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Product Description
In light of the colossal losses and amidst the resulting confusion that still lingers, it is time to rethink money management in the broadest of terms. Drastic changes need to be made, and managers who actually made money during 2008 make for a logical starting place.
The Invisible Hands provides investors and traders with the latest thinking from some of the best and the most successful players in money management, highlighting the specific risk and return objectives of each, and discussing the evolution of certain styles and beliefs in money management.
- Contains revealing interviews with top hedge fund managers who survived and prospered through the 2008 financial crisis
- Outlines investments and strategies for the rocky road ahead
- Reveals how hedge fund managers are seeking a new paradigm of risk management and profit making opportunities in the post–crisis world
- Gives guidance on how traditional investors such as pensions, endowments, foundations and family offices should rethink how they approach asset allocation and portfolio construction
Page by page, the top macro thinkers found in this book reveal their own approaches to markets, risk, and the broader world in which we live, as well as their advice on how investors should be approaching money management in today′s uncertain world.
From the Back Cover
"Drobny does it again!"
—JIM ROGERS, author of A Gift to My Children
"While many are too busy trying to determine ′what just happened,′ the insights of these Invisible Hands provide a valuable forward–looking road map for managing institutional portfolios. With trillions at stake for our society′s pensions, endowments, and foundations, this book offers important lessons for any fiduciary charged with stewarding assets for future generations."
—MICHAEL K. BARRY, Chief Investment Officer, Georgetown University Endowment
"Anyone looking for a better understanding of how to invest in turbulent waters will benefit from this guided tour of the experiences of smart and creative money managers over the last couple of years. Pick up a copy and enjoy!"
—ARMINIO FRAGA, Founding Partner, Gávea Investimentos, and former president, Central Bank of Brazil
"Drobny′s pathbreaking work analyzes the deficiencies of real money investors and proposes antidotes gleaned from the techniques of top macro hedge fund managers."
—Dr. JOHN PORTER, Managing Director, Global Portfolio and Liquidity Management, Barclays Capital
"Once again, Drobny taps the most influential minds in investing to unearth some decidedly uncommon wisdom and candid revelations. The Invisible Hands maps out the winners and losers, empowering readers to navigate the transformation of the money management industry currently in full swing."
—JOHN BRYNJOLFSSON, CIO, Armored Wolf, and former portfolio manager of the $80 billion PIMCO Real Return practice
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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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