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The Invisible Hands: Top Hedge Fund Traders on Bubbles, Crashes, and Real Money Hardcover


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Product Details

  • Hardcover: 384 pages
  • Publisher: Wiley (April 5, 2010)
  • Language: English
  • ISBN-10: 047060753X
  • ISBN-13: 978-0470607534
  • Product Dimensions: 9.3 x 6.3 x 1.4 inches
  • Shipping Weight: 1.5 pounds
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (33 customer reviews)
  • Amazon Best Sellers Rank: #273,870 in Books (See Top 100 in Books)

Editorial Reviews

Review

"ARE YOU MORE CONCERNED, to paraphrase Mark Twain, with the return of your money than the return on your money? If so, a new book, The Invisible Hands, might be of interest. Written by Steven Drobny, founder of hedge-fund consultant Drobny Global Advisors, the book, subtitled Hedge Funds Off the Record -- Rethinking Real Money, focuses on the mistakes made and lessons learned in the financial crisis of 2008. The author says pension funds, endowments, foundations and other institutional investors must adopt a forward-looking, risk-based approach to investing, especially if they have annual cash needs." (Barron's, May 31, 2010)

"Wildly enjoyed reading this solely for the vast amount of information and advice divulged.... The insight divulged in part two of is priceless.... Many books that have come out of the financial crisis focus on learning from mistakes. On the other hand, Drobny's book pinpoints managers who fared well in 2008 as they were either able to preserve capital or grow it. This allows readers to learn from those who found success during a time when many others failed.... We treasured The Invisible Hands: Hedge Funds Off the Record and highly recommend it to anyone looking to learn from top hedge fund managers. We found the book's particular focus on global macro strategies especially intriguing given that the majority of the coverage on our site centers on long/short equity hedge funds. Those of you looking for a peephole into the fast paced world of global macro would find this book advantageous. And if you manage money, then Drobny's new boook is simply a must read." (Marketfolly.com)

From the Inside Flap

The crash of 2008 crushed "real money" investors (endowments, pensions, foundations, and family offices). World markets—from real estate and equities to commodities and credit—collapsed. Some of the world's most venerable financial institutions disappeared, while many hedge fund, private equity, venture capital, and real asset managers suffered immense losses. Yet, the world has not ended, and now, all investors must adapt to the new reality.

Analyzing money managers who fared well in 2008—either by posting strong performance or by preserving capital—is a logical starting point. Global macro hedge funds are those money managers. Risk management is a key differentiator during crises, and global macro hedge fund managers anchor their investment processes in risk, rather than targeting outsized returns.

In The Invisible Hands, Steven Drobny—cofounder of Drobny Global Advisors and author of Inside the House of Money—again reaches out to his professional network of leading global macro hedge fund managers to better understand how their risk management, investment, and portfolio construction process enabled them to effectively navigate the crash of '08. With this book as your guide, you'll glean valuable insights from unparalleled access to these winners in order to adapt to the new financial reality we all now face.

The Invisible Hands begins by addressing the importance of "real money" management, examining its evolution and raising important questions about how portfolios are constructed. In Part Two, the experts or "Invisible Hands"—ten anonymous global macro hedge fund managers—discuss how they approach money management, revealing how they made money or avoided large losses during the crisis of 2008, and detailing how they would address some of the challenges faced by real money managers. Part Three introduces the invisible hand known as "The Pensioner," who provides an inside look at the real money world.

Along the way, The Invisible Hands also:

  • Examines some of the fundamental questions currently being asked by all investors as they struggle to understand the new paradigm of the post-crisis world

  • Questions some core tenets of asset allocation and portfolio construction as these concepts are applied by real money investors

  • Reveals how some of the best in the hedge fund business are positioning themselves for the uncertain road ahead

  • And much more

Page by page, The Invisible Hands provides investors and traders with the latest thinking from some of the best players in money management, highlighting the specific risk and return objectives of each, and discussing the evolution of certain styles and beliefs in money management. This book will allow you to discover how successful global macro hedge fund managers navigated the most significant financial crisis of our lifetime and learn how to incorporate certain elements of their approach into your own investment endeavors.


More About the Author

Steven Drobny is the founder and CEO of Drobny Global Asset Management, an independent investment advisory, asset management and consulting firm focused on global macro and commodity hedge fund strategies. He is also the author of two critically acclaimed books on fundamental, discretionary investing, Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets and The Invisible Hands: Top Hedge Fund Traders on Bubbles, Crashes and Real Money and will be publishing a third, The New House of Money, in 2014. Mr. Drobny holds a MSc in Finance and Accounting from the London School of Economics and Political Science and a BS/BA from Bucknell University. Please visit www.drobnycapital.com for more information on Mr. Drobny and his books.

