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Money Mavericks: Confessions of a Hedge Fund Manager (Financial Times Series) [Paperback]

Lars Kroijer
4.9 out of 5 stars  See all reviews (62 customer reviews)

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Book Description

27 July 2010 Financial Times Series

“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 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

"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


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?  

Money Mavericks: Confessions of a Hedge Fund Manager charts the founding, seemingly interminable rise and eventual closure of a fund which operated in London during the febrile years of 2002 to 2008. Shedding light on the incredible inside workings of hedge funds, it’s a tale of a bubble industry in a bubble town during the bubble years.  It tells the story of some very smart people who were trying to do something that was incredibly hard: beat the market. If they failed, the repercussions would be swift and severe. If they succeeded, the rewards would be massive.

Having grown from a small and mainly US investment activity to become a global trillion-dollar circus, the hedge fund industry is often unfairly portrayed as a fee-charging gambling den.

But forget what you’ve heard: this is the true story of the life of a hedge fund.

“I was immersed in the hedge fund industry for years and now I want to  address the myths and misperceptions that surround the hedge funds.  I often feel that my six years of running Holte Capital was one long blur of human drama with triumph and failure following each other in quick and merciless succession.  If you have ever been given the impression that the world of hedge funds is driven by meticulously-planned and well-coordinated dark forces, I hope my story will enlighten you.”
Lars Kroijer



Product details

  • Paperback: 224 pages
  • Publisher: Financial Times/ Prentice Hall; 1 edition (27 July 2010)
  • Language: English
  • ISBN-10: 027373198X
  • ISBN-13: 978-0273731986
  • Product Dimensions: 23.4 x 15.5 x 1.4 cm
  • Average Customer Review: 4.9 out of 5 stars  See all reviews (62 customer reviews)
  • Amazon Bestsellers Rank: 226,088 in Books (See Top 100 in Books)
  • See Complete Table of Contents

More About the Author

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.

Product Description

Review

"Gives an insight into the private struggles behind the slick façade of hedge funds." Hedge Funds Review, August 2010


From the Back Cover

“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

"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


Inside This Book (Learn More)
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most Helpful Customer Reviews
15 of 15 people found the following review helpful
5.0 out of 5 stars Refreshing Honesty 20 Aug 2010
Format:Paperback
Hedge fund managers are not renowned for their modesty. This week, Stanley Druckenmiller shut down his fund with a comment in his farewell letter that "while our clients were certainly pleased that we achieved positive results for 2008 and 2009 in a challenging environment, as you may have surmised I was dissatisfied with those results because they did not match my own, internal long-term standard". 2008, of course, was the year in which many funds lost the lot, so a positive return was no mean feat...as I suspect Druckenmiller intends us to know.

As Tracey Corrigan of the Telegraph put it with tongue in cheek, "however brilliant Mr Druckenmiller may appear to everyone else, he has such high standards that he constantly disappoints himself".

By contrast, Lars Kroijer is relentlessly honest, describing the post-business-school arrogance he took to an early interview with Perry Capital; the nail-biting months of attempting to launch a fund; the excruciating capital introduction conferences with potential investors; the period of success and growth; the mistakes made when leveraging his fund; the toll on his personal life taken by his work; the layers of costs that funds charge investors; and the whole, surreal, hedge fund world, where investors arrive and depart on a whim, condemned to act in a herd by greed and fear in equal measure.

As he says in his introduction, "it's one long blur of human drama, with triumph and failure following each other in quick and merciless succession".

This is a well-written, thoughtful and thoroughly enjoyable book.
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6 of 6 people found the following review helpful
5.0 out of 5 stars A great read 11 Aug 2010
Format:Paperback
In Money Mavericks, Lars Kroijer tells the story of how he built Holte Capital, his London-based hedge fund, from its beginnings as a small start up--much smaller than he would have ever expected--to a $300 million hedge fund. Along the way, Kroijer runs into all the highs and lows of building a business and meets some of the biggest players in the global hedge fund industry. The stories of these meetings will become part of hedge fund lore. Kroijer tells his tale with humour and eloquence, but also with humility about the incredible experience he has had. Money Mavericks is a great read for anyone interested in the inside story on hedge funds, what they do, the people who run them, and the challenges of starting a business.
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5 of 5 people found the following review helpful
By DOPPLEGANGER TOP 500 REVIEWER
Format:Paperback|Verified Purchase
......so exhort learned professors when teaching their students the many advantages of simplicity. Any semi-intelligent fool can make things appear complex but it takes a touch of genius - and guts - to move in the opposite direction. Lars Kroiger, the author of "Money Mavericks" is one of the few people that is confident enough of himself and in his knowledge of the workings of the hedge fund industry, to have written a first class insight into the workings of a hedge fund that is within the understanding capabilities of the average 'Joe' or 'Cynthia'.

