More Money Than God by Sebastian Mallaby
Hedge Funds and the Making of a New Elite (Council on Foreign Relations Books (Penguin Press))

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The first authoritative history of hedge funds-from their rebel beginnings to their role in defining the future of finance.

Based on author Sebastian Mallaby's unprecedented access to the industry, including three hundred hours of interviews, More Money Than God tells the inside story of hedge funds, from their origins in the 1960s and 1970s to their role in the financial crisis of 2007-2009.

Wealthy, powerful, and potentially dangerous, hedge fund moguls have become the It Boys of twenty-first ­century capitalism. Ken Griffin of Citadel started out trading convertible bonds from his dorm room at Harvard. Julian Robertson staffed his hedge fund with college athletes half his age, then he flew them to various retreats in the Rockies and raced them up the mountains. Paul Tudor Jones posed for a magazine photograph next to a killer shark and happily declared that a 1929-style crash would be "total rock-and-roll" for him. Michael Steinhardt was capable of reducing underlings to sobs. "All I want to do is kill myself," one said. "Can I watch?" Steinhardt responded.

Finance professors have long argued that beating the market is impossible, and yet drawing on insights from physics, economics, and psychology, these titans have cracked the market's mysteries and gone on to earn fortunes. Their innovation has transformed the world, spawning new markets in exotic financial instruments and rewriting the rules of capitalism.

More than just a history, More Money Than God is a window on tomorrow's financial system. Hedge funds have been left for dead after past financial panics: After the stock market rout of the early 1970s, after the bond market bloodbath of 1994, after the collapse of Long Term Capital Management in 1998, and yet again after the dot-com crash in 2000. Each time, hedge funds have proved to be survivors, and it would be wrong to bet against them now. Banks such as CitiGroup, brokers such as Bear Stearns and Lehman Brothers, home lenders such as Fannie Mae and Freddie Mac, insurers such as AIG, and money market funds run by giants such as Fidelity-all have failed or been bailed out. But the hedge fund industry has survived the test of 2008 far better than its rivals. The future of finance lies in the history of hedge funds.

About Sebastian Mallaby

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SEBASTIAN MALLABY is the Paul Volcker Senior Fellow in International Economics at the Council on Foreign Relations. He lives in Washington, D.C.
Published January 1, 2010 by Penguin Books. 512 pages
Genres: Business & Economics, Professional & Technical. Non-fiction

Unrated Critic Reviews for More Money Than God

Kirkus Reviews

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A history of hedge funds that also looks at their role in the recent market crash.

Sep 17 2010 | Read Full Review of More Money Than God: Hedge Fu...

The New York Times

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Sebastian Mallaby’s smart history of the hedge fund business glorifies its moguls and their financial machines.

Jun 25 2010 | Read Full Review of More Money Than God: Hedge Fu...

The Guardian

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Mallaby holds out the hedge fund model as the future of the financial markets – a lesson for all the overly complex and poorly managed banks whose bailouts hit taxpayers so hard.

Jul 10 2010 | Read Full Review of More Money Than God: Hedge Fu...

The Wall Street Journal

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You'd be secretive, too, if you were making billion-dollar bets.

Jun 16 2010 | Read Full Review of More Money Than God: Hedge Fu...

The Finance Professional's Post

More Money than God: Hedge Funds and the Making of a New Elite, the catchy title of Sebastian Mallaby's new book, highlights the increased importance of hedge funds.

Jun 29 2010 | Read Full Review of More Money Than God: Hedge Fu...

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