Steven Drobny





Steven Drobny

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Average rating: 3.91 · 554 ratings · 30 reviews · 4 distinct works · Similar authors
Inside the House of Money: ...
3.94 of 5 stars 3.94 avg rating — 400 ratings — published 2006 — 16 editions
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The Invisible Hands: Hedge ...
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3.83 of 5 stars 3.83 avg rating — 153 ratings — published 2010 — 16 editions
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Invisible Hands, The: Top H...
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4.0 of 5 stars 4.00 avg rating — 1 rating — expected publication 2015
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The New House of Money
0.0 of 5 stars 0.00 avg rating — 0 ratings — published 2015
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“A really important lesson in investing is that being either too far in front or too far behind is when you get hurt, whereas being right at the edge of the wave is where the money is made. And our job is not to be right, but to make money.”
Steven Drobny, Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets

“Fund management is a skill—you cannot run money through consultants or committees. If you have a committee, you should buy an index fund and stop trying. Committees settle to the lowest common denominator, which is the lowest risk. A committee will not take risk. By the time a committee decides to buy tech, it is already March 2000. Fund management is like cooking, whereby 10 chefs have the same ingredients but make 10 different things. You have great chefs who get three stars and lousy chefs who make horrible food. Fund management is similar in that what is important is what you make out of the mix, how you interpret information, how you structure trades and build portfolios. But with committees somehow the results are always the same. When you have a committee, you cannot be the only guy making the decision because, at some stage, you will be wrong in the short-term and everyone will get fired. So the whole groupthink model makes things very difficult, as does the visibility of these posts. Making or losing a lot of money always makes headlines—there is no upside or solution for that.”
Steven Drobny, The Invisible Hands: Top Hedge Fund Traders on Bubbles, Crashes, and Real Money

“The competitiveness of the world economy is such that mean reversion reigns, so you should buy the guys who are underperforming. Some of them will go bankrupt but many of them will come back up to the mean. Many of the growth stocks will also pull back to the mean as those who are great will become mediocre and those who are mediocre will become better.”
Steven Drobny, Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets



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