A brilliant investor, a born raconteur and an overall smart-ass, Andy Kessler pulls back the curtain on the world of hedge funds and shows how the guys who run big money think, talk and act.Following on the success of Wall Street Meat, his self-published book on the lives of Wall Street stock analysts, Andy Kessler recounts his years as an extraordinarily successful hedgeA brilliant investor, a born raconteur and an overall smart-ass, Andy Kessler pulls back the curtain on the world of hedge funds and shows how the guys who run big money think, talk and act.Following on the success of Wall Street Meat, his self-published book on the lives of Wall Street stock analysts, Andy Kessler recounts his years as an extraordinarily successful hedge fund manager. To run a successful hedge fund you must have an investing edge -- that special insight that allows you to reap greater returns for your clients and yourself.A quick study, Kessler gets an education in investing from some fascinating and quirky personalities. Eventually he works out his own insight into the world economy, a powerful lens that reveals to him hidden value in seemingly negative trends. Focussing on margin surplus, Kessler comes to see that current American economy, at the apex of the information revolution, is not so different from the British economy at the height of the industrial revolution. Drawing out the parallels he develops a powerful investing tool which he shares with readers. Contrarian and confident, Kessler made a fortune applying his ideas to his hedge fund. Which only proves that they may not be as crazy as they sound....
|Title||:||Running Money: Hedge Fund Honchos, Monster Markets and My Hunt for the Big Score|
|Number of Pages||:||320 Pages|
|Status||:||Available For Download|
|Last checked||:||21 Minutes ago!|
Running Money: Hedge Fund Honchos, Monster Markets and My Hunt for the Big Score Reviews
Running Money tells the story of how Andy Kessler and a colleague ran a hedge fund in the late 90’s. That was the time of the dot com-boom – and later also the bubble and bust. Kessler was right in the middle of this, operating his small long-only fund from Silicon Valley and concentrating on computer companies (mostly public, but sometimes also private).The book covers three different aspects of the same story. One is the development of his fund, how investments were chosen, his experience of the trading etc. The second is the atmosphere around him, both in the tech world and the investment world, or perhaps where they met – in the conferences, events and conversation. The third aspect is Kessler’s own development of a macro-economic theory on how the new technology will create unique investment opportunities. His theory is based on finding parallels to previous economical revolutions, mainly the industrial revolution. This theory of his is not only used as an explanation but is something that he developed during the time he was managing his fund to help find really good investments (and it worked – proving that history can be a great guide in the pursuit of good investments).When I read a book like this, I mostly aim at exploring someone else’s story. I find that more interesting, unique, verifiable and more informative than being given broad guidelines on what to do. I found Kessler’s story to be a very interesting one, because it tells about the small details and his own personal experiences. It is also somewhat unique in that it mixes some understanding of macro (the historical parallels) into his own practical investment experience. I also like that his ideas come not as a prepared bundle, but that you actually get to see them develop as his career goes by – including all the mistakes.Such a huge bubble that the dot com-era was, after the crash it has been more or less remembered as a bad hangover of a party you wouldn’t want to remember anyway. Maybe because Kessler got out of the market pretty soon after it peaked out, he doesn’t suffer the common illness of just trying to ignore that historical passage. It is a good reminder that most bubbles originally get started from very sound grounds and grow from developments that actually are quite revolutionary. Maybe this book could help us understand the next big revolution when it comes – if we will live for that long. Or at least help us understand the current one (which is still the digital revolution, this process is still far from being fully matured).The writing style is very much based on dialogues. I’m not very used to this (I’ve never been a passionate novel reader), so it boggles my mind a bit sometimes. I would think that’s just my own weakness however, and anyway I have to say the book was not hard to get through and I enjoyed every moment of it. But some tech-savvy might be needed to be able to follow all the computer terms. It is by no means a guidance book, it covers a very specific topic and I think it’s fair to say it also assumes some investment knowledge from the reader.There are 2 small things that I don’t like about this book: The first is the talk about dollars and points (“that stock was up $3 that day”), numbers that don’t tell you anything unless they can be put into proportion ($1 to $4 is quite different from $101 to $104). I don’t think I will ever understand why so many Americans and Canadians refuse to use percentages when talking about numerical changes. The other thing I don’t like is Kessler’s conclusion of his macro theory. After the bubble is over, he concludes that the world has changed dramatically, because now people are developing software in such obscure and faraway places as Norway and Finland. As if technology and creativity only existed in USA. Just plain ignorance I guess (the technology development and the dot com bubble was a global phenomenon). But still, it takes away a lot of credibility from his theoretical conclusion. On the other hand, his theory is just one of the parts of the book, and up to that point it did make a lot of sense, as he indeed proved by the stellar performance of his fund (which was not based on speculative gambles, as was the common way in those days).In conclusion, I don’t think this is an investment book for everyone, but if you are interested in technology, history, investing and building theories, then this book will definitely be a good read for you.
Picked this up at a secondhand bookstore.Interesting read on the struggles faced by a hedge fund and its spectacular rise to make money, injected with a does of humor.Perhaps I'm still inexperienced in the financial matters. It took me a significant amount of time to understand the plot.
The sequel of his original autobiography.There is a partial blueprint of his other book "How We got Here" over here, but it is combine with his bio of running a hedge fund, and how the philosophy help him
Great book! The last chapters about IP and the trade deficit are very insightful.
This was a fun read. Kessler is obviously a sharp guy, and I enjoy his smart-ass style. This was a good introduction to Silicon Valley and the investors that funded it.
lightweight read, fun if you are in the business and know the cast of characters - definitely kessler's view of reality
This funny book still inspires me to start a hedge fund. It just goes to show that anyone with an idea, a will, and some luck can make it alright in the business.
interesting and thoughtful in investment.
If he were half as smart as he thinks he is, he'd be twice as smart as he is.