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Money Mavericks: Confessions of a Hedge Fund Manager Paperback – January 1, 2012
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A new edition of this revealing and incisive account of the incredible inside workings of hedge funds. Shedding light on the incredible inside workings of hedge funds, this book charts the interminable rise of Holte Capital from 2002 to 2008, explaining what it was like to run a hedge fund in a period where the industry went from relative obscurity to something everyone wanted to discuss.
 
- Print length236 pages
- LanguageEnglish
- PublisherFt Pr
- Publication dateJanuary 1, 2012
- Dimensions0.5 x 5.25 x 8.75 inches
- ISBN-100273772503
- ISBN-13978-0273772507
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Editorial Reviews
Review
"The book is entertaining, informative, and easy to read thanks to the author’s self-deprecating, down-to-earth and lucid writing style. Lars Kroijer applies a birth-to-death of business narrative account and thankfully manages to find the right balance between providing anecdotes which inform on the culture, value chain, overall economics and societal value of the industry".
FT Advisor
From the Back Cover
“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
 
“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
 
Some call them ‘grotesque’, others as ‘absolutely crazy bodies’, and still more refer to them as ‘hellish’: hedge fund managers are stealthy, wealthy and tend to avoid the spotlight. But is this fair?  
Read on to find out.
 
 
About the Author
Lars Kroijer was the CEO of Holte Capital Ltd, a London-based special situations hedge fund which he founded in 2002 before returning external capital in the spring of 2008. Prior to establishing Holte Capital, Lars served in the London office of HBK Investments. In addition, he previously worked at SC Fundamental and the investment banking division of Lazard Freres in New York. Lars graduated Magna Cum Laude from Harvard University and received a MBA from Harvard Business School.
Product details
- Publisher : Ft Pr; 2nd edition (January 1, 2012)
- Language : English
- Paperback : 236 pages
- ISBN-10 : 0273772503
- ISBN-13 : 978-0273772507
- Item Weight : 13.2 ounces
- Dimensions : 0.5 x 5.25 x 8.75 inches
- Best Sellers Rank: #2,454,617 in Books (See Top 100 in Books)
- #10,537 in Finance (Books)
- #15,963 in Investing (Books)
- Customer Reviews:
About the author

https://en.wikipedia.org/wiki/Lars_Kroijer_(author)
See "Lars Kroijer" Youtube.com channel for videos about subjects in books.
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.
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Top reviews from the United States
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To the former point, I thought Kroijer presented an exceptionally accurate portrayal of the formation (and ensuing frustration) of a fund. I read some passages about raising capital aloud to my wife, who then said, "That's what YOU"VE said many times!" It was almost therapeutic to know someone as ultimately successful as Kroijer also struggled at the outset.
To the latter point, I was always troubled about what would happen if and when I raised a relatively small amount of capital but took to amortizing my fund costs over the 60 months as the fund docs dictate. Kroijer had this exact experience and explained how he addressed it, and it was something I hadn't really considered but now have it in the back of my mind if and when the time comes.
I would recommend this book to anyone who wants an accurate depiction of the highs and lows of the full life cycle of a hedge fund. It is not the highly glamorized Hollywood-esque exploits of "The Wolf of Wall Street (another good book, so I am not panning that in anyway), but I mention this as a plus for "Money Mavericks." The media often puts its own agenda on the table when "reporting" about hedge funds, and as a result the public often has the wrong idea. This book sets the record straight more than any media outlet ever will.
I also enjoyed his experience of starting a business and the initial difficulties he faced. This will resonate to a lot of entrepreneurs.
I read his other book on investing and I can see where the ideas for that book germinated. His emphasis on low costs, ETFs and so on are good to read again.
I'm practically the same age as Mr Kroijer. It's kind of depressing that he has achieved so much, and has such talent. He comes across as a nice chap though whom you could have a decent chat with over a pint, not like a lot of the finance types you see swaggering around.
This book however gives a very honest view into the World of hedge funds.
We follow Lars Kroijers struggle to set up his business and I felt that I really got to know the author, his fears, his thoughts and his motivation.
Lars Succeeds in removing some of the glory usually found the hedge-world and I would recommend any one interested in this field to read this book.
Actually I would recommend the book to many of the hedge fund critics out there. They just might get wiser too.
Top reviews from other countries
Then there is the Holte capital venture. Those pages are filled with useful information about setting up a hedge funds and building connections in the investment community as well as the traps that await on the way. As far learning profesional investing tips though, there are better books.
The author no doubt writes well, however I found his writing style a little melancholic, especially in the second part of the book when he speaks of his Hedge Fund days and how that affected his life and drove him to return the client funds. It is indeed sad not to be able to carry on something you love to do, for whatever reason, but I think the book could have spared the sad-ish tone without loosing quality.
I believe that this book can be read by those with little financial knowledge of hedge funds and fully understood.
Overall probably one of the best books on Hedge Funds or even Investments that I have read (and I've read a few), certainly one of the most enjoyable to read.
I find that wherever there is little information, poorly formulated opinions follow. Indeed, the aggregate bad press the industry was receiving wasn't being fairly counterbalanced by any meaningful insight to the industry. Until recently, there was a void, or gap in the market, for someone to provide a refreshing view on the world of alternative investments.
I believe that this book, in conjunction with others such as Sebastian Mallaby's More Money than God, has attempted to fill this void, and has succeeded rather effortlessly.
Kroijer's perspective on the hedge fund industry, and its various actors have helped me to better understand its various moving parts to more profound degree. Without wanting to give anything away, this book will take you through the ugly underbelly of being a 'slave' at a big investment bank, the liberating jump to the hedge fund industry, the fascinating feat of raising capital, and the stress-inducing prospect of being on the losing end of a big and supposedly market neutral bet.
His writing style allows the financial layman to follow the flow of the book rather well, even through some of the more rigid trades and investment theses, which is cleverly intertwined with some spectacular wit. At times I got the impression that he is 'biting the hand that fed him' through the outright character assassination of a particular investment bank, one of the many means to his end, but generally this book stays on topic and provides an entertaining read. Furthermore, the breakaway sections of the chapters gives the more mathematically enabled amongst us the option to go a bit deeper into the specific details of the story line, making it an almost 2 speed book.
Overall: Very compelling story line and insight cleverly put together with an eloquent writing style ( even more impressive considering that he is Danish). Funny in parts, stressful in others, I have yet to find a book on finance that takes you along for the ride quite like this one.
I strongly recommend this book to:
Anyone interested in re-evaluating their thinking towards this industry
Anyone who interested in pursuing a career in the financial sector - as it can serve as a decent precursor as to what to expect when starting as a graduate analyst
Anyone who desires to learn about what hedge funds actually do