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Hedge Hunters: Hedge Fund Masters on the Rewards, the Risk, and the Reckoning (Hardcover)

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Key Phrases: flagship fund, hedge fund firm, arbitrage desk, New York, Wall Street, Goldman Sachs (more...)

3.7 out of 5 stars See all reviews (56 customer reviews)

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Editorial Reviews

From Publishers Weekly

Like other books profiling hedge fund managers, this one promises unprecedented candor and a view behind tightly closed doors, but some of the 23 managers profiled gave similar interviews in books such as Market Wizards, The New Investment Superstars and Inside the House of Money, and some have written books of their own. Bloomberg News reporter Burton does break new ground by profiling 13 up-and-coming managers selected by 10 acknowledged leaders and legends. Compared with other authors, she is more interested in the personal and business qualities needed to build a successful asset management business than in pure trading ability. She concentrates on stock pickers rather than others, such as managers who trade in nonequity markets. But the interviews tend to be soft: we learn about the managers' boyish good looks, telephone ring tones, rapper friends and art collections, among other personal details. When conversations turn to trading, the managers usually supply anecdotes of successful trades, often with tension as the market initially moves against them. This is a pleasant and well-written book for readers interested in the people and business of hedge funds, rather than their investment techniques. (Nov.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Review

"A readable, relevant book, with lessons a new generation of hedge-fund managers... would do well to take to heart." -- Barron's, December 3, 2007

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Product Details

Hardcover: 206 pages
Publisher: Bloomberg Press (November 1, 2007)
Language: English
ISBN-10: 1576602451
ISBN-13: 978-1576602454
Product Dimensions: 9.4 x 6.2 x 0.9 inches
Shipping Weight: 1.2 pounds (View shipping rates and policies)

Average Customer Review: 3.7 out of 5 stars See all reviews (56 customer reviews)

Amazon.com Sales Rank: #28,784 in Books (See Bestsellers in Books)

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Inside This Book (learn more)

Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
flagship fund, hedge fund firm, arbitrage desk, hedge fund business, own hedge fund, percent annualized return, sector heads, distressed debt, other hedge funds, commodities fund, merger arbitrage

Key Phrases - Capitalized Phrases (CAPs): (learn more)
New York, Wall Street, Goldman Sachs, Third Point, United States, America Online, Julian Robertson, Tiger Management, John Griffin, Los Angeles, Hong Kong, Perry Capital, Michael Milken, Morgan Stanley, Morgan Grenfell, Blue Ridge, Dade Behring, David Bonderman, Saudi Arabia, David Tepper, Dwight Anderson, Dow Jones Industrial Average, University of Pennsylvania, Time Warner, Tiger Cubs

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	10% buy Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets 4.4 out of 5 stars (58) $19.77
	8% buy Fooling Some of the People All of the Time Updated and Revised: A Long Short Story 4.3 out of 5 stars (50) $18.87

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Customer Reviews

56 Reviews

5 star:		(16)
4 star:		(18)
3 star:		(16)
2 star:		(3)
1 star:		(3)

Average Customer Review

3.7 out of 5 stars (56 customer reviews)

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24 of 28 people found the following review helpful:

2.0 out of 5 stars More like "generality gatherer"., December 21, 2007

By	lighten_up_already2 "lighten_up_already2" (Kirkland, WA USA) - See all my reviews (TOP 1000 REVIEWER)

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I ordered this book actually thinking that I might gain some insights into how hedge funds work and perhaps to learn something about investing that I didn't already know. Instead I ended up reading a book that seemed just like one of those "market wizards" books from back in the 1980's.

A generic hedge fund manager's bio might go like this. "Joe Money" grew up in an affluent family where he got interested in investing. Then he went to an exclusive college and got a job in a Wall Street company. A few years later he got to manage a fund, and then a few years later he left that company and started his own fund. Now he sits in an office decorated with (insert decorations here) and gives this advice:

Be prepared to make mistakes.

Know when to stick to your convictions and when to walk away (like Kenny Rogers in "The Gambler". Ya gotta know when to hold 'em, know when to fold 'em, know when to walk away, know when to run.)

The better you know the investment you're making, the greater your conviction will be.

Don't stake more than a certain percentage of your portfolio on a single invesment. (Or, don't put all your eggs in one basket).

Study the leadership of the company, not just the financials.

Buy into industries that everyone else hates.

Look for new products that everyone has to have. Buy stock in the company that makes them.

Seek out companies whose shares are undervalued compared to earnings and other financial measures.

And there's more. More generalities that I've read several times before and have appeared in investing books for decades. I was rather dissappointed.

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79 of 104 people found the following review helpful:

1.0 out of 5 stars Hedge needlessly killed: A Put Option, October 22, 2007

By	Mike (CA) - See all my reviews

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I'm not sure who Katherine's target audience is, but I know it's not me. If you like breathy prose ("..boyish good looks...") and inflight magazine profiles (23 career profiles in 200 pages), then you're going to have a rollicking good time. If you are looking for in depth discussions of various trading strategies by market luminaries then look elsewhere. What you get is a bunch of anecdotes relating, "How I became a hedge fund manager".

