Big Mistakes: The Best Investors and Their Worst Investments
by Michael Batnick · 21 May 2018 · 198pp · 53,264 words
Druckenmiller is famous for taking the reins from George Soros and running his Quantum Fund for over a decade. He is one of the best global macro investors of all time. This game involves measuring economic sea changes and figuring out how they'll move stocks, bonds, and currencies around the globe
…
understand. He knew this and quickly grew uncomfortable with his positions, so he took his gains and went back to where his bread was buttered, global macro. He was bullish on the newly created currency, the euro, but it went the opposite direction he thought it would. To add insult to injury
Fed Up!: Success, Excess and Crisis Through the Eyes of a Hedge Fund Macro Trader
by Colin Lancaster · 3 May 2021 · 245pp · 75,397 words
mortgaged all its revenues, that it necessarily sinks into a state of languor, inactivity, and impotence.” David Hume This book tells the story of a global macro trader working amidst the greatest market panic that we’ve seen since the Great Depression. As the COVID-19 pandemic spreads across the world, readers
…
at the guys and gals who are the new market operators. This riveting account of the 2020 market crash from inside the mind of a global macro trader will serve as an exciting, nail-biting record of current times. It’s about making fortunes while the world slips into misfortune. Will he
…
there’s no way he can stop now. He has to cut rates again at the end of the month. Markets are going up. As global macro traders we are paid to get these calls right. We are paid to understand what is going on in the world and to turn these
…
views into cash. Think George Soros and Stan Druckenmiller, some of the best ever. * What is global macro, anyway? When people say “macro,” a lot of people have visions of George Soros when he was “breaking the Bank of England” or Paul Tudor
…
makes it unique. It also makes macro managers great at cocktail parties since they can talk about almost anything. The origins of many high-profile global macro traders can be traced back to investment-bank proprietary trading businesses, and to places such as Commodities Corporation, and, of course, Soros Fund Management. These
…
Capital have risen in prominence. Many of the large multi-strategy hedge funds also have great internal macro teams working for them. At its simplest, global macro investing can be boiled down to investing in assets on the basis of changes in the fundamental landscape: the ups and downs in growth and
…
clean up the mess. The net result was that all major currencies began to float against each other. This really opened things up for the global macro guys. Overnight, you had an amazing number of new products to trade. The strategy has changed since the Global Financial Crisis (GFC). Information is more
…
in the world, and I wanted to be part of it. The world was more promising. That was back when capitalism was at its peak. Global macro drew me in along these lines when graduation came around. It gave me a seat at the table, a chance to be intimately involved with
…
views in markets that seamlessly stretched from New York to London to Tokyo and back again—history in real time, James Bond shit. That’s global macro in its romantic ideal. But these days, I’m feeling less like 007 and more like Don Quixote. Whenever I speak with analysts on their
…
was outperforming so far in this crisis. As I finish a quick summary of my views, I tell him I’m happy to see the global macro guys holding up well in this tape. It has been a number of years since they outperformed, but the beauty of the strategy is that
…
-semiannual-monetary-policy-testimony-transcript. About the author Colin Lancaster is a 25-year Wall Street professional. He has run two of the highest profile global macro businesses for the top-performing hedge funds in the world and has worked directly for a number of the icons of the investing world. He
Risk Management in Trading
by Davis Edwards · 10 Jul 2014
C Strategy B Strategy A Trader 1 Trading Desk Strategies fund). Some of the more common types of hedge fund styles are Global Macro, Relative Value, and Event‐driven styles. Global Macro Global Macro strategies make big‐picture bets based on the economy as a whole. For these strategies, investment decisions are commonly based on interest
…
rates, Gross Domestic Product, unemployment rates, or similar economic data. When executed, trades are commonly made in stock indices, government bonds, and currency markets. Global Macro trades are often directional—they speculate on the rise or fall of the overall market. For example, a hedge fund might buy broad based market
…
is expected to fall. By taking advantage of markets that allow short selling, these strategies can make profits in both rising and falling markets. Many global macro strategies are based on an analysis of economic trends. In particular, traders study when trends are likely to persist and when they are likely to
…
hedge fund. C. Only citizens of the United States. D. Only employees of the hedge fund. 7. What kind of investments are made by a global macro hedge fund? A. Directional bets on major economic events. B. Spread positions in closely related assets. Trading and Hedge Funds 31 C. Positions in stocks
…
placed on investment firms designed to protect individual investors and gives the hedge funds operating flexibility. 7. What kinds of investments are made by a global macro hedge fund? A. Directional bets on major economic events. B. Spread positions in closely related assets. Answer Key 271 C. Positions in stocks of companies
…
like mergers or restructuring. D. Investments in other hedge funds. Correct Answer: A Explanation: Answer A describes a trade that might be made by a global macro hedge fund. Answer B describes a relative value hedge fund, answer C describes an event‐driven hedge fund, and answer D describes a fund of
Inside the House of Money: Top Hedge Fund Traders on Profiting in a Global Market
by Steven Drobny · 31 Mar 2006 · 385pp · 128,358 words
Bibliography 357 Index 361 Foreword first met Steven Drobny several years ago at an exclusive hedge fund conference run by Drobny Global Advisors, an independent global macro research and advisory firm that he runs with his business partner, Dr. Andres Drobny (no relation). Although hedge fund managers have a reputation for being
…
found most interesting about having all these managers gathered in one place was that a different dimension of global macro investing was revealed. Global macro is a vast strategy comprising many substrategies, styles, and specialties. Each global macro hedge fund manager approaches the world of trading opportunities in a unique way, playing to his or her
…
original mandate of absolute return investing, seeking outsized returns from investments anywhere in the world, in any asset class and in any instrument: global macro. H xi xii PREFACE Global macro investing is still a relatively unknown and misunderstood area of money management but increasingly of interest. Given that my firm, Drobny Global Advisors
…
is no definition. Just as the term hedge fund can be used to describe a wide variety of investing styles, so too global macro does not mean just one thing. Global macro has no mandate, is not easily broken down into numbers or formulas, and style drift is built into the strategy as managers
…
