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. The ultimate behind-the-scenes look at the hedge fund industry, The Alpha Masters: Unlocking the Genius of the World's Top Hedge Funds offers an unprecedented glimpse into the strategies and investment criteria serious money managers use to determine and evaluate their positions and maximize their hedge fund profits, in their own words. Author and CNBC hedge fund specialist Maneet Ahuja has unrivalled access to the masters of the market, and in this game-changing new book, she takes their stories public for the first time.
Bringing the secretive world of hedge funds out into the light of day, the book includes interviews with star fund managers:
Ray Dalio, Bridgewater Associates
Pierre LaGrange and 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
Boaz Weinstein, Saba Capital Management
Experts at outperforming the market, many of these industry luminaries have never talked as candidly about their experiences-and the lessons they've learned-as they do in these pages.
Ahuja's unparalleled insider access allows her to bring the remarkable stories of these eleven incredibly successful individuals vividly to life as no one else can. Accessible and insightful, The Alpha Masters gets to the very heart of what makes these men and women so profitable. Packed with unique insights into the psychology of the hedge fund trade that are sure to help readers replicate the successes of the managers profiled here for themselves, the book is a provocative analysis of today's investing landscape.
Essential reading for business and investment readers of all backgrounds, The Alpha Masters is a true tell-all about life in the innermost chambers of the world of hedge funds, from a reporter on the front lines. Praise for The Alpha Masters
"This is one of the very few books I know of that crawls inside the minds of today's most brilliant investors to get the play-by-play of their best (and sometimes worst) investments. You feel as though you are sitting across from the likes of John Paulson and David Tepper as they share their most sought-after techniques and analysis. This book will pay for itself and then some for those who are smart enough to pick it up."
--Nouriel Roubini, cofounder and Chairman, Roubini Global Economics, Professor of Economics, NYU Stern School of Business
"Maneet Ahuja knows well the stars of the hedge fund universe. She has written a really very interesting book that provides insights into the industry, its rapid evolution, and its adaptability to a constantly shifting investment landscape. But, most of all, she introduces us to its fascinating leaders, in depth. From their backgrounds, values, and modes of thought, she gives us insight into what it takes to be successful in this most demanding profession."
--Michael Spence, 2001 Nobel Laureate in Economics, former dean of Stanford Business School
"Hedge funds carry a range of connotations for investors, both good and bad. Maneet's demystification of this increasingly important sector of the financial world provides a valuable service for investors, as they look for alternatives to the financial institutions--and investing tenets--that failed them during the financial crisis."
--Sallie Krawcheck, former CEO of Merrill Lynch Wealth Management and U.S. Trust
"No one has the type of access to this elite class of hedge fund managers that Maneet Ahuja does. The Alpha Masters provides the type of in-depth insight and advice that only comes from countless conversations and time spent one-on-one with these managers. The Alpha Masters is bound to be a classic."
--Leon G. Cooperman, Chairman and CEO, Omega Advisors, Inc.
"The Alpha Masters has captured the background, the ideas, and the money-making strategy of today's cutting-edge drivers of financial thought, analysis, and action. It is a great read for those who track the capital market and the tug-of-war between creativity, ideas, and capital market stress."
--Mario J. Gabelli, Chief Investment Officer, GAMCO Investors, Inc.
"The great cultural divide in journalism has always been between access and accountability reporting. But, in the end, it's really just a division of labor; readers need both. Ahuja works the access side of the street, and gets people to talk as few others can. The result is a surprisingly absorbing book about people who you can't help but be curious about."
--Dean Starkman, Pulitzer Prize-winning journalist and Editor of the Columbia Journalism Review's "The Audit"
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. The ultimate behind-the-scenes look at the hedge fund industry, The Alpha Masters: Unlocking the Genius of the World's Top Hedge Funds offers an unprecedented glimpse into the strategies and investment criteria serious money managers use to determine and evaluate their positions and maximize their hedge fund profits, in their own words. Author and CNBC hedge fund specialist Maneet Ahuja has unrivalled access to the masters of the market, and in this game-changing new book, she takes their stories public for the first time.
