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"Wildly enjoyed reading this solely for the vast amount of information and advice divulged.... The insight divulged in part two of is priceless.... Many books that have come out of the financial crisis focus on learning from mistakes. On the other hand, Drobny′s book pinpoints managers who fared well in 2008 as they were either able to preserve capital or grow it. This allows readers to learn from those who found success during a time when many others failed.... We treasured The Invisible Hands: Hedge Funds Off the Record and highly recommend it to anyone looking to learn from top hedge fund managers. We found the book′s particular focus on global macro strategies especially intriguing given that the majority of the coverage on our site centers on long/short equity hedge funds. Those of you looking for a peephole into the fast paced world of global macro would find this book advantageous. And if you manage money, then Drobny′s new boook is simply a must read." (Marketfolly.com)
Product Description
In light of the colossal losses and ongoing difficulties caused by the financial crisis, it′s obvious that the time has come to rethink money management in the broadest of terms. Drastic changes are clearly in order, but no new model has yet been implemented. Steven Drobny explores a new model from a simple starting point—by consulting the traders and managers who actually made money during this profoundly difficult period. In The Invisible Hands, top global macro managers reveal their own (clearly successful) approaches to markets and risk, suggesting important tenets for money management in a future, precarious world.
Providing money managers and investors with the proven expertise of the best and most successful players in money management and detailing many specific elements of their risk management processes, The Invisible Hands:
- Outlines investment strategies for the rocky road ahead
- Provides guidance on how real money managers can implement certain elements of macro hedge fund strategies, developing a new paradigm of portfolio construction anchored in superior risk management
- Reveals intimate aspects of the investment processes of some of today′s top hedge fund managers
The book highlights the similarities among successful traders, showing that the investment process should be anchored in understanding the true risk–adjusted returns in your portfolio.
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Customer Reviews
As someone who knows many of the interviewees in this book I would add that Steve has an access advantage by virtue of his business interests, so the insights he has gathered are second to none. If I had a criticism it is only that Steve hasn't summarized the insights and advice in the final chapter, which would make for powerful reading. But as I have done readers can highlight the most poignant parts themselves and compile their own summary, and that's half the fun.
For HFs in general, and global macro in particular, very few authors actually manage to offer any kind of real insight into the industry. Both of Steve's books (Inside the House of Money and Invisible Hands) are therefore in a league of their own, and are a must-read for any aspiring macro traders or money managers.
For me, the perfect book about macro trading is - a) based on knowledge and expertise of the very best b) clear, concise and to the point c) focused on concepts, rather than one-off examples d) looking at things from multiple dimensions. As far as those criteria go, Invisible Hands (and Inside the House of Money, for that matter), come pretty close.
One cannot help but think that the only thing we need now is a sovereign debt crisis, so that Steve has a reason to come back in 2-3 years with book number 3..
Despite all this knowledge, its not a hard read at all. Indeed, if it wasn't for my underlining parts of every other page, I would have finished in a few days.
At some level we all manage money- even if just our own; If you are interested in the economy of the future and how to navigate it from those that have succeeded, read this book.
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