over the past few years and the fact that the public still associate hedge funds with the doyen of global macro, George Soros. Another reason the lack of literature on global macro is odd is that global macro variables influence all investment strategies. When a mutual fund increases its cash position, an endowment allocates to real
…
a result, a more involved research project developed. After these initial discussions, I set out to speak with a broader selection of today’s top global macro hedge fund managers. In search of the widest possible variety of views, I interviewed managers who have different product specialties, diverse backgrounds, and varied mandates
…
above and beyond any analytical tools they may employ. As it turns out, there is no simple way to define what the top global macro managers actually do. Rather, global macro is an approach to markets in the way that science is an approach to the unknown. As in science, many different approaches can
…
begin with a word from Joseph G. Nicholas, founder and chairman of HFR Group, who offers a professional investor’s perspective of global macro. Nicholas has been investing in global macro hedge funds since the 1980s and now manages over $4 billion in hedge fund assets via HFR Asset Management. He founded the leading
…
to use macroeconomic principles to identify dislocations in asset prices, while the global part suggests that such dislocations are sought anywhere in the world. The global macro hedge fund strategy has the widest mandate of all hedge fund strategies whereby managers have the ability to take positions in any market or instrument
…
have limited downside risk and potentially large rewards, opting for either a concentrated risk-taking approach or a more diversified portfolio style of money management. Global macro trades are classified as either outright directional, where a manager bets on discrete price movements, such as long U.S. dollar index or short Japanese
…
their advantage by moving from market to market and opportunity to opportunity in order to generate the outsized returns expected from their investor base. Some global macro managers believe that profits can and should be derived from other, seemingly unrelated investment approaches such as equity long/short, investing in distressed securities, and
…
’t play the game by a particular set of rules; I look for changes in the rules of the game.” 3 INTRODUCTION TO GLOBAL MACRO HEDGE FUNDS SUMMARY Global macro traders are not limited to particular markets or products but are instead free of certain constraints that limit other hedge fund strategies. This allows
…
is particularly compelling. Whereas significant assets under management can prove an issue for some more focused investing styles, it is not a particular hindrance to global macro hedge funds given their flexibility and the depth and liquidity in the markets they trade. Although macro traders are often considered risky speculators due to
…
in 1971, and the subsequent decline in the U.S. dollar, that the investment universe again offered the opportunities that spawned the next generation of global macro managers. POLITICIANS AND SPECULATORS Recent history is riddled with examples of politicians attempting to place blame on speculators for shortcomings in their own policies, and
…
important point is, they don’t influence the trend. Underlying pressures combined with policy decisions drive market events. THE NEXT GENERATION OF GLOBAL MACRO MANAGERS The next round of global macro managers emerged out of the breakdown of the Bretton Woods fixed currency regime, which untethered the world’s markets. With currencies freely floating
…
, though, a new element of risk was added to the equation for international equities. Whereas managers using the Jones model sought to neutralize global macro–induced moves, the global macro managers who emerged from the international equity arena sought to take advantage of these new opportunities. Foreign exchange risk was treated as a whole
…
commodity and futures trading world that was centered in the trading pits of Chicago. It developed independently although simultaneously with the equity stream. The biggest global macro names to emerge from the commodity world, however, did not come from the Chicago epicenter but instead learned their craft from the most forward thinking
…
an incredibly open framework in which traders thrived. CC incubated or served as an important early source of funding for some of the best known global macro managers of all time, including Bruce Kovner (Caxton), Paul Tudor Jones (Tudor Investment Corporation), Louis Bacon (Moore Capital), Michael Marcus, Grenville Craig, Ed Seykota, Glen
…
theme in European foreign exchange and fixed income markets. The early 1990s especially witnessed several strong years in the European fixed income and currency markets. Global macro traders at banks and hedge funds jumped on the trend along with relative value traders and trend followers, who were all heavily long European bonds
…
simultaneous default of the country’s sovereign debt caught many macro managers poorly positioned. It also marked the beginning of the end for the great global macro hedge funds, with 1998 denoting the peak in assets for Soros and Tiger (approximately $22 billion and $25 billion, respectively). George Soros made headlines
…
funds and markets. The increase in information flow, competition, influx of assets, and development of new markets has added tremendous complexity and scope to the global macro landscape today. The strategy that started with Keynes and made famous by Soros has become a broadly diversified collection of many different managers and styles
…
.At the same time, many managers today are increasingly complaining about the increased difficulty of profiting in the markets and the shortage of opportunities. Whether global macro markets have become more challenging or whether they have merely changed is a current topic of debate. Some argue that the outsized returns available to
…
classic macro instruments. In actual practice, they operated in what Dr. Sushil Wadhwani (Wadhwani Asset Management), in his interview, calls “the narrow end of global macro.” Other global macro funds formerly on this “narrow end,” such as Tudor and Caxton, have evolved to a more global micro style of investing with significant assets.They
…
to that of business leader, overall risk manager, and motivator of traders and employees. Jim Leitner (Falcon Management), in his interview, describes his vision for global macro as: . . . the willingness to opportunistically look at every idea that comes along, from micro situations to country-specific situations, across every asset category and every
…
about how they interpret these events and try to profit from them, using what remains the most open and flexible mandate in the investment world: global macro. CHAPTER 4 The Family Office Manager Jim Leitner Falcon Management Wyckoff, New Jersey he sign reads both “Falcon Management” and “Aikido Spirit” outside the
…
have to continually train myself to ask why I believe something is going to go down, not why it should go up. What does global macro mean to you? Global macro is the willingness to opportunistically look at every idea that comes along, from micro situations to country-specific situations, across every asset category
…
role, which again grew into today’s open discussion forum that is Drobny Global Advisors (DGA). Sitting at the center of a living discourse on global macro markets, Drobny facilitates an open dialogue among top hedge fund managers and other leading intellectuals, but unlike other research platforms, he is continually striving to
…
