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“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
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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.
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'.
This book is perfect for anybody wishing to understand what goes on in the frenetic world of Hedge Funds but, had been made to feel 'as thick as two short planks' by the unintelligible clap trap that seems to be the norm in this business. The ability to simplify means to eliminate the unnecessary so that the necessary may speak, and "Money Mavericks" certainly accomplishes this.
If you ever thought of starting an hedge fund this is the book to read; it won't tell how to compute an... Read more
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