''More Money Than God: Hedge Funds and the Making of a New Elite'' (2010) is a financial book by Sebastian Mallaby published by

Penguin Press Penguin Group is a British trade book publisher and part of Penguin Random House, which is owned by the German media conglomerate Bertelsmann. The new company was created by a merger that was finalised on 1 July 2013, with Bertelsmann initiall ...

. Mallaby's work has been published in the ''

Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and also published digitally that focuses on business and economic Current affairs (news format), current affairs. Based in London, the paper is owned by a Jap ...

'', ''

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'', ''

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'', ''

The Wall Street Journal ''The Wall Street Journal'' (''WSJ''), also referred to simply as the ''Journal,'' is an American newspaper based in New York City. The newspaper provides extensive coverage of news, especially business and finance. It operates on a subscriptio ...

'', and the '' Atlantic Monthly'' as columnist, editor and editorial board member. He is a senior fellow for international economics at the

Council on Foreign Relations The Council on Foreign Relations (CFR) is an American think tank focused on Foreign policy of the United States, U.S. foreign policy and international relations. Founded in 1921, it is an independent and nonpartisan 501(c)(3) nonprofit organi ...

(CFR). The book is a history of the

hedge fund A hedge fund is a Pooling (resource management), pooled investment fund that holds Market liquidity, liquid assets and that makes use of complex trader (finance), trading and risk management techniques to aim to improve investment performance and ...

industry in the United States looking at the people, institutions, investment tools and concepts of hedge funds. It claims to be the "first authoritative history of the hedge fund industry."Includes additional links to video interviews with Mallaby It is written for a general audience and originally published by

. It was nominated for the 2010 Financial Times and Goldman Sachs Business Book of the Year Award and was one of ''The Wall Street Journal''s 10-Best Books of 2010. The ''Journal'' said it was "The fullest account we have so far of a too-little-understood business that changed the shape of finance and no doubt will continue to do so." In a review in ''

'', the book was called a "smart history of the hedge fund business" that explains "how finance’s richest moguls made their loot," and "argues that the obsessive, charismatic oddballs of the hedge fund world are Wall Street’s future — and possibly its salvation."

Summary

In each chapter, Mallaby takes a narrative focus on one individual or company that played an important role in the history of hedge funds. Mallaby then weaves in other people, ideas or companies related to the star of the chapter. The following are some of the major people, institutions and concepts on a per chapter basis. The first in each list is the central character of that chapter. *Ch 1 Big Daddy: A. W. Jones,

Hedge fund A hedge fund is a Pooling (resource management), pooled investment fund that holds Market liquidity, liquid assets and that makes use of complex trader (finance), trading and risk management techniques to aim to improve investment performance and ...

*Ch 2 The Block Trader: Michael Steinhardt, Steinhardt, Fine, Berkowitz & Co., Block trade,

Monetary policy Monetary policy is the policy adopted by the monetary authority of a nation to affect monetary and other financial conditions to accomplish broader objectives like high employment and price stability (normally interpreted as a low and stable rat ...

*Ch 3 Paul Samuelson's Secret: Commodities Corporation,

Paul Samuelson Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated that he "h ...

, Bruce Kovner ( Caxton Corporation), Trend trading, Automated trading system *Ch 4 The Alchemist: George Soros, Quantum Fund, Reflexivity, Jim Rogers *Ch 5 Top Cat: Julian Robertson, Tiger Management *Ch 6 Rock-and-Roll Cowboy: Paul Tudor Jones II *Ch 7 White Wednesday: Black Wednesday, Stanley Druckenmiller and George Soros *Ch 8 Hurricane Greenspan: Shadow banking system, 1994 bond market crisis, Stanley Druckenmiller and George Soros *Ch 9 Soros vs Soros:

1997 Asian financial crisis The 1997 Asian financial crisis gripped much of East Asia, East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide eco ...

1998 Russian financial crisis The Russian financial crisis (also called the ruble crisis or the Russian flu) began in Russia on 17 August 1998. It resulted in the Russian government and the Russian Central Bank devaluing the Russian rouble, ruble and sovereign default, defau ...

, Stanley Druckenmiller and George Soros *Ch 10 The Enemy Is Us:

Long-Term Capital Management Long-Term Capital Management L.P. (LTCM) was a highly leveraged hedge fund. In 1998, it received a $3.6 billion bailout from a group of 14 banks, in a deal brokered and put together by the Federal Reserve Bank of New York. LTCM was founded in ...

, John Meriwether *Ch 11 The Dot-Com Double:

Dot-com bubble The dot-com bubble (or dot-com boom) was a stock market bubble that ballooned during the late-1990s and peaked on Friday, March 10, 2000. This period of market growth coincided with the widespread adoption of the World Wide Web and the Interne ...

, Tiger Management and Quantum Fund *Ch 12 The Yale Men: David Swensen, Tom Steyer, Event-driven investing *Ch 13 The Code Breakers: Renaissance Technologies, James Simons, David E. Shaw *Ch 14 Premonitions of a Crisis: Amaranth Advisors, Brian Hunter *Ch 15 Riding the Storm: John Paulson, Subprime mortgage crisis *Ch 16 "How Could They Do This":

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

Editions

*''More Money Than God: Hedge Funds and the Making of a New Elite''.

, 2010. Hardcover USA. *''More Money Than God: Hedge Funds and the Making of a New Elite''. Penguin Paperbacks, 2011. Paperback USA. *''More Money Than God: Hedge Funds and the Making of a New Elite''.

Bloomsbury Publishing Bloomsbury Publishing plc is a British worldwide publishing house of fiction and non-fiction. Bloomsbury's head office is located on Bedford Square in Bloomsbury, an area of the London Borough of Camden. It has a US publishing office located in ...

, 2011. Paperback UK. * Kindle other

electronic book An ebook (short for electronic book), also spelled as e-book or eBook, is a book publication made available in electronic form, consisting of text, images, or both, readable on the flat-panel display of computers or other electronic devices. A ...

editions. *

Audiobook An audiobook (or a talking book) is a recording of a book or other work being read out loud. A reading of the complete text is described as "unabridged", while readings of shorter versions are abridgements. Spoken audio has been available in sch ...

edition by Audible Audio, narrated by Alan Nebelthau.

References

External links

''After Words'' interview with Mallaby on ''More Money Than God'', August 28, 2010
{{Authority control 2010 non-fiction books Books about investing Penguin Press books

Summary

Editions

See also

References

External links