This book falls between two markets not delivering to either. If you are new to trading you are going to need a reference to interpret the jargon. If you have some experience you're going to think that the author doesn't know what hedging is (the trades described are the traditional searches for value based on fundamentals).

Hedging is an investment strategy that utilizes an understanding of risk and how it is priced into the current value of an instrument. A traditional fund manager is generally looking for value, that is, looks at the fundamentals of a business and tries to assess if the stock has been undervalued by the market, whereas a hedge fund manager is looking for value in pricing of a derivative instrument that factors in volatility, like a stock option contract, and takes positions on both long and short sides to make money. This is a rather abstract concept, so Katherine either doesn't understand this or couldn't be bothered to explain it to her readership.

Katherine seems to be a frustrated novelist and just didn't ask enough of the right questions to make this book worth the cover price. I would have rated the book higher, but for the fact that the book makes promises on the cover that it doesn't deliver. In a bargain bucket near you shortly (excuse the pun). A book you'll put down and only pick up to swat flies.

Better books on investment are Investments (6th Edition) and Options, Futures and Other Derivatives (6th Edition).

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20 of 25 people found the following review helpful:

5.0 out of 5 stars This is a book about investment style, not specific trading techniques., October 25, 2007

By	Anonymous "Anonymous" (United States) - See all my reviews

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This is a book about investment style, not specific trading techniques.

I enjoyed this book because it is more inspirational than educational, it is a good book for a beginner investor or trader, if you want a volume on trading techniques consider other works such as Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders or even Jim Cramer's Real Money: Sane Investing in an Insane World.

Burton is able to get the hedge fund managers to discuss some of their greatest losses and failures but also the lessons they learned, she makes a point to share these experiences so hopefully the reader can benefit and avoid the same mistakes.

This book wasn't a hard or boring read for myself and my associates who just read a few random chapters, the author goes into enough detail about every managers background and beginnings to help the reader understand the perspective of their successful money management.

Let's be clear, a hedge fund manager isn't going to provide their proprietary trading techniques to the general public or to the reader of this book.

Instead, this book will provide details of trading styles and after reading numerous profiles you'll notice some of the recurring themes of successful fund managers, which are:

1. Disciplined entry and exits
2. Avoiding margin borrowing
3. Seek talented staff and smarter mentors
4. When in doubt, stay out
5. Being early is a euphemism for being wrong

The author spends at least 10 pages on each profile, collecting inspiring words and anecdotal explanations to successful trading.

Most of us will never have enough money to meet the minimum investment requirements of these fund managers, but we can still benefit from their experiences.

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Most Recent Customer Reviews

5.0 out of 5 stars Collection of best hedge fund managers
The growth in hedge funds over the last 20 years has been tremendous. The author says that in 2007 there were 2,400 single-manager hedge fund firms worldwide. Read more

Published 6 months ago by Mariusz Skonieczny

5.0 out of 5 stars Einhorn nailed it--a profile of personalities and philosophies. WORTH EVERY DIME!
Burton does an excellent job with biographical profiles of some of the most successful managers, who mentored them, the inflection points in their careers, how those inflection... Read more

Published 6 months ago by Ev Nucci

5.0 out of 5 stars Just before the trainwreck....
Hedge Hunters takes the reader behind the curtain to see what led to the collapse in financial markets, a collapse primarily in trust. Read more

Published 9 months ago by James Flavin

4.0 out of 5 stars light interesting read...
"Hedge Hunters" is a light informative read which profiles nearly two dozen hedge fund managers and investors. Read more

Published 12 months ago by J. Rubino

4.0 out of 5 stars Reader-friendly interviews with hedge-fund legends
What are the qualities of a successful hedge fund manager? To answer that question, Katherine Burton profiled industry leaders who have outperformed their peers over time. Read more

Published 16 months ago by Rolf Dobelli

3.0 out of 5 stars Interesting, but not particularly useful
This book is a list of 18 case studies of successful hedge fund managers. Unfortunately there are few common themes tying these stories together. Read more

Published 17 months ago by Ann Lewis

1.0 out of 5 stars bberg 'news' is negative selling point
I stopped reading this after I saw the cover where the author advertises that she is from bloomberg 'news'... Read more

Published 17 months ago by kc

3.0 out of 5 stars Who the players are
This book listed a lot of the players and how they got started and what decisions made them money. A straightforward read.

Published 17 months ago by William D. Tompkins

1.0 out of 5 stars The Quarry Escaped
I read this book carefully in its entirety, hoping for a contemporary analog to the classic Wizards trilogy so ably ushered into print by Jack Schwager (If you're interested in... Read more

Published 19 months ago by Adam Sterling

3.0 out of 5 stars Time to trim the hedge
Katherine Burton is a fine writer, who, for some reason not specified in this book, chose to apply her talents to a work that the back cover describes as a "page-turner... Read more

Published 19 months ago by JoAnne Goldberg

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