Praise for Inside the House of Money
"Everyone loves to talk about hedge funds— except the people who actually run them. Until now. This book offers a unique and illuminating insight into a hitherto inaccessible and sometimes downright secretive world. And quite fascinating it proves to be. Future historians will thank Drobny for capturing the thinking that underlies a quiet financial revolution."
— Niall Ferguson, Laurence A. Tisch Professor of History, Harvard University and author of Colossus: The Rise and Fall of the American Empire
"We learn from these interviews of successful global macro investors that they share a style of thinking: they consider a strikingly broad list of factors influencing markets, they are exquisitely alert to nuances of timing and place in history, and, perhaps most fundamentally, they seem to think 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
"Drobny's book will become the bible for those who want to understand the Byzantine minds of the world's top macro traders. It captures their brilliance as well as their many idiosyncrasies, and explains how they have made billions of dollars from the sanctity of small offices in New York and London. A great book about the rarest breed in the global markets— those who can consistently make money, almost out of thin air."
— Gavyn Davies, Chairman, Fulcrum Asset Management former chief economist, Goldman Sachs
"What a wonderful way to get into a macro trader's mind! I am so glad that this book exists. Iwill make my students read it."
— Nassim Nicholas Taleb, author, of Fooled by Randomness
"Drobny's book is not only fun reading but also offers unique insight into how financial market movers and shakers think and act. This is a definitive, must-read for any serious investor."
— Felix W. Zulauf, President, Zulauf Asset Management AG
Praise for Inside the House of Money
"Everyone loves to talk about hedge funds— except the people who actually run them. Until now. This book offers a unique and illuminating insight into a hitherto inaccessible and sometimes downright secretive world. And quite fascinating it proves to be. Future historians will thank Drobny for capturing the thinking that underlies a quiet financial revolution."
— Niall Ferguson, Laurence A. Tisch Professor of History, Harvard University and author of Colossus: The Rise and Fall of the American Empire
"We learn from these interviews of successful global macro investors that they share a style of thinking: they consider a strikingly broad list of factors influencing markets, they are exquisitely alert to nuances of timing and place in history, and, perhaps most fundamentally, they seem to think 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
"Drobny's book will become the bible for those who want to understand the Byzantine minds of the world's top macro traders. It captures their brilliance as well as their many idiosyncrasies, and explains how they have made billions of dollars from the sanctity of small offices in New York and London. A great book about the rarest breed in the global markets— those who can consistently make money, almost out of thin air."
— Gavyn Davies, Chairman, Fulcrum Asset Management former chief economist, Goldman Sachs
"What a wonderful way to get into a macro trader's mind! I am so glad that this book exists. Iwill make my students read it."
— Nassim Nicholas Taleb, author, of Fooled by Randomness
"Drobny's book is not only fun reading but also offers unique insight into how financial market movers and shakers think and act. This is a definitive, must-read for any serious investor."
— Felix W. Zulauf, President, Zulauf Asset Management AG
Foreword by Joseph G. Nicholas (HFR Group). Preface. 1. Introduction to Global Macro Hedge Funds by Joseph G. Nicholas (HFR Group). 2. The History of Global Macro Hedge Funds. 3. The Future of Global Macro Hedge Funds. 4. The Family Office Manager: Jim Leitner (Falcon Management). 5. The Prop Trader: Christian Siva--Jothy (SemperMacro). 6. The Researcher: Dr.Andres Drobny (Drobny Global Advisors). 7. The Treasurer: Dr. John Porter (Barclays Capital). 8. The Central Banker: Dr. Sushil Wadhwani (Wadhwani Asset Management). 9. The Dot--Commer: Peter Thiel (Clarium Capital). 10. The Floor Trader:Yra Harris (Praxis Trading). 11. The Pioneer: Jim Rogers. 12. The Commodity Specialist: Dwight Anderson (Ospraie Management). 13. The Stock Operator: Scott Bessent (Bessent Capital). 14. The Emerging Market Specialist: Marko Dimitrijevic (Everest Capital). 15. The Fixed Income Specialists: David Gorton and Rob Standing (London Diversified Fund Management). 16. The Currency Specialist:Anonymous. Conclusion. Appendix A: Why Global Macro Is the Way to Go by Dr. Lee R.Thomas III. Appendix B: A Note to Investors about Global Macro. Acknowledgments. Bibliography. Index.
STEVEN DROBNY is cofounder and partner of Drobny Global Advisors (DGA), an international macroeconomic research and advisory firm that counts many of the leading global hedge funds as clients. Prior to starting DGA, Drobny worked for Deutsche Banka s Hedge Fund Group in London, Singapore, and Zurich. Drobny holds a mastera s degree from the London School of Economics and Political Science and a bachelora s degree from Bucknell University. Please visit www.insidethehouseofmoney.com for information on Drobny, DGA, and this book.
"...makes an interesting read..." (Money Week, June 2006) "...eye opener..." (NYSSA, July 2006) "...must read..." (Futures Magazine Group, July 2006) "...engaging..." (Active Traider, July 2006) "written an intelligent analysis of the current hedge fund climate" (Pensions World, September 2006) "Corporate finance managers are taking the message of the book on board." (CFO Europe, September 2006)
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