Bringing the secretive world of hedge funds out into the light of day, the book includes interviews with star fund managers:
Ray Dalio, Bridgewater Associates
Pierre LaGrange and 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
Boaz Weinstein, Saba Capital Management
Experts at outperforming the market, many of these industry luminaries have never talked as candidly about their experiences-and the lessons they've learned-as they do in these pages.
Ahuja's unparalleled insider access allows her to bring the remarkable stories of these eleven incredibly successful individuals vividly to life as no one else can. Accessible and insightful, The Alpha Masters gets to the very heart of what makes these men and women so profitable. Packed with unique insights into the psychology of the hedge fund trade that are sure to help readers replicate the successes of the managers profiled here for themselves, the book is a provocative analysis of today's investing landscape.
Essential reading for business and investment readers of all backgrounds, The Alpha Masters is a true tell-all about life in the innermost chambers of the world of hedge funds, from a reporter on the front lines. Praise for The Alpha Masters
"This is one of the very few books I know of that crawls inside the minds of today's most brilliant investors to get the play-by-play of their best (and sometimes worst) investments. You feel as though you are sitting across from the likes of John Paulson and David Tepper as they share their most sought-after techniques and analysis. This book will pay for itself and then some for those who are smart enough to pick it up."
--Nouriel Roubini, cofounder and Chairman, Roubini Global Economics, Professor of Economics, NYU Stern School of Business
"Maneet Ahuja knows well the stars of the hedge fund universe. She has written a really very interesting book that provides insights into the industry, its rapid evolution, and its adaptability to a constantly shifting investment landscape. But, most of all, she introduces us to its fascinating leaders, in depth. From their backgrounds, values, and modes of thought, she gives us insight into what it takes to be successful in this most demanding profession."
--Michael Spence, 2001 Nobel Laureate in Economics, former dean of Stanford Business School
"Hedge funds carry a range of connotations for investors, both good and bad. Maneet's demystification of this increasingly important sector of the financial world provides a valuable service for investors, as they look for alternatives to the financial institutions--and investing tenets--that failed them during the financial crisis."
--Sallie Krawcheck, former CEO of Merrill Lynch Wealth Management and U.S. Trust
"No one has the type of access to this elite class of hedge fund managers that Maneet Ahuja does. The Alpha Masters provides the type of in-depth insight and advice that only comes from countless conversations and time spent one-on-one with these managers. The Alpha Masters is bound to be a classic."
--Leon G. Cooperman, Chairman and CEO, Omega Advisors, Inc.
"The Alpha Masters has captured the background, the ideas, and the money-making strategy of today's cutting-edge drivers of financial thought, analysis, and action. It is a great read for those who track the capital market and the tug-of-war between creativity, ideas, and capital market stress."
--Mario J. Gabelli, Chief Investment Officer, GAMCO Investors, Inc.
"The great cultural divide in journalism has always been between access and accountability reporting. But, in the end, it's really just a division of labor; readers need both. Ahuja works the access side of the street, and gets people to talk as few others can. The result is a surprisingly absorbing book about people who you can't help but be curious about."
--Dean Starkman, Pulitzer Prize-winning journalist and Editor of the Columbia Journalism Review's "The Audit"
Zwei Bücher über Leben und Arbeit von Hedgefonds-Managern
Keine Kategorie von Geldverwaltern gilt als ähnlich geheimnisvoll wie die Manager von Hedgefonds. Das ist insofern zutreffend, als sich viele Manager von Hedgefonds ungern in der Öffentlichkeit zeigen. Das brauchen sie im eigenen Interesse auch nicht, da ihre Kunden ausschließlich Großanleger sind. Wären Hedgefonds unbedeutende Investoren, müsste man sich nicht um sie kümmern. Aber Hedgefonds gelten nicht nur als geheimnisvoll, sondern auch als mächtig, wobei ihre Macht von Außenstehenden häufig unterschätzt wird. Zudem zeigt sich anhand von Anlageergebnissen in der aktuellen Krise, dass man auch in Hedgefonds nur mit Wasser kocht. Zuletzt wurde bekannt, dass sich viele Fonds mit Geschäften im Euroraum verspekuliert haben sollen.
