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Money Mavericks: Confessions of a Hedge Fund Manager (Financial Times Series) Paperback – September 24, 2010

ISBN-13: 978-0273731986 ISBN-10: 027373198X Edition: 1st

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Product Details

  • Series: Financial Times Series
  • Paperback: 224 pages
  • Publisher: FT Press; 1 edition (September 24, 2010)
  • Language: English
  • ISBN-10: 027373198X
  • ISBN-13: 978-0273731986
  • Product Dimensions: 9.2 x 6.1 x 0.6 inches
  • Shipping Weight: 15.5 ounces
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (51 customer reviews)
  • Amazon Best Sellers Rank: #1,007,532 in Books (See Top 100 in Books)

Editorial Reviews

Review

"Gives an insight into the private struggles behind the slick façade of hedge funds." Hedge Funds Review, August 2010


From the Back Cover

“I read this book cover to cover, and enjoyed every bit of it.  The hedge fund industry is not known for its modesty, yet this book is not only full of fascinating information but is refreshing in this respect as well.”
Andrei Shleifer, Professor of Economics, Harvard University

“Without sensationalising, Lars tells it like it is – a no-holds-barred, warts-and-all account of what it’s like to try and set up and run a hedge fund.”
Neil Wilson, editor, Eurohedge

“A compelling and demystifying chronicle of hedge funds, and of hedge fund managers.  Lars’ experience is by no means novel in the industry, but his perspective most certainly is.”
Drew Dickson, Managing Partner, Dickson Capital Management

"In a world where few understand their complexities, Money Mavericks provides a compelling and accurate insight into the secretive workings of a hedge fund."
Tets Ishikawa, author of "How I Caused the Credit Crunch


More About the Author

Mr. Kroijer (born 1972) is the author of "Money Mavericks - Confessions of a Hedge Fund Manager" (Financial Times Press) and "Investment Demystified - How to Invest Without Speculation and Sleepless Nights" (Financial Times Press). He currently serves on the advisory board of various hedge funds based in London, Hong Kong, Mumbai, and Copenhagen, and Shipserv, a leading technology company in the shipping space.

Mr. Kroijer was the CIO of Holte Capital Ltd, a London-based market neutral special situations hedge fund which he founded in 2002 before returning external capital in the spring of 2008. Prior to establishing Holte Capital, Mr. Kroijer served in the London office of HBK Investments focusing on special situations investing and event-driven arbitrage. In addition, he previously worked at SC Fundamental, a value-focused hedge fund based in New York, and the investment banking division of Lazard Frères in New York. While in graduate school Mr. Kroijer held internships with the private equity firm Permira Advisors (then Schroder Ventures) and management consulting firm McKinsey & Co.

Mr. Kroijer graduated Magna cum Laude from Harvard University with a degree in economics and received a MBA from Harvard Business School.

A Danish national Mr. Kroijer lives in London and is married with twin daughters.

Customer Reviews

4.7 out of 5 stars
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See all 51 customer reviews
Overall the book is well written.
Joseph C. Kusnan
Lars Kroijer provides the reader with an excellent portal into the mind of a hedge fund manager.
Curt Peters
Very honest and funny book, a quick read, and you will not put it down until you finish.
Simon

Most Helpful Customer Reviews

15 of 16 people found the following review helpful By S. Wang on May 8, 2011
Format: Paperback
I generally agree with the other positive reviews here so I won't waste our time repeating the good stuff others have said better than me.

If you are reading to learn about investing:
Holte Capital was a Europe-focused market-neutral special situations fund. Therefore the lessons learned here are NOT likely to be useful for retail investors, and most useful for students of spec sit/mkt neutral investing. It invested in stocks, debt, and warrants. Lars only details the specifics of 5 or 6 different trades in the book. It is pretty clear that his (targeted) 8-10% unlevered alpha was generated mostly in those trades where a listed company was trading for less than the sum of its parts - Holte's losing bets, at least those discussed in the book, were all international relative valuation trades (e.g. trading for low PE in this country compared to PEs in other countries) which in my judgement were far weaker theses. Lars probably moved into these trades once his AUM exceeded $300-500mm, a deadly example of mission creep. The trade that destroyed Holte is laid out in gory detail, and this story alone is probably worth the price of the book if it helps you remember the problems with gearing up 3.5x as Lars did in order to satisfy his investors. The book could have been better simply if it just detailed more trades, or went into more specifics about how Lars organized his analysts.

