Book Review: More Money Than God

By: ispeculatornew
Date posted: 03.27.2013 (3:00 am) | Write a Comment  (0 Comments)

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In my most recent vacations, I was able to read a very interesting book about Hedge Funds;  More Money Than God by Sebastian Mallaby

It gave a very interesting point of view on the history of hedge funds, why they were created and how they worked initially. It gave a very unique point of view on the hedge fund industry and especially on the more known collapses such as Long Term Capital Management, Amaranth, etc. A lot of good insight into how such crisis are lived out from the inside of these firms and portrays a more human side to hedge funds than we are used to seeing.

Also very interesting is how the author slowly makes his point that hedge funds should NOT be regulated, a point of view that is not so common. Even less common is finding someone that is able to make such a strong case for regulators to stay away from hedge funds.

You could probably (rightfully) say that I’m not the toughest guy to convince because I do very much believe in the benefits of having hedge funds in our system even though leaving them entirely free is not the solution in my opinion either.

All in all, a very interesting read. The one thing I would have liked to see more is more discussion regarding some of the arguments of those in favor of hedge fund legislation. I think insider trading will become a huge issue in the coming decade. I will have to write more about this at some point but it makes it very difficult for others like you and I to compete. I think that hedge funds have became more powerful over the years and it’s unclear to me how that should be managed. Having absolutely no regulation seems a bit unlikely and while I thought it was very informative to hear a well explained view from the other side, the argument seemed to go a bit too far.

In the end, still a great read and I highly recommend anyone interested in hedge funds get a copy:)

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