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Product Description
A brilliant investor, a born raconteur and an overall smart-ass, Andy Kessler pulls back the curtain on the world of hedge funds and shows how the guys who run big money think, talk and act.
Following on the success of "Wall Street Meat, " his self-published book on the lives of Wall Street stock analysts, Andy Kessler recounts his years as an extraordinarily successful hedge fund manager. To run a successful hedge fund you must have an investing edge -- that special insight that allows you to reap greater returns for your clients and yourself.
A quick study, Kessler gets an education in investing from some fascinating and quirky personalities. Eventually he works out his own insight into the world economy, a powerful lens that reveals to him hidden value in seemingly negative trends. Focussing on margin surplus, Kessler comes to see that current American economy, at the apex of the information revolution, is not so different from the British economy at the height of the industrial revolution. Drawing out the parallels he develops a powerful investing tool which he shares with readers. Contrarian and confident, Kessler made a fortune applying his ideas to his hedge fund. Which only proves that they may not be as crazy as they sound.
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The doors of the marble-lined elevator opened on the 32nd floor. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews
His bit on the industrial revolution looks oddly out of place, but I guess he is trying to tell us that his own investment style comes close to that followed during the industrial revolution. That means backing potential winners at a time when nobody else expects them to amount to anything useful. But I think there is little factual evidence to this effect in the book. His and his partner's stock and company picking more often than not appear to be based on a hunch rather than some superior stock/company or product picking technique.
But apart from that, I love Kessler's witty style and comments on his fellow fund managers - they are just as human as the rest of us.
Excellent show. Can we have more please.
I enjoyed the book, even if it gets a little drowsy in the first quarter of the book when he parallels his investment strategy to the Industrial Revolution in Britain.
He treats the reader with an amusing walk into his life as hedge fund manager. I would definitely recommend this book as a good read to understand that even Hedge Fund managers are humans, and it does help us lay people who cannot afford to place money with hedge funds understand the business.
Be entertained and edified...
Kessler's search for a unifying thesis on technology investment seems incomplete (but if he'd nailed it, why would he tell us?) and his diatribe on the US trade deficit is thought-provoking if not actually water-tight. The best bits about Kessler's writing remain his candour, his transcription of witty dialogue (if Jack Grubman was the comic character of WSM, Nick Moore has most of the best lines in this book), and the fact that he was actually there. I hope he sets up another fund, (maybe it should be Acceleration Capital rather than Velocity Capital 2 given his love of the second-derivative) and writes another funny and interesting book.
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