INSIDE THE HOUSE OF MONEY too close to a situation can get emotional and I’d rather look from a distance. How do you define global macro? Global macro is trading based on economic/political/sociological factors, so-called “fundamental factors” that move market prices.You can also define it in terms of what
…
it isn’t. It isn’t looking at individual companies.Although individual companies might affect global macro, or might reflect global macro, it’s not really what we’re trying to do. It’s not really about individual stocks, per se, although it can be
…
/reward bets, but you have a lot of systematic traders out there who I wouldn’t consider part of global macro. How do you differentiate between global macro and relative value? They are intersecting sets. In global macro terms, a relative value trade that I like is long long-dated UK Gilts against long-dated U
…
’s less happening. Otherwise, it’s difficult—you’re constantly worrying about being out of contact in some shape or form. Global macro markets are always moving. How do you define global macro? Global macro has evolved to mean the license to do anything. I started my fund at what I call the narrow end of
…
bike and proceeded to tell me about his investing life, his travels, and his baby girl. What do you think of the term global macro? I don’t know what global macro means, or at least I’m not smart enough to know. I guess global means “worldwide” and macro means “macroeco- THE PIONEER
…
Standing of London Diversified Fund Management (LDFM) represent another evolutionary trend in the hedge fund world: the convergence of fixed income relative value and traditional global macro strategies. But while the rest of the investment universe is just catching on, the unassuming British pair have been on this trend for some time
…
securities to exploit subtle anomalies and inefficiencies primarily in global bond markets. What makes them unique is that they overlay their relative value trades with global macro strategies. Both are quick to cite this combination as having saved them during times of extreme market stress. During the 1998 crisis precipitated by the
…
best hedges were classic macro trades like Eurodollar futures and out-of-the money options. THE FIXED INCOME SPECIALISTS 311 What is your definition of global macro? Gorton: Global macro is about trying to find imbalances within or between the major asset classes, which are equities, commodities, fixed income, and foreign exchange. Macro is
…
works for a large international financial institution, one that deemed it controversial to reveal itself and its strategies inside the pages of a book on global macro trading. To protect the manager and the institution, this interview is presented anonymously. 325 326 INSIDE THE HOUSE OF MONEY includes currencies, interest rates, and
…
didn’t understand risk. Over time, I evolved my trading from purely interest rates to foreign exchange and a more global macro style. THE CURRENCY SPECIALIST 327 How do you define global macro? Global macro is trading in the asset classes that are driven by top-down analysis where you can’t control any of the
…
beyond traditional notions of the term. It means diversifying in many different ways, and the flexibility to do so is particularly evident within the global macro style of investing. Global macro managers have the breadth of mandate to look for inefficiencies and opportunities across the spectrum of products, geographic regions, and strategies. Here we
…
so vast, it takes significant time and effort to monitor them all in a meaningful manner. But such a broad selection provides significant opportunities to global macro managers seeking multiple uncorrelated, better-than-average bets. Strategies Most hedge funds stick to one particular investment strategy. Increased specialization is a trend that has
…
truth, the global micro approach to investing, which requires multiple better-than-average, independent bets, is extremely difficult to put into practice. My interviews with global macro managers hammered home the recurring theme of the growing shortage of opportunities in today’s markets, a trend that seems to be affecting all investment
…
currency regimes come unglued, global markets become uncorrelated, and the new Federal Reserve chairman, Ben Bernanke, lifts the Greenspan put.These are dream scenarios for global macro managers, who can span the globe seamlessly, reallocating risk on the fly to where the opportunities are. To reiterate, it is difficult to precisely define
…
the global macro strategy because these elements of style drift and flexibility allow managers enhanced dexterity in times of crisis. But the ability to position themselves for outsized
…
, Carl. “As Currency Crisis Looms Before Maastricht Summit: Traders Rush to Buy Marks.” International Herald Tribune, November 23, 1991. Ghaleb-Harter, Tanya. “The Case For Global Macro.” DB Absolute Return Strategies Research, December 31, 2003. Greenspan,Alan.“Private-sector refinancing of the large hedge fund, Long Term Capital Management.”Testimony before Committee
…
.” House of Commons Library Research Paper 02/44, July 11, 2002. Rosenblum, Irwin. Up, Down, Up, Down, Up. Philadelphia: Xlibris Corporation, October 2003. Säfvenblad, Patrik. “Global Macro and Managed Futures Strategies.” RPM Risk and Portfolio Management AB, October 1, 2003. Samuelson, Robert J. “The Risk Manager.” Washington Post, September 3, 2005. Savitz
…
of, 34 Globalization process, 211 Global long/short equity investments, 8 Global macro, xi, xiii–xiv, 1–29, 279–281, 291–292, 327, 329, 345–348. See also Global macro market major events; Global macro markets Global macro market major events, 10–21, 23–28, 48–49 Global macro markets, 24, 32–34 Global micro, 32–34, 257 Global risk
Efficiently Inefficient: How Smart Money Invests and Market Prices Are Determined
by Lasse Heje Pedersen · 12 Apr 2015 · 504pp · 139,137 words
158 Part III Asset Allocation and Macro Strategies 165 Chapter 10 Introduction to Asset Allocation: The Returns to the Major Asset Classes 167 Chapter 11 Global Macro Investing 184 Interview with George Soros of Soros Fund Management 204 Chapter 12 Managed Futures: Trend-Following Investing 208 Interview with David Harding of Winton
…
Asness: Using scientific methods and computer models to buy and sell thousands of securities. Quant luminary and a pioneer in the discovery of momentum investing. Global Macro Investing: George Soros: Betting on the macro developments in global bond, currency, credit, and equity markets. The macro philosopher who “broke the Bank of England
…
investment teams and helped develop new funds with elements of all the eight strategies discussed in this book, long–short equities, short-selling, quantitative equities, global macro, managed futures, fixed-income arbitrage, convertible bond arbitrage, and event-driven investment. As I love the combination of theory and practice, I decided to straddle
…
traders in the movie Trading Places, using futures markets to bet on the direction of orange juice prices. I divide macro strategies into global macro and managed futures. Global macro traders bet on economy-wide phenomena around the world. They take the view that the overall stock market will go up or down, that
…
inflation will lead to a spike in gold prices, or that emerging-market currencies will rise or collapse. Some global macro traders take large positions, as is clear from the following quote from Stanley Druckenmiller, who learned it from Georges Soros (Schwager 2008): When you have
…
