25 of 31 people found the following review helpful
Save your time; This book could have been titled, "Investing 101",
This review is from: Do-It-Yourself Hedge Funds: Everything You Need to Make Millions Right Now (Hardcover)
I bought this book with the expectation that it would teach me the behind the scenes details of hedge funds and also provide the real tools needed to start one, but in the end it is just a very high level guide to macro investment themes, diversification, and elementary valuation. If you have a finance background I would strongly suggest passing on this one and pick a different, more appropriate, book; you learned more in your introduction to finance class. Also, if you are under 30 I would also stay clear as you have probably learned more from watching Cramer on CNBC or just thru general internet use and blog reading. In this book, there is an entire chapter devoted to yahoo finance and where to find financial data and what it means. I am sorry, but if you don't even know where to find financial data or what an ETF is (which means you have probably never really invested), you should not be worried about "starting your own hedge fund" as this book misleads. You should stick with your day job and keep getting your stocks from "Money" and other sources with conflicting interests.
Of 10 chapters, I found the final 2 the only semi useful ones. The final chapter was more for entertainment value, but it did provide a valuable reminder that everything in life is zero sum and there is no place more zero sum than wall street. The 2nd to last chapter provides some hedge fund strategies and high level differences between them with a couple of examples.
I am sorry, but I really expected more from this book and I can't say I really took one thing away from it. I kept waiting for the "meat", but it never came. It is clear that the author targeted the largest audience possible, which would be non-financial main street who are just hearing the term "hedge fund" for the first time.
Disclaimer: I have a finance degree, a finance job, and have worked in a hedge fund before as a bottom of the barrel analyst, so maybe I expected too much, but I really didn't learn anything from this book and don't think anyone with any sort of finance background will either.
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Showing 1-4 of 4 posts in this discussion
Initial post: Jun 23, 2009 7:39:20 AM PDT
Gordon Ebanks says:
Interesting but I thought the point of the book was to provide the average reader with the tools to start their own hedge fund. I have an MBA in Finance but I actually thought this was one of the best financial books I have read. It is relatively easy to take a complex subject and keep it complex. It took a somewhat complex topic and made it simple. That is the art. In this respect I would compare it favorably to the 'The little book that beats the market' by Joel Greenblatt.
Posted on May 27, 2011 11:03:28 AM PDT
Wayne P. Weddington III says:
I wanted to bestow some merit upon Mr CK's criticisms while emphasizing that the reasons for his one-star review are precisely the same reasons that others rated DIYHF five stars.
I do wonder what answers Mr CK was seeking that he would not have learned with an MBA, and/or a job at a hedge fund, from a book that clearly seeks to teach basic but solid hedge fund strategies to the average person.
DIYHF is an easy read, sometimes funny, written in plain language such that anyone could manage her own portfolio competently by de-mystifying what hedge funds do.
Posted on Mar 16, 2013 7:59:53 AM PDT
Last edited by the author on Mar 16, 2013 8:00:49 AM PDT
Cesar Gomez says:
I think your review is biased. I have an engineering degree in petroleum, a petroleum engineering job and work on an oil company. If I were to review a book in petroleum engineering, I'd probably be as critical as you are because I have a complete knowledge in petreoleum engineering. It would be like going back to school..... But for the rest of you, it would probably be gibberish..... so, your review is not very helpful. Please be more objective next time. Thanks.
In reply to an earlier post on Apr 1, 2013 6:28:17 PM PDT
[Deleted by the author on Apr 1, 2013 6:28:32 PM PDT]
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