Hedge fund managers who survived and profited through the 2008 financial crisis share their secrets 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 still need to be made, and managers who actually made money during 2008 make for a logical starting place. This updated and revised edition of 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. Divulges how top financial professionals are looking forward by thinking clearly, managing risk, and seeking a new paradigm of profit making opportunities in the post-crisis world Outlines investments and strategies for the rocky road ahead Gives guidance on how traditional investors such as pensions, endowments, foundations and family offices should rethink how they approach asset allocation and portfolio construction Written by respected industry expert Steven Drobny Page by page, the professionals 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
Foreword to the 2011 Edition by Nouriel Roubini ix Foreword to the 2010 Edition by Jared Diamond xiii Preface xix Preface to the 2011 Edition xxiii Preface to the 2010 Edition xxvii PART ONE REAL MONEY AND THE CRASH OF '08 1 Chapter 1 Rethinking Real Money 3 Chapter 2 The Family Office Manager: Jim Leitner, Falcon Management 33 PART TWO THE INVISIBLE HANDS 57 Chapter 3 The House 59 Chapter 4 The Philosopher 91 Chapter 5 The Bond Trader 129 Chapter 6 The Professor 149 Chapter 7 The Commodity Trader 185 Chapter 8 The Commodity Investor 215 Chapter 9 The Commodity Hedger 249 Chapter 10 The Equity Trader 279 Chapter 11 The Predator 307 Chapter 12 The Plasticine Macro Trader 329 PART THREE FINAL WORD 365 Chapter 13 The Pensioner 367 Conclusion 391 Acknowledgments 395 Bibliography 399 About the Author 407 Index 409