jugular in the rare cases when the upside is large and the downside is limited. The differences between these sayings reflect the great variation across global macro traders. They come from a variety of backgrounds, ranging from traders with little formal training in economics to former central bank economists. They apply a
…
range of different approaches, some analyzing data, others following every move of central banks, yet others traveling the world for global trading ideas. Some global macro funds are thematic traders, meaning that they focus on a few themes and express each theme in terms of various trades. For instance, one theme
…
might be that China will continue to grow at an explosive rate, and the global macro trader might express this view by buying Chinese stocks or commodities imported by China or companies or industries selling to China. Though
…
global macro traders are very different from one another, there are similarities. For instance, macro traders often like to express their views in a way that earns
…
that the relative values of the currencies can change. Managed futures investors (also called commodity trading advisors, CTAs) trade many of the same securities as global macro traders: bond futures, equity index futures, currency forwards, and commodity futures. Managed futures investors often focus on finding price trends, buying instruments that are trending
…
me the charts, I’ll tell you the news. Risk management is central for managed futures investors, who apply a very different philosophy than the global macro view expressed by George Soros above. When managed futures investors lose money, it is often because the trend is switching direction and, in this case
…
“carry,” that is, securities that will have a high return if market conditions stay the same (e.g., if prices do not change). For instance, global macro investors are known to pursue the currency carry trade where they invest in currencies with high interest rates, bond traders often prefer high-yielding bonds
…
for strategic and tactical asset allocation. Then it describes the fundamental sources of returns for each of the major asset classes.1 Return drivers and global macro trading strategies that exploit them are discussed more in chapter 11, which also considers how central banks, the macro economy, and other factors affect global
…
long on the Brazilian and Australian stock markets and to short the U.K. and Canadian stock markets. In the next chapter, we discuss how global macro investors make these decisions. 10.3. UNDERSTANDING THE RETURNS OF THE MAJOR ASSET CLASSES To decide on strategic asset allocations and how to change these
…
average as high interest rates have not been associated with average future depreciation. CHAPTER 11 Global Macro Investing The whole world is simply nothing more than a flow chart for capital. —Paul Tudor Jones The term global macro is used for a type of hedge funds that pursue a variety of different investment strategies
…
. Global macro investors look for opportunities all over the world and in all asset classes, often use long-term
…
bets. Macro investors closely follow central banks, consider macroeconomic links, and incorporate both financial and non-financial information, such as political, technological, and demographic trends. Global macro hedge funds typically invest in overall market indices, making a directional bet on an entire market or making relative-value bets across markets. For example
…
, whereas an equity long–short manager might bet that Ford will outperform Toyota, a global macro manager might bet that the overall auto industry will thrive, that the U.S. auto industry (or broader stock market) will outperform the Japanese one
…
, selecting good vs. bad countries based on the relative pricing and trends across global markets, and specific overarching themes, as we discuss in this chapter. Global macro hedge funds use different methods to gain confidence in their investment views. Some travel the world evaluating countries by talking to central banks, local government
…
rates when the currency is falling in value and lowering interest rates when it is rising. Increasingly, central banks also have a financial stability goal. Global macro traders obsess about central bank actions for two reasons. First, and most importantly, central bank actions move asset prices, and it is rewarding to be
…
trunk of a car on such days, leaving Greenspan to stroll to work, arms free. 11.3. TRADING ON ECONOMIC DEVELOPMENTS The Holy Grail for global macro traders is to know where the economy is moving. In particular, they want to know whether economic growth will be strong or slow and whether
…
could now only go up, bonds yields kept falling. Similarly, Japanese bond yields kept falling through the 1990s and, to a lesser extent, the 2000s. Global macro hedge funds analyze the economic environment and make directional investments based on their analysis. Macro investors also consider relative-value trades, comparing different countries’ relative
…
run, output depends on supply factors such as technological progress and population growth. 11.4. COUNTRY SELECTION AND OTHER GLOBAL MACRO TRADES There are no limits to the kinds of trades that global macro hedge funds might consider. Here we consider some of the key trades based on relative-value country selection, momentum, trade
…
discussed in chapter 9, value and momentum strategies have worked well in individual equity markets over the past century. Such strategies are also pursued by global macro investors, though in very different macro markets. Macro momentum investing means buying markets that have outperformed, while shorting markets that have underperformed. For example, a
…
its currency, which can lead to currency appreciation, especially if the buying pressure suddenly increases. Furthermore, the export sector fuels the domestic economy. Hence, some global macro investors try to predict changes in trade flows based on the new events that affect the relative supply and demand of exports and imports. One
…
influence their exchange rate to increase exports, and macro investors like to be attuned to such developments. More generally, political events can be important for global macro developments. Countries may change their trade relations in various ways, opening or closing markets, imposing tariffs, imposing explicit or implicit trade barriers, and some countries
…
try to predict the consequences of the new legislation, e.g., which sectors will benefit and which sectors will be harmed. 11.5. THEMATIC GLOBAL MACRO Some global macro traders focus on a few “big ideas” that they call “themes.” They believe that certain macro events will be important drivers of economic events in
…
the future and then try to find various ways of profiting if the theme indeed plays out. For instance, some global macro traders might believe that China’s growth will outpace what people expect. They might therefore buy Chinese stocks, buy commodities, especially those that China imports
…
will ensue. Another theme might be that China is instead in a bubble, leading the macro trader to take the opposite positions. Yet another thematic global macro manager might believe that global warming is coming, buying carbon rights and windmill companies, or that oil production cannot keep up with demand, leading to
…
series momentum methodology largely follows Moskowitz, Ooi, and Pedersen (2012) and is related to cross-sectional momentum, discussed in chapters 9 (quantitative equity) and 11 (global macro). See Fung and Hsieh (2001) for an early contribution on the characteristics of CTAs, Baltas and Kosowski (2013) for further analysis of CTAs in light
