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This review is from: Money Mavericks: Confessions of a Hedge Fund Manager (Financial Times Series) (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.