Many of those in senior positions in the rarefied world of the Hedge Fund carousel, share two characteristics with those in the equally cliquish domain of Investment Banking, an insatiable appetite for personal enrichment on a grand scale and a tendency to create a mystique and ambiguity about exactly what they do, presumably to stop others from joining the 'gravy train'. The 'smoke screening' takes the form of making everything sound excruciatingly complicated by using a contrived jargon that has the desired effect of making the Joe's and Cynthia's feel like twats!

Lars Kroijer heeds the wisdom of Confucius "Life is really simple, but we insist on making it complicated" and gives it to us 'straight' without embellishments, in fact with warts and all and certainly demystifies the task of setting up, attracting and managing funds, and in the case of his hedge fund, Holte Capital Limited, its winding down. In an industry not known for its modesty, the author is very self-effacing and comes clean on his short-comings as well as his achievements. We are also given insight into the many diverse, crazy and obsessed characters that filter through the hedge fund world, all trying to stumble on to their own 'cavern of riches'.
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2 of 2 people found the following review helpful
5.0 out of 5 stars Honest insight into the world of hedge funds 8 Dec 2010
Format:Paperback
Lars Kroijer has written a great book that gives some honest insight into the world of hedge funds. I think this book is a must read for anyone aspiring to work within the hedge fund industry or for anyone wishing to gain some knowledge of what goes on "behind the scenes". I found the book to be inspiring, as it also raises some very valid questions regarding the role of hedge funds in "balanced" portfolios.
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2 of 2 people found the following review helpful
Format:Paperback
In his first book Lars Kroijer takes a deep dive into his experiences in the world of high finance. Mr. Kroijer, using self deprecating humor and brutal honesty gives the reader a real view into the hedge fund world. Mr. Kroijer is able to tell an exciting story of barely raising the money to launch, the painful and at times humbling climb to the top, the rapid turn of events and the eventual winding down of his creation. Kroijer's story is both interesting and compelling and woven into the chapters are clear diagrams and concise explanations on financial matters to allow those not in that world to understand and enjoy the book. I highly recommend this reflective book and I am looking forward to his next one.
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Most Recent Customer Reviews
5.0 out of 5 stars Amazing insight into the industry
I would definitely recommend this book to anyone who wants to get an insight into starting up their own fund. Read more
Published 19 months ago by Omar T.
5.0 out of 5 stars Great insight into the reality of starting a Hedge Fund
Money Mavericks is a great book to read for anyone interested in how hedge funds are created and how they can be successful. Read more
Published 20 months ago by Ed Lewis
5.0 out of 5 stars Very good and deep insights into the industry.
Very good insights into the industry. It is entertaining and educating at the same time, especially if you want to see the hard work behind the scene.
Published 20 months ago by Lucifan
5.0 out of 5 stars Excellent hedge fund book with pragmatic examples and honesty
Lars Kroijer's book is truly one of the most honest, interesting and smart books I have ever read on hedge funds. Read more
Published 22 months ago by KB
5.0 out of 5 stars A lovely story of Lars's journey as he takes his dream from idea to...
There are a lot of books out there and one must try and discriminate which one's are worth allocating ones time and money to, but for anybody who is interested in business and... Read more
Published on 26 Dec 2011 by Simon-Maelzer.com
5.0 out of 5 stars Read it and be surprised...
In spite of all the glorification and glamorous accounts of the financial markets industry and hedge funds in particular (pre-2007 generalized and portrait in stereotypical fashion... Read more
Published on 19 Dec 2011 by L Chapman
4.0 out of 5 stars Great read....simple and straight
Straight talking, not too technical but very honest. Lars gives readers a good insight into the highs and lows and comes to a simple conclusion which the industry itself would do... Read more
Published on 10 Oct 2011 by Ringer
5.0 out of 5 stars Honest and well written
Having pursued venture opportunities myself I particular found the entrepreneur angle in the book really interesting. Read more
Published on 31 Aug 2011 by Anders
5.0 out of 5 stars Enjoyable raed
Great easy read about the hedge fund industry - brought it on holidays but read it in the first couple of days! Read more
Published on 21 Aug 2011 by Conor Smyth
5.0 out of 5 stars Excellent reading
Excellent piece of writting, pragmatic and very realistic, goith through the ups and downs of setting up a hedge fund. Read more
Published on 10 Aug 2011 by hedgie
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