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Inside the House of Money: Top Hedge Fund Traders on Profiting in a Global Market
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Inside the House of Money: Top Hedge Fund Traders on Profiting in a Global Market

3.94 of 5 stars 3.94  ·  rating details  ·  378 ratings  ·  24 reviews
Unveiling the opaque world of hedge funds, looking at how the highest paid money managers approach their craft, this book shows how they make billions for their well-heeled investors. It is useful for financial professionals and for those interested in understanding how the human forces of emotion drive world markets.
Hardcover, 370 pages
Published April 1st 2006 by John Wiley & Sons (first published January 1st 2006)
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Philip
First, I wouldn't recommend this to anyone who isn't very comfortable with finance terminology. There's a lot of *very* technical language and a lot of unintuitive discussions about pricing volatility etc. etc. If you skim over that stuff, it's pretty much impossible to follow the thrust of the book.

That being said, it's a kind of interesting book - particularly in how you get an unfiltered view of what happens at various prop desks and hedge funds. The book is a compilation of interviews with v
...more
Duffy Pratt
This book is another set of interviews, in the same vein as the Market Wizards book. The traders here all run hedge funds that specialize in Global Macro. What's Global Macro? It means trading anything, anywhere. Typically, these traders look to long term fundamental aspects of international economies. They are trading enormous amounts of money, even the guys who are mostly trading their own money. The interviews were quite interesting.

The best thing about this book is how clearly, and nearly u
...more
Carl Yang
Puts forward a lot of new ideas. Many specific traders talk about what they think works, what doesn't, what drives the market, etc. Not many books really give the perspective from a successful portfolio manager / trader (i.e. readers will notice most PMs are always long the tail / long gamma). Very inspiring read. Some of the best interviews in the book feature Jim Leitner, Christian Siva-Jothy, Jim Rogers, and Scott Bessent. Peter Thiel (noted venture capitalist) is also interviewed for this bo ...more
James
This is not a book for people not familiar with a lot of financial jargon.
Very little of which isn't explaned.

There is some interesting material in the book,
but the author seems obsessed with the term "GLOBAL MACRO".

He keeps asking everyone what it means,
the best answer on p 217 is from Jim Rodgers,
probably the most famous of all the people he interviewed;
a sarcastic: "I'm not smart enough to know".

That gave me a chuckle and I hoped the author would forget
about GLOBAL MACRO.
He didn't thoug
...more
Matthew
An excellent and educational read. Timely follow up to Schwager's Market Wizards series, as it is more up to date and profiles managers who have succeeded in the 90s and 00s. Drobny makes an effort to speak to a wide range of managers, with differing personalities and styles, though all in global macro (though each individual defines it slightly differently). Many tips here on the broad outlines of specific strategies, but what's more valuable is being able to trace their thought processes, and ...more
Carl HT
I've just re-read my favourite chapters in this book, which I imagine will be an annual occurrence going forward. Having had the opportunity to meet a number of the subjects, it goes without saying, the fortune of being able to take their words with you to sit and digest their strategy and method is priceless. The most influential chapter being Jim Leitner, simply for his emphasis on seeking disconfirming evidence, something you'll find most people can't do, as reality doesn't conform to their v ...more
Kamran
Definitely, the best book on financial markets I have read in a very long time. As a practitioner of global macro trading, I highly endorse this book. I would love to read this book again soon to extract more.
Brentley Campbell
Solid introduction to global macro and some wonderful stories from a few great global macro traders. Reading about some of their trades adds a lot of context to big events over the past 30+ years. Also big value add for fundamentally oriented investors as it may help one to better understand the implicit macro trades one is making.
Justin W
Great interviews!
Brian Zheng
Only after I finishing the book and I realized the author Steven Drobny actually has a newer book called "The Invisible Hands" with similar set of Portfolio Managers. Among all the managers, I found the story of Jim Leitner at Falcon Family Fund is most intriguing and fascinating.
Jason Field
As stated in the description, this does provide a rare glimpse into a world few of us will ever enter. Of course you require a general interest in finance to fully comprehend, but why would you be reading this if you didn't?? Thoroughly enjoyable and also somewhat inspiring.
E
May 17, 2007 E rated it 5 of 5 stars
Recommends it for: finance people
I am scared of myself for enjoying this book! Kind of the next generation's Liar's Dice - but with interviews of real players in the industry! The interviews are the best part - the bit on global macro *analysis* is a tad boring and general.
Benjamen
Jan 27, 2012 Benjamen marked it as to-read
apparently Peter Thiel's investment style and resultant rise in the hedge fund world in 2003-2005 is the subject of one of the chapters
Jason Sohigian
I had the privilege of meeting one of the subjects of this book--I was inspired by his intellectual curiosity and sincere kindness.
evan pon
mostly dry, lots of stuff i didn't understand. actually skimmed through a lot of it. but some good stories and food for thought in there.
Michael
My favorite part is where Jim Rogers says that even his infant daughter knows not to have any funds in US Dollars.
Manish Agarwal
"Learn about managing money and trading for living from most influential Traders of the world."
Pcarbonell
An insider look into investment world. Underrated and without peer for it's genre
Melissa Du
Boring, but learned some stuff. Was able to skip around a lot. Still, boring.
Asif
An excellent book with advice from active traders.
Matt
Perhaps the best book about investing I have ever read
Taft-McPhee
Better than I thought it would be.
Pj
very esoteric. an interesting read if you enjoy the study of trading commodities, currencies, equities and fixed income.
Axel
Axel added it
Mar 21, 2015
Marc
Marc added it
Mar 17, 2015
Art Kubert
Art Kubert marked it as to-read
Mar 08, 2015
Chad
Chad marked it as to-read
Mar 07, 2015
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