Themistocles's Reviews > More Money Than God: Hedge Funds and the Making of a New Elite

More Money Than God by Sebastian Mallaby
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Jul 22, 13

bookshelves: economics-business
Read in July, 2013

This is an interesting book to read, but comes with a warning: only read it if you can cut through all the ethical veneer with which the author covers fund managers.

It's interesting in that it gives some detail (not much) about how fund managers and hedge(d) funds have been operating, along with several (but not detailer) case studies. That said, it's a bit more than obvious that the author really would want to be one of them guys, drooling over the way they operate and the money they make.

Fund managers are "innovators". Funds are the great institutions that show us what's wrong with economies, and what we should do. Earning $1bn (yes, billion) a year is something to aspire to.
Regulators are "growling" and "whining", markets are inefficient and need fund managers to show them the way.

Give me a break... this is like saying it's not the mugger's fault that you got stabbed, but your own, because you walked right into the knife; that the mugger is there to raise awareness about street security. And Soros is actually a good buddy because he did not go all the way against the Baht. It was Thailand's fault, who did not heed his warning. He's so great a philanthropist because he did not destroy Russia, as he did with the UK, that my heart melts. What a grand opportunity he missed! He came down from Mount Olympus (his words) only to be crucified (author's words)... I feel like weeping with sorrow.

Even his tries to justify fund managers wane as the book goes on and the bets get bigger and in some points Mallaby even contradicts himself (hey, no taxpayers were hurt this time; and, hey, pension funds only had a small part of their money int he funds that imploded!)

Well, other than that the book's structure doesn't help too much because the author focuses on persons in a rough chronological order instead of following the evolution of the market in detail.

A mildly interesting book, but won't teach you much.
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07/22/2013 marked as: read

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