If you are reading to find dirt on the hedge fund industry:
You will be sorely disappointed. 1) Drugs, Booze, Women. As Lars says, we don't do drugs because this is a highly intellectual industry and we live and die by our ability to think quality thoughts. We do slight amounts of alcohol like everyone else. Women and clubs (as portrayed in the book) are actually just an affliction of brokers.
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13 of 15 people found the following review helpful By Curt Peters on August 11, 2010
Format: Paperback
Lars Kroijer provides the reader with an excellent portal into the mind of a hedge fund manager. Kroijer started his fund, Holte Capital, in the boom years of hedge funds with a few dollars and a lot of ambition. His book tells the tale of all the ups and downs (business-wise, trading-wise, emotionally-wise, partners-wise, etc) he experienced with Holte Capital. There is no shortage of hedge fund manager autobiographies for sale these days, and generally I avoid reading hedge fund manager self-promoting nonsense. However, in the case of Kroijer, an exception must be made. Kroijer is that rare animal who, made clear from his writing, is much too self-reflective and aware of the world around himself, to be comfortable in the hedge fund industry. Kroijer's book tells of the absurdness of the industry and its participants which only a critical outsider would be able to discern; all the while Kroijer is deeply ensconced in the industry trying to make a go of it. This book is not a frat-house tale of lurid sexcapades and drug fueled parties, rather the story is one of the inner workings of a humble self-reflective mind placed in an environment of near-sociopaths and their institutions. Kroijer's book is the one book about hedge funds which I believe is an enjoyable read for the non-hedge fund person. A book which industry outsiders can appreciate, and certainly a book which industry insiders need to read.
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5 of 5 people found the following review helpful By Joseph C. Kusnan on November 12, 2010
Format: Paperback Verified Purchase
Lars Kroijer has done a service by writing down some of his experiences starting a fund. It is an admirable effort. Hedge funds receive an inordinate amount of attention and yet few articles or books have been written by practicing professional hedge fund managers. Here is a rare chance to learn some of the luck, pluck, and brains that it took to make it in The CIty or Wall Street during the hedge fund go-go years from 1998-2008.

Lars has a slightly verbose style that devolves sometimes into dry reporting of events instead of a story. Overall the book is well written. But this isn't Michael Lewis or Adam Smith and you won't find yourself biting your nails too much here. The drama ends in a thud.

What is kind of unique are the small social insights that Lars allows the reader into the Richard Perry's, other fund managers, the fund of fund operators, the prime brokers and so forth. It would have been nicer if they were fleshed out more-- the parties, the attention, the champagne and the bespoke suits of Mayfair-- but the overall message of the book is that while colorful, the hedge fund business really is about a lot of people staring at screens, with perfect resumes, worrying about a lot of money. Sic transit gloria.
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6 of 7 people found the following review helpful By Tomislav Matic on September 27, 2010
Format: Paperback
As much as it tells a story of a hedge fund manager, it tells a story of entrepreneurship, the fears and hopes that come with the roller coaster ride of every entrepreneurial undertaking. In addition to giving an honest, straightforward and down to earth account of the daily ups and downs of HF industry, the book surprises with Kroijer's humility and self depreciating humor. The discussion on investment allocation strategy from an individual investor perspective offers invaluable wisdom of a seasoned professional distilled to a simple set of rules. For anyone who has an investment portfolio, regardless of its size, this part alone is simply priceless.
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1 of 1 people found the following review helpful By Ian Kaplan VINE VOICE on July 27, 2012
Format: Paperback Verified Purchase
For a new hedge fund manager, raising money is not easy. Once the money is raised comes the hard part: producing the returns that will keep investors invested in the fund.

Lars Kroijer has written an interesting account of starting and running a hedge fund. Kroijer is one of those people who has been entrepreneurial since he was in grade school. As befits a Dane, Kroijer is a low key capitalist, but still a person with the drive to do something unusual and succeed. If he had not founded a hedge fund, I think that he would have founded some other type of enterprise.

Money Mavericks provides a fascinating picture of what its like for a new fund manager to raise money and run a hedge fund. This experience can be summarized as: raising money is hard and soul draining, but producing the returns that are required to keep the investors is even harder.

Most of the hedge funds that I've read about are quantitative funds (see, for example the book The Quants). Kroijer's fund, Holte Capital, looked for corporate mispricings, mainly in European conglomerates that had holdings in different companies or market areas. Kroijer has an MBA from Harvard. The approach that he and his analysts took in finding attractive investments was what one would expect from someone with an MBA education: asset selection relied more on human judgement than computer algorithms and financial models (their most complex models were done in Microsoft Excel).

Kroijer took a relatively conservative approach and his fund delivered decent returns, which were relatively uncorrelated with the market at large.
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