but is not an expert on hedge funds. Myron Scholes is an accomplished academic, has worked for hedge funds, but is still not an expert on them.

Who would benefit from this book: If you want to learn about what type of people these nine hedge fund managers are, and read anecdotes about some of their best and worst trades, this would be a book you would enjoy.
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