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Money Mavericks: Confessions of a Hedge Fund Manager (Financial Times Series) Paperback – 27 Jul 2010

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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: 15.7 x 1.5 x 23.3 cm
  • Average Customer Review: 4.9 out of 5 stars  See all reviews (63 customer reviews)
  • Amazon Bestsellers Rank: 190,690 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


"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

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Most Helpful Customer Reviews

16 of 16 people found the following review helpful By P. Amery on 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 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 By DOPPLEGANGER TOP 500 REVIEWER on 2 Feb. 2011
Format: Paperback Verified Purchase 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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6 of 6 people found the following review helpful By Christopher Rossbach on 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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2 of 2 people found the following review helpful By Jack on 17 Aug. 2010
Format: Paperback Verified Purchase
It's important to make clear that this excellent book is not your usual tale of expense account excess in the City, along the lines of dross like Cityboy - the title and subtitle are slightly guilty of trying to sex-up the content. Instead this is a fascinating and insighful insiders account of the joys and pressures of hedge fund life, from someone who saw both success and failure and is refreshingly honest about the latter. The only real hubris is at the start when Kroijer sets out on his own, convinced of his own talents but with no track record at all to back up his self-belief and appears to be surprised that he struggles to find investors, but even this is told with humour and charm - his interview with Perry Capital recounted in the first chapter is particularly amusing. The book manages to combine some proper meat for those interested in his fund's strategy (in seperate text boxes that can be skipped if too detailed), an insight into the hedge fund business model and yet keep the whole thing motoring on nicely with sufficient anecdotes and stories - I happily finished the book in two sittings and as someone working in financial services thought the balance just about perfect, although a more general reader might find some of it slightly heavy going. Nevertheless, with hedge funds seen as evil locusts at the current time by politicians and the public, a sober and serious account of the work they do aimed at a wide audience is to be welcomed and Kroijer can be satisfied that he's hit the target with his first book.
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