Ein grundlegendes Buch über den Aufstieg und die Eigenarten dieser Branche hat Sebastian Mallaby verfasst (F.A.Z. vom 4. Juli 2011). Nunmehr liegen zwei Bücher amerikanischer Autoren vor, die wichtige Manager von Hedgefonds präsentieren.
"Hedge Fund Market Wizards" ist von Jack D. Schwager, einem (im guten Sinne) Veteranen der Finanzmarktberichterstattung in den Vereinigten Staaten, verfasst worden. Es stellt 15 Manager vor, die nicht nur porträtiert, sondern auch interviewt werden, und ist damit das deutlich umfangreichere Buch. Es schließt mit 40 Grundsätzen, die man im Handel an Finanzmärkten respektieren sollte. Manche wirken banal ("Man soll nicht Geschäfte im Zustand der Euphorie tätigen"), aber es zeigt sich immer wieder, dass viel Geld als Folge offensichtlicher Fehler versenkt wird.
"The Alpha Masters" ist von der noch nicht 30 Jahre alten Journalistin Maneet Ahuja verfasst, die für einen Fernsehsender Hedgefonds beobachtet und viele Manager kennt. Sie behandelt neun Vertreter der Branche, die vorgestellt werden, aber im Unterschied zu Schwagers Werk gibt es keine Interviews. Manche Manager wie Ray Dalio werden in beiden Büchern behandelt. Schwagers Buch ist deutlich breiter angelegt und verrät den erfahrenen Autor, aber als Einstieg in die Materie erscheint Ahujas Werk sehr wohl ausreichend.
Die Bücher zeigen: Es gibt "den" Hedgefondsmanager nicht, und es kann ihn nicht geben, weil Hedgefonds sehr unterschiedliche Strategien verfolgen und im Prinzip an allen Märkten dieser Welt handeln können. Die beiden Bücher beschreiben denn auch sehr unterschiedliche Geschäfte - manche mögen auch erfahrene Privatanleger anregen. Unverkennbar ist aber die Faszination dieser Menschen für die internationalen Finanzmärkte.
GERALD BRAUNBERGER.
Maneet Ahuja: The Alpha Masters.
John Wiley & Sons. Hoboken 2012. 246 Seiten, 29,95 Dollar.
Jack D. Schwager: Hedge Fund Market Wizards.
John Wiley & Sons. Hoboken 2012. 526 Seiten, 40 Dollar
Alle Rechte vorbehalten. © F.A.Z. GmbH, Frankfurt am Main
"This is one of the very few books I know of that crawls inside the minds of today's most brilliant investors to get the play-by-play of their best (and sometimes worst) investments. You feel as though you are sitting across from the likes of John Paulson and David Tepper as they share their most sought-after techniques and analysis. This book will pay for itself and then some for those who are smart enough to pick it up."
--Nouriel Roubini, Cofounder and Chairman, Roubini Global Economics, Professor of Economics, NYU Stern School of Business
"Maneet Ahuja knows well the stars of the hedge fund universe. She has written a really very interesting book that provides insights into the industry, its rapid evolution, and its adaptability to a constantly shifting investment landscape. But, most of all, she introduces us to its fascinating leaders, in depth. From their backgrounds, values, and modes of thought, she gives us insight into what it takes to be successful in this most demanding profession."
--Michael Spence, 2001 Nobel Laureate in Economics, former Dean of Stanford Business School
"Hedge funds carry a range of connotations for investors, both good and bad. Maneet's demystification of this increasingly important sector of the financial world provides a valuable service for investors, as they look for alternatives to the financial institutions--and investing tenets--that failed them during the financial crisis."
--Sallie Krawcheck, former CEO of Merrill Lynch Wealth Management and U.S. Trust
"No one has the type of access to this elite class of hedge fund managers as Maneet Ahuja does. The Alpha Masters provides the type of in-depth insight and advice that only comes from countless conversations and time spent one-on-one with these managers. The Alpha Masters is bound to be a classic."
--Leon G. Cooperman, Chairman and CEO, Omega Advisors, Inc.