…
is doing or views on the underlying macroeconomic fundamentals, most notably inflation and growth. Therefore, such directional macro bets are really the territory of the global macro traders, whereas fixed-income arbitrage traders typically focus more on relative-value trades. Fixed-income arbitrage traders might bet on cross-country differences in the
…
of the most profitable trades in the history of hedge funds, reportedly making more than $15 billion. This credit bet could also be considered a global macro trade. While the events differ greatly across all these trades, they share a similar portfolio construction methodology. The portfolio is constructed based on two principles
…
” collar deal, 302, 302f Einhorn, David, 122 embedded options: convertible bonds with, 281; corporate bonds with, 180n; Scholes on, 263 emerging markets: bonds in, 262; global macro traders and, 12; Soros on, 205, 207 e-mini S&P 500 futures, and flash crash of 2010, 155–57, 156f endowments, 43, 168, 170
…
, 258f; Soros on, 203, 204, 205; spreading from subprime market to other markets, 83, 84f; yield curve during, 257, 258f. See also subprime credit crisis global macro investing, viii, 11–12, 184–85; carry trades in, 185–88, 188t (see also bond carry trades; currency carry trades); central bank monitoring in, 189
…
, 16, 140–44, 142f, 143f Lynch, Peter, 106 macroeconomics, 191–96, 191t, 195t macro strategies, 8, 11–13; asset allocation for, 167–68. See also global macro investing; managed futures investing MADD (maximum acceptable drawdown), 60–61 managed futures indices, 221, 222t, 223 managed futures investing, viii, 11, 12–13, 208–10
…
P&L. See profits and losses (P&L) Platinum Grove Asset Management, 262, 268 policy portfolio, 167, 168. See also strategic asset allocation political events: global macro developments and, 199–200; Soros on importance of, 204 portfolio, replicating, 234–35, 237, 239–40 portfolio construction, 54–57; Ainslie on, 110; Asness on
…
of approaches from, 11, 110; Asness on, 162–64; types of, 134–35, 134t. See also fundamental quantitative investing; high-frequency trading; statistical arbitrage quantitative global macro investing, 185 random walk hypothesis, 173 RAROC (risk-adjusted return on capital), 31–32 reactive risk management. See drawdown control real assets, in strategic asset
…
swaptions, 241, 262 systematic global tactical asset allocation funds, 185 systematic macro hedge funds, 185 systematic risk. See beta tactical asset allocation, 167, 175–76; global macro funds using, 176, 185. See also market timing strategy tactical risk target, 60 tail hedging: commodity trading advisors and, 228; via options, 59 takeovers, 14
…
, 253f, 254f; trading on the level of, 250; trading on the slope of, 250–51. See also yield curve TFP (total factor productivity), 192 thematic global macro traders, 12, 200 theta, 280, 280f Tiger Cub funds, 108 Tiger Management Corporation, 1, 108 time decay, in convertible bond arbitrage, 280, 280f time lags
Market Sense and Nonsense
by Jack D. Schwager · 5 Oct 2012 · 297pp · 91,141 words
arbitrage. Historically, emerging markets have been more volatile than developed markets, a characteristic that has generally carried over to hedge funds involved in these markets. Global macro. Managers in this strategy category seek to profit from correctly forecasting future trends in major global markets, including equities, bonds, and foreign exchange (FX). Trades
…
are by definition directional, but are not inherently biased to the long or short side. A global macro fund is not inherently more likely to be long equity exposure than short equity exposure; the net equity position will reflect the manager’s expectations
…
single market trend expectations (e.g., long U.S. bonds) or relative strength market expectations (e.g., long U.S. bonds/short German bonds). Some global macro managers will confine their trades to macro-level instruments (e.g., futures, exchange-traded funds [ETFs]), while others may include specific securities in a market
…
group (e.g., selecting stocks with the best perceived potential to express a bullish equity bias). The success of a global macro fund is dependent on the manager’s ability to correctly analyze the probable price direction of major global market trends and to successfully time implied
…
offer a fund structure. However, the line between hedge fund managers and CTAs has become increasingly blurred over the years. There is no difference between global macro managers who execute trades only in the futures and FX markets and CTAs. Although it is true that most CTAs pursue systematic, trend-following approaches
…
and most global macro funds (including those that trade only futures and FX) are primarily discretionary, there are discretionary CTAs and systematic global macro funds. In this light, the distinction between the groups as separate asset classes appears artificial. If
…
, it makes more sense to differentiate along strategy approaches, such as systematic macro versus discretionary macro (with each group containing both CTAs and global macro hedge funds), rather than between global macro managers and CTAs. Fund of hedge funds. As the name implies, these funds allocate to other hedge funds. Most funds of funds
…
-only hedge funds would be highly correlated with equities, and at the other extreme, short-selling strategies would be negatively correlated. Some strategies, such as global macro managed futures, are completely unrelated to equities and tend to have near-zero correlation over the long term. Most hedge fund strategies would have only
…
and NFA) than are hedge funds. The lines between CTAs and other hedge funds have become increasingly blurred. Many CTAs also manage hedge funds. Many global macro hedge funds execute trades entirely in futures and FX and, in this sense, are indistinguishable from CTAs, especially if they are registered with the CFTC
…
Diversification: When More Is Less Fred, a research analyst at a fund of funds firm, is given the task of constructing a portfolio of futures, global macro, and foreign exchange (FX) managers. After some research, he reports back to his boss, Sam, with a suggested five-manager portfolio shown in Table 18
…
a top-down philosophy to achieve diversification: They decide how much to allocate to each hedge fund category (e.g., long/short equity, event driven, global macro, etc.) and then select the individual managers within each strategy category. There are numerous logical inconsistencies with a top-down approach: Strategy category labels are
…
Fung, William Future results and past results Futures, liquidity of FX (CTAs) Gain-to-pain ratio (GPR) Gasparino, Charlie Gate provisions Gates Gaussian copula formula Global macro funds Governments Great Recession Gross exposure Hedge fund index biases Hedge fund investing about advantages of managed futures rationale for single fund risk The Hedge
The Invisible Hands: Top Hedge Fund Traders on Bubbles, Crashes, and Real Money
by Steven Drobny · 18 Mar 2010 · 537pp · 144,318 words
is with portfolio managers who fared well in 2008, either by posting strong performance or by preserving capital. Risk management was the key differentiator and global macro hedge fund managers were, in aggregate, one of the few investment categories that managed risk effectively through the crisis. Although there is always a wide
…
disparity in performance among global macro managers due to its broad mandate, there was a clear delineation in 2008: funds that focused on risk made money or at least preserved capital
…
