Your rating(Clear)Rate this item


There was a problem filtering reviews right now. Please try again later.

12 of 12 people found the following review helpful
on May 22, 2009
Steven Drobny delivers a treasure trove of useful information in a very readable and user-friendly format. The book focuses on Global Macro hedge funds, providing a history starting with GM pioneer John Maynard Keynes to the mega funds run by Soros and Robertson, to the 21st century evolution of the leaner funds and their tactics. After describing the function and history of Global Macro, Mr. Drobny takes us deep into the minds of the operators themselves with over a dozen fascinating interviews.

For those who are new to the subject, Global Macro is basically a fund whose approach allows them to act nimbly in any global market using any class of asset including stocks, bonds, currency, and commodities. These funds employ a wide variety of hedging and arbitrage strategies using complex combinations of assets, and constantly seek out anomalies in any market that can offer superior returns.

I particularly liked the interview with Jim Leitner who has a very personal and unorthodox style that is hard not to marvel at. Jim offers this definition of GM, "The willingness to opportunistically look at every idea that comes along, from micro situations to country-specific situations, across every asset category and every country in the world. Its the combination of a broad top-down country analysis with a bottom-up micro analysis of companies. In many cases, after we make our country decisions, we then drill down and analyze the companies in the sectors that should do well in light of our macro view....Macro themes expressed in a micro style. Global Macro only means that you start at the top and work your way down." Jim also says that if there was only one thing he could ever read before choosing investments, it would be "The Economist".

If you are curious about hedge funds you will find this glimpse into the rarefied world of Global Macro a real eye opener. If you are an investor or investment professional, the book is loaded with gems of trading strategy. There are many great charts throughout the book, but it is not bogged down with heavy math. The format is similar to the Market Wizard books and there is something for everyone here. The main difference between this new edition and the 2006 is the addition of 2 new appendixes by Dr. Lee R Thomas III: "The Crash of '08"; and "Who Controls Liquidity?". Enjoy.
0CommentWas this review helpful to you?YesNoSending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
7 of 8 people found the following review helpful
on July 14, 2009
I thought I would lose interest in this book as it is a Q and A Interview style rather than a narrative style. However the book captured my interest from the very first profile. It was a great mix of trading philosophy, how they got into global macro investing, and their perspective on their world view. It was fascinating to see the intellectual challenge that global macro investing presents. The breadth of knowledge the profiled traders learn and use covers history, finance, economics, politics, psychology and many other areas. In addition the Steven Drobny's questions lead to answers that are contrary to our conventional view of the Master's of the Universe: they know they will make mistakes and tailor their approach to be ready for it and learn from it. My favorite chapters were the ones on Leitner, Thiel, Anderson, and Dimitrijevic. The last two profiles were weaker compared to the others but I still gave the book five stars considering I started out with a negative view of the book based on narrative style.
0CommentWas this review helpful to you?YesNoSending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
4 of 4 people found the following review helpful
on November 21, 2010
This review is really about the first edition of the book. The second edition has another 40 pages or so with additional material. 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. The second edition have some extra chapters but the interviews are the same.

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.
0CommentWas this review helpful to you?YesNoSending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
7 of 8 people found the following review helpful
on November 3, 2009
Excellent book that gives the reader a basic understanding of what is a Global Macro Hedge Fund Manager. Written in English versus "finance terms" it has a wealth of information for both veterans and novices in the Hedge Fund space. It is a quick read that leaves you more knowledgeable at the end. I enjoyed reading the interviews with the hedge fund managers that normally never open up their world to the public.
0CommentWas this review helpful to you?YesNoSending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
7 of 9 people found the following review helpful
on August 26, 2009
This book is a little tough to take as a read-through in one sitting. Not because it is so murky, but because so many of these global macro players exhibit so much self similarity that author Steve Drobny has a hard time making each interview fresh.

But the big take-away from the book is that like the term "hedge fund" is detached from its original definition and no longer has any meaning, so too with "global macro." While there is a lot of self-similarity (as stated above) he value is in the distinctions and the places where these traders are operating (both physically and market segments/opportunity sets).

This is a well written, combination of interview and narrative that is an order or magnitude above the "gee whiz" subservient tone of the "Market Wizards" books. Still, for me the nagging question remains that many of these traders are not so much as insightful but lucky, as any population of random coin flippers will still have a handful of serial winners at the end. Therefore, the most valuable interviews were with those guys who talked about their mistakes in detail, and why they made them.

Few talked of how they raised their AUM, which for me is the big secret.

All in all, worth reading, but for those with their head in the game or decades of experience only marginal utility.
0CommentWas this review helpful to you?YesNoSending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
2 of 2 people found the following review helpful
on September 2, 2010
Great book for persons of all backgrounds and knowledge of the markets.

Read this before I started working in the capital markets and have continued to re-read it each and every year. The set-up is very similar to Market Wizards by Jack D. Schwager, but provides a new insight from global traders' point of views, all who come from various disciplines.