"The Alpha Masters has captured the background, the ideas, and the money-making cutting-edge strategy of today's drivers of financial thought, analysis, and action. It is a great read for those who track the capital market and the tug-of-war between creativity, ideas, and capital market stress."
--Mario J. Gabelli, Chief Investment Officer, GAMCO Investors, Inc.
"The great cultural divide in journalism has always been between access and accountability reporting. But, in the end, it's really just a division of labor; readers need both. Ahuja works the access side of the street, and gets people to talk as few others can. The result is a surprisingly absorbing book about people who you can't help but be curious about."
--Dean Starkman, Pulitzer Prize-winning journalist and Editor of the Columbia Journalism Review 's "The Audit"
"Maneet presents clear and thoughtful studies of some of the most successful investors of recent years. The Alpha Masters is highly recommended as an excellent guide to what has worked best recently in the rapidly changing and sometimes secretive world of hedge funds."
--Jim McCaughan, Chief Executive, Principal Global Investors
"With great insight and clarity, Maneet Ahuja distills the essence of what makes hedge fund managers successful. The leading - and legendary - figures in the business provide her with their recipes for the "secret sauce" that puts them ahead of the rest. This book is a must read for anyone considering investing in, working in, or just plain interested in the hedge fund industry."
--Randall S. Kroszner, Norman R. Bobins Professor of Economics, Booth School of Business, University of Chicago and former Governor of the Federal Reserve
--Nouriel Roubini, Cofounder and Chairman, Roubini Global Economics, Professor of Economics, NYU Stern School of Business
"Maneet Ahuja knows well the stars of the hedge fund universe. She has written a really very interesting book that provides insights into the industry, its rapid evolution, and its adaptability to a constantly shifting investment landscape. But, most of all, she introduces us to its fascinating leaders, in depth. From their backgrounds, values, and modes of thought, she gives us insight into what it takes to be successful in this most demanding profession."
--Michael Spence, 2001 Nobel Laureate in Economics, former Dean of Stanford Business School
"Hedge funds carry a range of connotations for investors, both good and bad. Maneet's demystification of this increasingly important sector of the financial world provides a valuable service for investors, as they look for alternatives to the financial institutions--and investing tenets--that failed them during the financial crisis."
--Sallie Krawcheck, former CEO of Merrill Lynch Wealth Management and U.S. Trust
"No one has the type of access to this elite class of hedge fund managers as Maneet Ahuja does. The Alpha Masters provides the type of in-depth insight and advice that only comes from countless conversations and time spent one-on-one with these managers. The Alpha Masters is bound to be a classic."
--Leon G. Cooperman, Chairman and CEO, Omega Advisors, Inc.
"The Alpha Masters has captured the background, the ideas, and the money-making cutting-edge strategy of today's drivers of financial thought, analysis, and action. It is a great read for those who track the capital market and the tug-of-war between creativity, ideas, and capital market stress."
--Mario J. Gabelli, Chief Investment Officer, GAMCO Investors, Inc.
"The great cultural divide in journalism has always been between access and accountability reporting. But, in the end, it's really just a division of labor; readers need both. Ahuja works the access side of the street, and gets people to talk as few others can. The result is a surprisingly absorbing book about people who you can't help but be curious about."
--Dean Starkman, Pulitzer Prize-winning journalist and Editor of the Columbia Journalism Review 's "The Audit"
"Maneet presents clear and thoughtful studies of some of the most successful investors of recent years. The Alpha Masters is highly recommended as an excellent guide to what has worked best recently in the rapidly changing and sometimes secretive world of hedge funds."
--Jim McCaughan, Chief Executive, Principal Global Investors
"With great insight and clarity, Maneet Ahuja distills the essence of what makes hedge fund managers successful. The leading - and legendary - figures in the business provide her with their recipes for the "secret sauce" that puts them ahead of the rest. This book is a must read for anyone considering investing in, working in, or just plain interested in the hedge fund industry."
--Randall S. Kroszner, Norman R. Bobins Professor of Economics, Booth School of Business, University of Chicago and former Governor of the Federal Reserve