, whereas most funds that remained entrenched in long-held views suffered debilitating losses. Because my professional network includes many of the world’s leading global macro hedge fund managers, I decided to reach out to those who performed in 2008 to see if any lessons were transferable to real money and
…
Hedge Fund Traders on Profiting in the Global Markets (John Wiley & Sons), published in 2006, captured the process behind global macro investing through a series of interviews with some of the top global macro hedge fund traders at the time. Many of these managers foresaw the coming credit crunch, and elements of this foresight
…
, this time with top global hedge fund traders who managed risk well through 2008 and into 2009, the book highlights certain valuable elements of the global macro approach that could be applied to other mandates within money management. The Invisible Hands begins by defining and discussing the importance of real money management
…
Manager,” Jim Leitner, addresses the lessons he learned in 2008 and offers his own thoughts on rethinking real money. Next, the “Invisible Hands”—10 anonymous global macro hedge fund managers, the Philosopher, the House, the Professor, et al—discuss how they approach money management, how they managed to make money or avoid
…
management. It does not presume to possess a silver bullet, as no such thing exists. The goal is to provide an understanding of how successful global macro hedge fund managers navigated the most significant financial crisis of our lifetimes and to offer suggestions for how real money managers and all investors can
…
for consultants, product providers, other experts, and constituents to discuss the way forward. Having just published my first book, I was invited to speak about global macro—I did not have an investment product to sell at the time, and was allowed to stay through all of the presentations (most product providers
…
change in standard practice is required. Despite the widespread pain and colossal losses endured by most investors in 2008, there were a few bright spots. Global macro hedge funds, in aggregate, proved resilient by effectively managing risk and keeping a sharp focus on liquidity. The most successful made substantial gains, in large
…
part due to tactical risk management techniques. In aggregate, global macro hedge funds, as measured by the HFRI Macro Index, returned 4.83 percent in 2008 and were up 4.03 percent for 2009. Since 1990
…
7.8 percent and only one losing calendar year—down 4.3 percent in 1994 (see Figure 1.9). One of the primary factors enabling global macro funds to exhibit such strong long-term performance is the avoidance of significant drawdowns. Consistently compounding positive returns leads to strong long-term performance, whereas
…
, The Ivy Portfolio (Wiley). This book offers a contribution towards a new model for real money management leaning heavily on the methods used by many global macro hedge funds and by looking at the lessons learned in 2008. Although I spoke with many real money managers for background on this project, few
…
since Medallion, and we completely missed out on the macro. Even Yale endowment chief David Swensen recognized the need to take a more forward-looking, global macro approach. In the May 2009 interview on Consuelo Mack WealthTrack (PBS), Swensen said:One of the difficulties of this current crisis is that we have
…
. The question is: Why wait for a crisis to take a global macro approach when arguably it is already too late? Why not incorporate certain global macro principles into a real money investment approach, melding the best from both worlds? Understanding how global macro managers avoided large losses and made money in 2008 offers a unique
…
2008 occurred when managers took decisive action rather than sat still and hoped that everything would be okay in the long run. The way that global macro managers approach risk distinguishes them from other hedge fund strategies and real money managers. Regardless of valuation metrics or the general attractiveness of an opportunity
…
may sound boring, but it is an effective way to build capital over the long-term. Ironically, conventional wisdom in the investment world holds that global macro hedge funds are risky while real money funds are prudent and safe. It is now clear that real money managers need to reorient their thought
…
more interesting than most other investing strategies in this type of environment. What is it that makes macro more interesting in diverging and volatile markets? Global macro is agnostic to market direction; you just want things to happen. Many other investing strategies, however, are essentially bull market strategies, performing better when markets
…
down for breakfast, he placed his two BlackBerries on the table, remaining fully wired into markets almost intravenously. Although the current complexity and uncertainty of global macro markets have led some to stake claims on very specific, extreme outcomes, the Bond Trader says that such thinking does not concern him. When pressed
…
myself doing that. You meet with many real money managers who are potential investors in your fund. What do they miss when allocating to a global macro hedge fund? We tell our investors what we think is important to look at, which includes the risk management processes, the trading processes, cash management
…
public officials and politicians.” The organization defines corruption as “the abuse of entrusted power for private gain.” SOURCE: Transparency International. Is your experience as a global macro fund manager transportable to the real money world? For example, if Harvard called and wanted you to run their endowment, could you do it? If
…
space? The business is returning to what it was generation ago, and it will be better off. For most of my career, hedge funds meant global macro. From the collapse of the Bretton Woods system, to the appointment of Fed chairman Paul Volcker, until the dot-com bust, governments, policy makers, and
…
and tried to understand what drives stock prices. After a few years, in a bout of exceptional good luck, I was approached by a large global macro hedge fund looking for someone to do cyclicals and commodities on the research side. They said, “Look, you’re young and you’re obviously hungry
…
the initial struggle, her conservative, risk-focused style has proven attractive over time, enabling her to grow to what is now the largest female-owned global macro-hedge fund firm in the world. The Commodity Hedger says that commodities and real assets drive all other markets, so she tends to view all
…
that you have a shortage of trades in the book? We never have a shortage of trades in the portfolio. We draw from the entire global macro universe of instruments: any asset class, any instrument, anywhere in the world. I cannot recall an instance where we did not find at least five
…
. Looking through 13-F filings has revealed that a lot of hedge funds owned the same stocks, whether the funds were called long/short equity, global macro, event-driven, special situations, multi-strat, whatever. Everybody was long the same big NASDAQ names and the same big commodity and energy names. Crowding was
…
you do not lose more than that amount? You need certain things in your portfolio that should benefit from riskier markets. Maybe you have a global macro allocation, where although you do not have a guarantee that the manager will make money in a down market, you definitely have a much higher
…
