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Running Money: Hedge Fund Honchos, Monster Markets and My Hunt for the Big Score Paperback – Bargain Price, September 20, 2005
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From Publishers Weekly
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to an out of print or unavailable edition of this title.
“[One of ] the best books you’ll find on technology, opportunity and entrepreneurship [to] hit bookstores.” (Rich Karlgaard, Forbes )
“Right place, right time, right questions. That’s the formula in this smart - and smart-ass - take on investing.” (Wired )
“Andy Kessler’s entertaining memoir will become required reading in the financial community.” (Financial Times )
“One can just hear Wall Street denizens asking each other if they have read Running Money yet.” (Financial Times )
“One of the best books of 2004” (Barron's )
Top Customer Reviews
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 ›
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 ›
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 ›
Most Recent Customer Reviews
Reading this book changed my investment philosophy in a fundamental way.
I currently have a small investment business that is built on several of the key premises about... Read more
The book flowed very well. I appreciate how it gave insight into what it really is like to choose worthwhile investments.Published on March 4, 2014 by maurice matthews
... But don't expect anything technical, nor deep analysis or tons of data.
It is just the story of a couple of guys serting up a fund in Silicon Valley and the... Read more
An uninspiring collection of anecdotes for the most part. A series of forgettable recollections. Stick to the classics before you reach for this.Published on February 15, 2013 by Hamada Kaido
This is a quick and breezy read that still manages to get a few solid economic concepts across. Great long term investing ideas, albeit a little lacking in specifics. Read morePublished on October 11, 2012 by Kehlargo
The book would be much better without the historical technology sections. Kesler spent too much time trying to educate about history instead of telling his story. Read morePublished on August 30, 2010 by Stephen Samperi
I recently finished reading a good book by Andy Kessler called Running Money. Kessler writes about his experience managing money for a hedge fund that he and a partner started. Read morePublished on June 21, 2010 by Daily Reckoning
I am in the investment business so this comes from that viewpoint. It is nice to see a professional who truly thinks out of the box on investing and economics. Read morePublished on November 27, 2008 by Peter Cacioppo