Running Money and over one million other books are available for Amazon Kindle. Learn more
Have one to sell? Sell on Amazon
Flip to back Flip to front
Listen Playing... Paused   You're listening to a sample of the Audible audio edition.
Learn more
See this image

Running Money: Hedge Fund Honchos, Monster Markets and My Hunt for the Big Score Hardcover

See all 7 formats and editions Hide other formats and editions
Amazon Price New from Used from
"Please retry"
$19.35 $14.99

The Amazon Book Review
The Amazon Book Review
Check out The Amazon Book Review, our editors' fresh new blog featuring interviews with authors, book reviews, quirky essays on book trends, and regular columns by our editors. Explore now

Best Books of the Month
Best Books of the Month
Want to know our Editors' picks for the best books of the month? Browse Best Books of the Month, featuring our favorite new books in more than a dozen categories.

Product Details

  • Hardcover
  • Publisher: HarperBusiness
  • ASIN: B001KK2ORG
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (39 customer reviews)

More About the Author

Andy Kessler is the author of Wall Street Meat, Running Money, How We Got Here, The End of Medicine and Eat People. Andy worked on Wall Street for almost 20 years, as a research analyst, investment banker, venture capitalist and hedge fund manager. After starting a career designing chips at Bell Labs, Andy worked for PaineWebber and Morgan Stanley and was a partner at Velocity Capital. He has written op-eds for the Wall Street Journal, Forbes, Technology Review, The New York Times and elsewhere and has appeared on CNBC, CNN, Fox, NPR and Dateline NBC. He lives in Northern California with his wife and four sons.

Customer Reviews

4.0 out of 5 stars

Most Helpful Customer Reviews

87 of 93 people found the following review helpful By David Jackson on October 4, 2004
Format: Hardcover
Running Money, Andy Kessler's new book, is a big disappointment. His first book, Wall Street Meat, was a witty, intelligent and perceptive description of his life as a sell-side analyst. But Running Money, which covers his time co-managing a technology hedge fund from 1996 to 2001, is a let-down. There are three reasons why this book misses the mark:

First, Running Money won't give you any insights into running a hedge fund. Kessler actually ran a sort of hybrid VC fund and mutual fund. He never shorted stocks or used any other hedging mechanism, and his fund was 100% net long at all times. This doesn't mean Kessler was stupid. On the contrary, 1996 to 2000 was a period when you wanted to be 100% net long technology stocks (ideally with leverage...), and when the tech bubble burst in 2001 Kessler was smart enough to liquidate his fund. But don't look for insights into shorting stocks or managing net exposure.

Second, the core discussion about investment strategy is superficial. Kessler outlines his methodology: find companies with large markets, sustainable competitive advantage and lucrative business models. But there's no rigorous analysis of how that methodology really performed, since we don't know whether he outperformed his VC peers (he also invested in private deals) or the semiconductor and hardware indexes (those are where most of his investments seem to have been) on an after-fees, after-tax basis. There's no discussion about whether his methodology is approriate for today's market conditions. There's no discussion of valuation. There's no discussion of portfolio construction or risk management. And there's no analysis of the mistakes he made either.
Read more ›
1 Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
33 of 35 people found the following review helpful By Craig Matteson HALL OF FAME on October 30, 2004
Format: Hardcover
"Running Money" is not only a great read, it also provides a unique contemporaneous view of the `90s investment market by a talented hedge fund manager who makes no claims to omniscience. He brings us into his struggles, doubts, and mistakes as well as his successes. He shows us how hard it really is to find great investments even in a wild bull market. This is a very different book than "Wall Street Meat". It isn't as wry but I think it offers us more substance along with a lot of fun. However, the fun comes from more sources than just humor.

The book weaves three threads into the final fabric. First, there is the hedge fund narrative. The author provides us with many fun stories about his difficulties in raising money for their fund, the troubles in finding the right investments, and the natural history of his and his partner's successes and failures with the market and private investments.

Among other many things, we learn that the real action at conferences is out in the hall, that it is time to leave when CFOs close the doors to their offices or conference rooms or when the sales executive is the power guy, and the travails of getting an Instinet terminal in your office so you don't have to pay a broker to do the same thing for you. We get to ride with them in their four-door office as the go to meeting after conference after meeting looking for the right investment. Usually they find things to laugh at, run from, or that are jaw droppingly dumb. However, every now and again they find things to buy. Even then, many of them are dogs. But the ones that take off end up paying for everything including their cheap office above an arts supply store.
Read more ›
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
9 of 10 people found the following review helpful By cs211 on December 31, 2004
Format: Hardcover Verified Purchase
"Running Money" picks up where Andy Kessler's previous book, "Wall Street Meat" (which portrays his life as a Wall Street-based semiconductor industry stock analyst and investment banker), left off. Kessler left Wall Street to run a Palo Alto-based hedge fund with one partner, raising money from wealthy individuals and groups, and investing it in latter-stage startup and public technology companies. He had the, in retrospect, incredibly fortuitous timing (as he himself admits) to open a five year fund in 1996, which forced him to liquidate the fund and lock in his profits as the tech bubble was bursting in 2001 (in fact, he disperses his last cash just days before 9/11).

But Kessler's success, as he proves in the highly entertaining and also thought provoking "Running Money", is not merely the product of providential timing. His insider's view of the hedge fund industry shows how many of these funds don't even attempt to do fundamental stock analysis, but instead seek out market distortions that they can profit from (for a while, at least). Kessler, by contrast, stays true to his stock analyst roots and attempts to find great companies possessing a strong economic and technological advantage in a market about to undergo rapid growth. He struggles initially, but eventually uses an interesting combination of old world thinking (by analyzing the history of the steam power-driven Industrial Revolution) and radical new era economics (described below) to identify some winners. His story of the small niche semiconductor company he found which benefited immensely from the MP3 music piracy fad, at the same time that Napster and the record companies were losing their shirts, is a great case study for technology investing.
Read more ›
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again

Most Recent Customer Reviews