The author of "Rich as an Enemy: Hedge Funds and the Rise of a New Spirit" conducted an in-depth investigation into the industry, including 300 hours of interviews and numerous internal documents, and on this basis told a little-known story about hedge funds: from Alfred, the originator of the industry? Winslow? Jones versus George? Soros and many other lesser-known but equally influential figures in this field, from the stock market crash of 1987 to the internet bubble, to the collapse of mortgage securities. In this process, hedge funds gain insight into the mystery of the market and earn huge wealth. Their innovations have changed the world, bred new markets for special financial instruments and rewritten the rules of capitalism.
The rise of hedge funds and new spirits is not only a period of history, but also a window of the future financial system. Recommend a hedge fund: a smart lone ranger or a naughty bad boy.
shusong ba
Deputy Director, Institute of Finance, the State Council Development Research Center
Chief Economist, China Banking Association
Recommended order 2 Hedge funds and China
Serina Liu
Head of the first hedge fund in China
General Manager of E Fund Index and Quantitative Investment Department
Chinese version order
Hedge funds and the rise of new elites
Chapter 1 Who created the first myth of hedge funds?
Chapter II Master of Large-value Trading
Chapter III The era of trend analysis has come.
Chapter 4 Financial Alchemy
Chapter 5 This "big tiger" knows more about stocks than anyone else.
Chapter VI It is he who disturbs the market every time.
Chapter 7 Snipering the "White Wednesday" of Sterling
Chapter 8 Is the carnival of hedge funds over?
Keywords: Greenspan Michael steinhardt bond market crisis
Chapter 9 is a bloodthirsty financial predator or a compassionate redeemer.
Chapter 10 The enemy is himself
Chapter 1 1 the end of the era of macro hedge funds
Chapter 12 institutional investors, the new vitality of hedge funds
Chapter 13 The mysterious "medal" that cannot be copied
Chapter 14 may cause a fire or a fireman.
Chapter 15 Who is the biggest winner in the storm?
Chapter 16 "Left" is king
Conclusion The future of financial industry depends on the past of hedge funds.
Appendix: Did Tiger Fund Create Excess Profits?
Postscript of Translator [Recommended Order]
Hedge Fund: Smart Lone Ranger or Bad Boy?
Researcher Ba Shusong.
Deputy Director and Doctoral Supervisor, Institute of Finance, the State Council Development Research Center
Chief Economist, China Banking Association
As for hedge funds, what the market talks about most is either how they get huge wealth in the turbulent financial campaign, the generous bonuses of hundreds of millions of dollars each year of hedge fund managers, and the legendary talents of these hedge fund managers, or how they become a huge impact force on financial stability, conspiring in a dark room and attacking government policies and market defenses with unexpected operational means.
In this global financial crisis, two completely opposite and completely different images, the smart lone ranger and the disruptive bad boy, have been intensively displayed almost at the same time: on the one hand, we can see that many hedge funds are still profitable under the impact of the financial crisis, and we also see that regulators attribute many crises to hedge funds.
In fact, many almost contradictory views on hedge funds stem from ignorance of this somewhat mysterious investment group. Due to the limited information disclosure, the information and materials available to the public about hedge funds are often fragmented, and various misunderstandings are of course inevitable. I have met several large hedge funds in the world, and their offices are often no longer in the bustling central business district, but in quiet places that are rarely visited by Public Offering of Fund. I once saw a large hedge fund company in Hong Kong, actually working in a residential area.
It is in this sense that this book about hedge funds highlights its unique value.
This book spans a longer history and contains more legendary stories of hedge fund managers, vividly showing readers the life and death stories of these hedge funds in the recent and most destructive global financial crisis that broke out in 2008, enriching readers with rare first-line market experiences. There is no doubt that this book tells a wonderful anecdote about the mysterious group of hedge funds. As a research scholar, apart from appreciating these wonderful stories, I am more concerned about the development track behind the hedge fund industry and its role in the global financial market. Therefore, from the perspective of professional financial research, this paper strips off the wonderful story details and combs the relationship between hedge funds and the development of cutting-edge financial theory, hoping to provide some guidance to readers.