Customer Reviews

4.6 out of 5 stars
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It is a must read for anyone who manages money professionally.
Andrew MacKay
Steve Drobny follows up "Inside the House of Money" with another excellent set of interviews with anonymous Macro Traders based in a number of different countries.
Peter
It is an easy read and most people interested in global markets or trading will read this book with a highlighter, noting great ideas and things to remember.
K Cavanna

Most Helpful Customer Reviews

45 of 50 people found the following review helpful By Andrew MacKay on March 26, 2010
Format: Kindle Edition
I read both Michael Lewis' "The Big Short" and Steve Drobny's "The Invisible Hands" this week and found them both fascinating. As per usual, Lewis is a wonderful story teller which makes "The Big Short" a fun read, though the book sensationalizes a few guys who made great one-off trades. Drobny's book, on the other hand, focuses on traders who are not one-trick ponies, but the stalwarts of sound investment. These are the less known, but equally successful traders that are often guarded about their methods and secretive about their dealings. The candid insight in "The Invisible Hands" is both impressive and enlightening and full of good ideas for the most effective ways to manage money in the future. It is a must read for anyone who manages money professionally.
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28 of 31 people found the following review helpful By Anonymous on April 10, 2010
Format: Hardcover Verified Purchase
While there are plenty of books cataloging the events of 2008, few have the direct insights of the participants who were actually putting their own money on the line. It's rare to get access to the thinking and process of such successful managers as they often have little incentive to disclose such information. As a result, we are buried by the media with market pundits sensationalizing investing and who have very little skin in the game. Here you get to sit in the passenger seat with a turn by turn account of why they did what they did in 2008 and how they anticipated what many failed to see. While each manager is different in style and perspective you discover that they all share a common ability to think independently and find trades with highly asymmetric payouts. If you want to learn how to really "think" like a successful macro manager read this book, if you want to simply be entertained then sit back, follow the herd and watch CNBC.
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14 of 15 people found the following review helpful By Jackal on November 25, 2010
Format: Hardcover
The book follows the format of the earlier book [[ASIN:047037909X Inside the House of Money, Revised and Updated: Top Hedge Fund Traders on Profiting in the Global Markets]. I really liked that book, so I had great hopes for this book.

The book is not for beginners. In fact it is not so easy to know what the target market is for this book. You need some hands-on familiarity with shorter-term trading (like a couple of months). The book is not about trading with a couple of weeks horizon or less.

The book consists of interviews with people that are heavily involved in trading different markets using what is called a macro-global strategy. The people interviewed control hundreds of millions of dollars. The questions are okay but not as good as the in the author's previous book. A lot of the questions are hypothetical, like what would you do if you were in charge of a university endowment fund. This calls for speculation and that isn't very interesting.

The interviews are longer than in the old book. The people interviewed do not feature with their name. Just an alias. Expect 50% of the interviews to be dull or useless, e.g. The House and The Bond Trader. Some interviews are nice like The Philosopher. Still they only provide snippets of information, but that is okay with me. However, I don't like that the author probably included all interviews he conducted. Some people like The Bond Trader just say nothing; if I were the author I would feel insulted. Now I only feel irritated after having read some of the interviews. Waste of time.

There are good interviews in the book and they deserve four stars. Right now there are too many one star interviews in the book. I understand why those people do not want to have their name mentioned in the book.
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27 of 32 people found the following review helpful By Arbinvestor on May 22, 2010
Format: Hardcover
Drobney has compiled a decent enough book which will be of short term interest to those who track the markets. However, the format is not original and was far better done in Market Wizards and New Market Wizards by Schwager. These books are also likely to stand the test of time far better than Invisible Hands.

The anonymity in the book of most of the interviewees proves annoying as you can only really place their insights in context if you know who they are. Having said all of this it does provide an interesting look inside the macro global funds that have been pushing and pulling markets in recent months / years. Clearly Drobney has a view on what he was being told by the interviewees but there is limited analysis of their responses. The result is lightweight in parts and comprises little more than an extended set of interviews with faceless money managers who did not drink quite as much Kool Aid as many others.
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6 of 7 people found the following review helpful By Peter on May 8, 2010
Format: Hardcover
I was excited to find out that Steve Drobny came out with a follow up to "Inside the House of Money" (his first book) with "The Invisible Hands", a book that gets inside the minds of some of the best Global Macro Hedge Fund Traders in the world...the ones that actually survived and thrived through the crash of '08.

Steve Drobny follows up "Inside the House of Money" with another excellent set of interviews with anonymous Macro Traders based in a number of different countries. These two books are almost like an extension to Jack Schwager's "Market Wizards" which came out in the early 90's. "Inside the House of Money" and "The Invisible Hands" cover the next generation of absolute return money managers. What makes these two books so good is that Steve Drobny has a huge network in the hedge fund space and also has a hedge fund background so he knows how to ask the right questions.

With the myriad of investment themes in the world today and the global economy in a fragile state of affairs, this book is a must read in an effort to make sense of it all. Each interview gives you much to think about, from mananaging risk to the impact of China to the inflation/deflation debate. Whether you aspire to manage money professionally or are looking to invest your money or just want to see where the global economy might heading, you must read this book and learn from the ones that can make money in any type of economic environment. You can't find this treasure trove of insight anywhere else.
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