Global House Price Downturn Accelerated At End Of 2008 According To The Global Property Guide

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Global House Price Downturn Accelerated At End Of 2008 According To The Global Property Guide

This modified paperback edition of Inside the House of Money lifts the veil on the specifically opaque world of hedge funds providing a rare glimpse at how today’s most eminent remunerated cash managers approach their craft. Now with new commentary, author, Steve Drobny takes you even further into the hedge fund industry. He demystifies how these star traders make billions for their well-heeled investors, revealing their theories, systems and approaches to markets. Whereas a good deal of still maintain that rationality permeates financial markets, Drobny captures a dissimilar dimension, showing how the unquantifiable humane forces of emotion and intuition are also at play. Along the way, readers get an inside look at firsthand retail experiences through galore of the major world financial crises of the last few decades including tragedies such as September 11th. Whether Russian bonds, Pakistani stocks, Southeast Asian currencies or stakes in African brewing companies, no market or instrument is out of bounds for these elite global macro hedge fund managers. Highly accessible and filled with in-depth expert opinion, Inside the House of Money is a must-read for financial masters and any person else fascinated in understanding how greed, fear, and the humane forces of emotion drive world markets.

From the Back Cover

“Loved . . . [the] book—it’s on my nightstand!”
—Bill Gross, Managing Director, PIMCO

“What a wondrous way to get into a macro trader’s mind! I am so glad that this book exists.”
—Nassim Nicholas Taleb, bestselling author of Black Swan

“We learn from these consultations of successful international macro investors that they portion a style of thinking: they consider a strikingly wide list of constituents influencing markets, they are exquisitely alert to subtle differences in meaning or opinion or attitude of timing and place in history, and, perchance most fundamentally, they seem to be thinking along broadly inductive rather than deductive lines.”
—Prof. Robert J. Shiller, Cowles Foundation for Research in Economics, International Center for Finance, Yale University, and author of Irrational Exuberance

“The ruminations of supposedly hush-hush hedge fund operators are richly illuminating.”
—The New York Times

“Useful for anybody who has entrusted their cash to funds operating in the sector.”
—Financial Times

“Steven Drobny has been capable to do something that few others have, peculiarly in the media: he got hedge fund managing directors to portion their trade secrets.”
—Institutional Investor

“Couldn’t come at a more suitable time . . . sheds more light than ever on the minds behind the biggest global macro funds . . . reveals the intricacies of thinking like a hedge fund manager.”
—Forbes

About the Author

Steven Drobny is cofounder and collaborator of Drobny Global Advisors (DGA), an international macroeconomic exploration and advisory firm that counts numerous of the leading international hedge funds as clients. Prior to starting DGA, Drobny worked for Deutsche Bank’s Hedge Fund Group in London, Singapore, and Zurich. Drobny holds a master’s degree from the London School of Economics and Political Science and a bachelor’s degree from Bucknell University. Please visit www.insidethehouseofmoney.com for more selective information on Drobny, DGA, and this book.

Most helpful client reviews

10 of 10 persons found the following review helpful.
Awesome clear or deep perception into the world of Global Macro hedge funds.
By Ronin
Steven Drobny delivers a treasure trove of utile data in a very readable and user-friendly format. The book focuses on Global Macro hedge funds, providing a history starting with GM pioneer John Maynard Keynes to the mega funds run by Soros and Robertson, to the 21st century evolution of the leaner funds and their tactics. After describing the function and history of Global Macro, Mr. Drobny takes us deep into the minds of the operators themselves with over a dozen arousing and attention holding interviews.

For those who are new to the subject, Global Macro is basically a fund whose approach allows them to act nimbly in any global market using any class of asset including stocks, bonds, currency, and commodities. These funds apply a wide assortment of hedging and arbitrage schemes using complex combinings of assets, and perpetually seek out anomalies in any market that may offer superior returns.

I specially liked the consultation with Jim Leitner who has a very personal and unorthodox style that is hard not to marvel at. Jim offers this definition of GM, “The willingness to opportunistically look at each idea that comes along, from micro situations to country-specific situations, all over each asset category and each country in the world. Its the combining of a wide top-down country analysis with a bottom-up micro analysis of companies. In some cases, after we make our country decisions, we then drill down and make an analyzation of the companies in the spheres that must do well in light of our macro view….Macro themes indicated in a micro style. Global Macro only means that you commence at the top and work your way down.” Jim also says that if there was only one thing he could ever read before choosing investments, it would be “The Economist”.

If you are curious when it comes to hedge funds you will find this glimpse into the rarefied world of Global Macro a real eye opener. If you are an capitalist or investment professional, the book is loaded with gems of marketing strategy. There are a lot of great charts allround the book, but it is not bogged down with heavy math. The format is similar to the Market Wizard books and there is something for everyone here. The main divergence amongst this new edition and the 2006 is the addition of 2 new appendixes by Dr. Lee R Thomas III: “The Crash of ’08″; and “Who Controls Liquidity?”. Enjoy.

5 of 6 humans found the following review helpful.
Very Good Hedge Fund Overview on Macro Managers
By Happy in New York City
Excellent book that gives the reader a basic understanding of what is a Global Macro Hedge Fund Manager. Written in English versus “finance terms” it has a wealth of selective information for both veterans and novices in the Hedge Fund space. It is a quick read that leaves you more welleducated at the end. I enjoyed reading the consultations with the hedge fund managers that ordinarily never open up their world to the public.

5 of 6 persons found the following review helpful.
Master’s of the Universe
By MKM
I thought I would lose interest in this book as it is a Q and A Interview style rather than a narrative style. However the book captured my interest from the very original profile. It was a great mix of marketing philosophy, how they got into international macro investing, and their perspective on their world view. It was arousing and attention holding to see the intellectual challenge that global macro laying out capital presents. The breadth of psychological result of perception learning and reasoning the profiled traders learn and use covers history, finance, economics, politics, psychology and a lot of other areas. In addition the Steven Drobny’s questions lead to answers that are contrary to our conventional view of the Master’s of the Universe: they recognise they will make errors and tailor their approach to be ready for it and learn from it. My favored chapters were the ones on Leitner, Thiel, Anderson, and Dimitrijevic. The last two profiles were weaker equated to the others but I still gave the book five stars taking into account I started out with a negative view of the book based on narrative style.

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