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"Gives an insight into the private struggles behind the slick façade of hedge funds." Hedge Funds Review, August 2010
--This text refers to an alternate Paperback edition.
--This text refers to an alternate Paperback edition.
Product Description
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.
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Most Helpful Customer Reviews
14 of 14 people found the following review helpful
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.
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.
6 of 6 people found the following review helpful
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.
3 of 3 people found the following review helpful
Format:Paperback|Amazon 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'.
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.
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.
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Most Recent Customer Reviews
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 5 months ago by Simon-Maelzer.com
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 5 months ago by L Chapman
So so hedge fund manual..good jokes.
Slightly boring, endless meetings, AUM rising, 75% of the book, AUM falling, last few chapter, in between some rather smug good jokes- hedge fund mechanics are more dull than... Read more
Published 7 months ago by John Harris
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 7 months ago by Ringer
Honest and well written
Having pursued venture opportunities myself I particular found the entrepreneur angle in the book really interesting. Read more
Published 9 months ago by Anders
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 9 months ago by Conor Smyth
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 9 months ago by hedgie
Honest and funny confessions
This is a really interesting and entertaining inside to this very specialized profession. The story is told in a very humble and almost understated way and is absolutely not... Read more
Published 10 months ago by Kimsk
Amazing insight into the hedge fund world
Lars gives you a real insider perspective into the Hedge Fund world.
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
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
Published 10 months ago by hf
Most Enjoyable Read On Hedge Fund Industry
It is technical and informative, yet fun and entertaining. The writter humility and modest approach shines through out the book, yet one can not help but respect what has been... Read more
Published 12 months ago by S. Pourbahrie-ghesmat
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