my investors and my portfolio. I would contend that this fear makes me a better investor. We generate our ideas from a global macro prejudice and then filter them through a global macro prism. Let me give you an example. I read research by people such as Mark Faber. Mark is wonderful, but I
…
my prejudice; you won’t find me buying things in a downtrend. Can you tell me more about how you generate your ideas through a global macro prism? I really struggle to be long any equity today. If you put a gun to my head, or even better, my macro prism, I
…
society of failing to do so are far too serious to ignore. Pension funds, not banks, are the real “too big to fail” institutions. The global macro hedge fund managers in this book, themselves examples of superior risk managers, have taken the first step toward what I hope becomes an active exploration
…
period Global dollar carry trade Global economy, weakness Global equities decrease markets, decline Global fund management industry Global governments, financial system (backstopping) Globalization, meaning Global macro approach Global macro funds, factors Global macro hedge fund managers Global warming, carbon dioxide (impact) Gold (1979-1980) (1999) (2000-2009) (2004-2009) pension fund base currency safety Good leverage
…
Trader, The China perspective commodities, ownership complacency context, creation contrarian perspective diversification interpretation equities, delusion Favorite Trade format disapproval,–370368 hedge funds usage ideas, generation (global macro perspective) information, filtration interview investment safety investment storm investor letter, impact Japan bullishness liquidity, importance long-only community, adaptation long-only investment market behavior entry
…
risk Probability, Bayesian interpretation Professor, The bubble predication capital loss, avoidance capital management cataclysms, analysis crowding factor process diversification efficient markets, disbelief fiat money, cessation global macro fund manager hedge fund space historical events, examination idea generation inflation/deflation debate interview investment process lessons LIBOR futures ownership liquidity conditions, change importance market
…
-to-worst-drawdown, ratios (improvement) Reward-to-variability ratio Riksbank (Sweden) Risk amount, decision aversion rules capital, reduction collars function positive convexity framework, transition function global macro manager approach increase, leverage (usage) measurement techniques, importance parameters Pensioner management pricing reduction system, necessity Risk-adjusted return targets, usage Risk assets, decrease Risk-free
Alpha Trader
by Brent Donnelly · 11 May 2021
offloads the risk, and the bank earns a small, nearly risk-free commission. Or… B) Your manager is fired up and entrepreneurial and previously ran global macro at a big hedge fund. He wants that kind of ambitious risk culture at your bank because he believes a strong, healthy risk culture best
…
central banks, and arbitraged away by speculators who all learned from the same books and interviews. Global Macro 1970s to ??? Global macro is very crowded as the proliferation of pod-based hedge funds and internet macro strategists pushed global macro into the mainstream around 2005 and left too much capital chasing too little alpha. If you
…
alpha, the lower average returns and average Sharpes must fall over time. Too much competition and low interest rates are the top two challenges to global macro hedge fund returns since 2008. Massive moves in asset prices driven by Fed QE, Abenomics and ECB QE delivered monster alpha to hedge funds at
…
after the 2008 Global Financial Crisis, everyone became acutely aware of the importance of correlation and intermarket analysis for short-term trading. Just about every global macro trader (and blogger) in the world is highly proficient in this style of analysis now. And there are many, many computerized systems using dynamic correlation
…
? This question can be fairly easy to answer for some traders and extremely difficult for others. For example, if you think of yourself as a global macro trader and your focus is on interest rate products, the answer is fairly easy. Growth, inflation and global monetary policy are the main drivers you
…
made money. But it is not some rare bird that can only be spotted once every seventy-pleven fortmoons. This is a typical short-term global macro trade you will see all the time. Now that you have the overview of the trade, let’s go through each of the seven steps
…
% game, 256 edge, sources of, 159-164, 268 analyzing price action, 161-162 asymmetrical information, 160 correlation and intermarket analysis, 162 data trading, 162-163 global macro, 162 leverage, carry and selling risk premium, 163-164 pattern recognition, 163 quant/discretionary combo, 164 technical analysis, 160-161 trend following, 159-160 electronic
…
Gensowski, Miriam, 49 Gibbon, Edward, 362 Ginsburg, Ruth Bader death of, 430, 434 Gittins, Matthew, 180 global financial crisis. See Financial Crisis of 2008, Global global macro, 162 goal-setting, 57, 454, 456 gold, 262, 263, 425 interest rates and, 319 as safe haven, 262, 263 stocks and, 262—263 weekly performance
…
of his career, he has been a market maker, trader, and senior manager at some of the top banks in foreign exchange. He trades tactical global macro. He has extensive experience trading currencies, FX options, stock index futures, NASDAQ stocks, and commodities. Brent is a respected macro thinker with the unique perspective
Hedge Fund Market Wizards
by Jack D. Schwager · 24 Apr 2012 · 272pp · 19,172 words
remotely close to the point where it would provide a good story. Large trading losses are simply incompatible with his methodology. O’Shea is a global macro trader—a strategy style that seeks to profit from correctly anticipating directional trends in global currency, interest rate, equity and commodity markets. At surface consideration
…
, he was trading an exposure level equivalent to a multibillion-dollar hedge fund. After two successful years at Soros, O’Shea left to become a global macro strategy manager for the multimanager fund at Balyasny, a portfolio that was to be the precursor for his own hedge fund, COMAC, formed two years
…
will double the return. In this light, the true measure of performance is return/risk, not return. This performance evaluation perspective is especially true for global macro, a strategy in which only a fraction of assets under management are typically required to establish and maintain portfolio positions.1 Thus, if desired, a
…
global macro manager could increase exposure by many multiples with existing assets under management (i.e., without any borrowing). The choice of exposure will drive the level
…
percent), or maximum drawdown (10.2 percent), his risk metrics are about half that of the average for global macro managers. If run at an exposure level more in line with the majority of global macro managers, or equivalently, at a volatility level equal to the S&P 500, the average annual compounded net
…
bear market. As the book’s narrator goes through his career, he becomes increasingly fundamental. He starts talking about demand and supply, which is what global macro is all about. People get all excited about the price movements, but they completely misunderstand that there is a bigger picture in which those price
…
. They start with position size. Then they know their pain threshold, and that determines where they place their stop. The popular perception of the successful global macro manager is a trader who has an ability to forecast major trends in world markets (FX, interest rates, equities, commodities) through skillful analysis and insight