Well written and not too heavy.
0CommentWas this review helpful to you?YesNoSending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
3 of 4 people found the following review helpful
on March 7, 2013
The title should be renamed "Global Macro Strategies" There are practically zero books published about global macro investing. "Soros on Soros", "Alchemy of Finance," and some of the individual interviews by Jack Schwager "Market Wizard" series are the only ones available. So this book is unique in that regard. I also question the authors choices for the interviews. Where are the interviews with Kovner, Druckenmiller, Jones, Bacon et al. Drobney doesn't disclose the track records of his subjects so it is difficult to tell if they have talent.

Drobney is a mediocre interviewer. The author assumes the reader understands relative value strategies, currency trading, yield curve spreads, and central bank policy. The book would be much better if there was an intro chapter that explained these different strategies and gave examples. Otherwise, it is easy to get lost and Drobny doesn't ease the confusion by asking follow-up questions in an informative way. There are some useful nuggets of info but unfortunately, you have to dig for them. Whereas with Jack Schwager's book, the lessons are so explicit, they are practically on a billboard.
0CommentWas this review helpful to you?YesNoSending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
1 of 1 people found the following review helpful
on February 3, 2013
Drobny's interviews of global macro fund managers is well executed and enlightening. In a very Market Wizards style, he draws insightful perspective from each of these money managers. I particularly enjoyed the interviews of Jim Leitner, Peter Thiel and Scott Bessent.

I believe that learning from how other money managers and traders approach the market and handle crisis situations is an important part of every market participant's education. I would recommend this book right alongside Schwager's Wizards books.
0CommentWas this review helpful to you?YesNoSending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
on January 1, 2015
This book was first published in 2006 which was considered a period of great prosperity for the stock market around the world. The reputation of hedge funds as the undisputed alternative investment vehicles was established after they survived the Tech bubble crash. There was a proliferation in their number in the United States and around the world.

The Author starts out by giving a brief history of the global markets and then proceeds in his quest to make these traders speak openly. One of the great things about this book is that it gives inside access to the great minds of the in the industry. There are so many takeaways from this that it is hard to mention them all. Perhaps the most valuable factor is the way the author engages his subjects into discussing individual trades. The details about what they thought about it, how they went about executing it and how they felt after it was done. This book is very similar to “More Money than God” and “The Market Wizards series” in the sense that it is structured on similar lines. However, Steven Drobny goes one step further and chooses to stick to only one style of fund management: Global Macro.

It is fascinating to read how even one particular investment style has so many different types of approaches. As you read along, you will discover what type of style suits you best. Some of them are:
• Family Office Manager: Jim Leitner
• The Prop Trader: Christian Siva-Jothy
• The Treasurer: Dr. John Porter
• The Central Banker: Dr. Sushil Wadhwani
• The Floor Trader: Yra Harris
• The Commodity Specialist: Dwight Anderson
• The Stock operator: Scott Bessent etc.,

This book is more applicable to traders. It will help expand your horizon, develop a more serious thinking approach, look at the big picture and develop your trading skills. This one is matched by a few in the volume and the quality of content it covers. Five Stars!
0CommentWas this review helpful to you?YesNoSending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
on January 1, 2015
This book was first published in 2006 which was considered a period of great prosperity for the stock market around the world. The reputation of hedge funds as the undisputed alternative investment vehicles was established after they survived the Tech bubble crash. There was a proliferation in their number in the United States and around the world.

The Author starts out by giving a brief history of the global markets and then proceeds in his quest to make these traders speak openly. One of the great things about this book is that it gives inside access to the great minds of the in the industry. There are so many takeaways from this that it is hard to mention them all. Perhaps the most valuable factor is the way the author engages his subjects into discussing individual trades. The details about what they thought about it, how they went about executing it and how they felt after it was done. This book is very similar to “More Money than God” and “The Market Wizards series” in the sense that it is structured on similar lines. However, Steven Drobny goes one step further and chooses to stick to only one style of fund management: Global Macro.

It is fascinating to read how even one particular investment style has so many different types of approaches. As you read along, you will discover what type of style suits you best. Some of them are:
• Family Office Manager: Jim Leitner
• The Prop Trader: Christian Siva-Jothy
• The Treasurer: Dr. John Porter
• The Central Banker: Dr. Sushil Wadhwani
• The Floor Trader: Yra Harris
• The Commodity Specialist: Dwight Anderson
• The Stock operator: Scott Bessent etc.,

This book is more applicable to traders. It will help expand your horizon, develop a more serious thinking approach, look at the big picture and develop your trading skills. This one is matched by a few in the volume and the quality of content it covers. Five Stars!
0CommentWas this review helpful to you?YesNoSending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
     
 
Customers who viewed this also viewed


 
     

Send us feedback

How can we make Amazon Customer Reviews better for you?
Let us know here.