…
are all examples of trades in which the maximum loss is constrained.5 1The derivatives normally used to express directional and relative value exposure in global macro (e.g., futures, FX, options, swaps) require only a small capital outlay (as margin or premium) relative to the face value exposure. 2The passage that
…
trading style is very short term. Do you have any longer-term market views? I’m as opinionated as anyone else. I have a broad global macro view, but I express it in a day or a few days in duration. Does it affect your trades? I don’t let it affect
…
Spear Leeds office in South Florida with another partner. We set up an operation with multiple managers trading different market groups. I directly traded a global macro portfolio and also oversaw the other traders. Why did you leave Spear Leeds? In 2000, Spear Leeds was bought out by Goldman Sachs. Goldman didn
…
; if it isn’t, any adequate explanation would be far too lengthy and tangential. 13Bruce Kovner is the founder of Caxton Associates, a highly successful global macro fund, and was profiled in my book Market Wizards (New York: Institute of Finance, 1989). Chapter 7 Jamie Mai Seeking Asymmetry I became aware of
…
the market was and what I thought the market direction should be based on my broad feelings on global macro. But, of course, although I didn’t realize it then, what I knew about global macro at the time was pathetic. How did you judge whether the market was overbought or oversold? Again, it
…
portfolio. First, Taylor will concentrate longs in countries with the most positive fundamentals. Second, the global macro outlook can influence the total portfolio net exposure. For example, in late 2008 to early 2009, the very negative global macro fundamentals kept net exposure significantly lower than it would have been based solely on the individual
UNIX® Network Programming, Volume 1: The Sockets Networking API, 3rd Edition
by W. Richard Stevens, Bill Fenner, Andrew M. Rudoff · 8 Jun 2013
, 562 imr_sourceaddr member, 562 IN6_IS_ADDR_LINKLOCAL macro, definition of, 360 IN6_IS_ADDR_LOOPBACK macro, definition of, 360 IN6_IS_ADDR_MC_GLOBAL macro, definition of, 360 IN6_IS_ADDR_MC_LINKLOCAL macro, definition of, 360 IN6_IS_ADDR_MC_NODELOCAL macro, definition of, 360 IN6_IS_ADDR_MC
Beyond Diversification: What Every Investor Needs to Know About Asset Allocation
by Sebastien Page · 4 Nov 2020 · 367pp · 97,136 words
Hedgehogging
by Barton Biggs · 3 Jan 2005
The Little Book of Hedge Funds
by Anthony Scaramucci · 30 Apr 2012 · 162pp · 50,108 words
Shocks, Crises, and False Alarms: How to Assess True Macroeconomic Risk
by Philipp Carlsson-Szlezak and Paul Swartz · 8 Jul 2024 · 259pp · 89,637 words
The Alpha Masters: Unlocking the Genius of the World's Top Hedge Funds
by Maneet Ahuja, Myron Scholes and Mohamed El-Erian · 29 May 2012 · 302pp · 86,614 words
The New Science of Asset Allocation: Risk Management in a Multi-Asset World
by Thomas Schneeweis, Garry B. Crowder and Hossein Kazemi · 8 Mar 2010 · 317pp · 106,130 words
Understanding Asset Allocation: An Intuitive Approach to Maximizing Your Portfolio
by Victor A. Canto · 2 Jan 2005 · 337pp · 89,075 words
Getting a Job in Hedge Funds: An Inside Look at How Funds Hire
by Adam Zoia and Aaron Finkel · 8 Feb 2008 · 192pp · 75,440 words
Traders at Work: How the World's Most Successful Traders Make Their Living in the Markets
by Tim Bourquin and Nicholas Mango · 26 Dec 2012 · 327pp · 91,351 words
Code Complete (Developer Best Practices)
by Steve McConnell · 8 Jun 2004 · 1,758pp · 342,766 words
Expected Returns: An Investor's Guide to Harvesting Market Rewards
by Antti Ilmanen · 4 Apr 2011 · 1,088pp · 228,743 words
Safe Haven: Investing for Financial Storms
by Mark Spitznagel · 9 Aug 2021 · 231pp · 64,734 words
The Contrarian: Peter Thiel and Silicon Valley's Pursuit of Power
by Max Chafkin · 14 Sep 2021 · 524pp · 130,909 words
Tribe of Mentors: Short Life Advice From the Best in the World
by Timothy Ferriss · 14 Jun 2017 · 579pp · 183,063 words
A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation
by Richard Bookstaber · 5 Apr 2007 · 289pp · 113,211 words
Commodity Trading Advisors: Risk, Performance Analysis, and Selection
by Greg N. Gregoriou, Vassilios Karavas, François-Serge Lhabitant and Fabrice Douglas Rouah · 23 Sep 2004
Python for Algorithmic Trading: From Idea to Cloud Deployment
by Yves Hilpisch · 8 Dec 2020 · 1,082pp · 87,792 words
The Trade Lifecycle: Behind the Scenes of the Trading Process (The Wiley Finance Series)
by Robert P. Baker · 4 Oct 2015
The Crisis of Crowding: Quant Copycats, Ugly Models, and the New Crash Normal
by Ludwig B. Chincarini · 29 Jul 2012 · 701pp · 199,010 words
Rigged Money: Beating Wall Street at Its Own Game
by Lee Munson · 6 Dec 2011 · 236pp · 77,735 words
What's Next?: Unconventional Wisdom on the Future of the World Economy
by David Hale and Lyric Hughes Hale · 23 May 2011 · 397pp · 112,034 words
The Rise and Fall of Nations: Forces of Change in the Post-Crisis World
by Ruchir Sharma · 5 Jun 2016 · 566pp · 163,322 words
Trend Commandments: Trading for Exceptional Returns
by Michael W. Covel · 14 Jun 2011
The Handbook of Personal Wealth Management
by Reuvid, Jonathan. · 30 Oct 2011
Systematic Trading: A Unique New Method for Designing Trading and Investing Systems
by Robert Carver · 13 Sep 2015
Trend Following: How Great Traders Make Millions in Up or Down Markets
by Michael W. Covel · 19 Mar 2007 · 467pp · 154,960 words
Home: Why Public Housing Is the Answer
by Eoin Ó Broin · 5 May 2019 · 301pp · 77,626 words
Portfolio Design: A Modern Approach to Asset Allocation
by R. Marston · 29 Mar 2011 · 363pp · 28,546 words
The Death of Money: The Coming Collapse of the International Monetary System
by James Rickards · 7 Apr 2014 · 466pp · 127,728 words
High-Frequency Trading: A Practical Guide to Algorithmic Strategies and Trading Systems
by Irene Aldridge · 1 Dec 2009 · 354pp · 26,550 words
The Coming Plague: Newly Emerging Diseases in a World Out of Balance
by Laurie Garrett · 31 Oct 1994 · 1,293pp · 357,735 words
Take the Money and Run: Sovereign Wealth Funds and the Demise of American Prosperity
by Eric C. Anderson · 15 Jan 2009 · 264pp · 115,489 words
The Road to Ruin: The Global Elites' Secret Plan for the Next Financial Crisis
by James Rickards · 15 Nov 2016 · 354pp · 105,322 words
Principles: Life and Work
by Ray Dalio · 18 Sep 2017 · 516pp · 157,437 words
Breakout Nations: In Pursuit of the Next Economic Miracles
by Ruchir Sharma · 8 Apr 2012 · 411pp · 114,717 words
People, Power, and Profits: Progressive Capitalism for an Age of Discontent
by Joseph E. Stiglitz · 22 Apr 2019 · 462pp · 129,022 words
The Founders: The Story of Paypal and the Entrepreneurs Who Shaped Silicon Valley
by Jimmy Soni · 22 Feb 2022 · 505pp · 161,581 words
Adaptive Markets: Financial Evolution at the Speed of Thought
by Andrew W. Lo · 3 Apr 2017 · 733pp · 179,391 words
Big Debt Crises
by Ray Dalio · 9 Sep 2018 · 782pp · 187,875 words
Exponential: How Accelerating Technology Is Leaving Us Behind and What to Do About It
by Azeem Azhar · 6 Sep 2021 · 447pp · 111,991 words
Red-Blooded Risk: The Secret History of Wall Street
by Aaron Brown and Eric Kim · 10 Oct 2011 · 483pp · 141,836 words
The Bond King: How One Man Made a Market, Built an Empire, and Lost It All
by Mary Childs · 15 Mar 2022 · 367pp · 110,161 words
The Great Divide: Unequal Societies and What We Can Do About Them
by Joseph E. Stiglitz · 15 Mar 2015 · 409pp · 125,611 words
EuroTragedy: A Drama in Nine Acts
by Ashoka Mody · 7 May 2018
Radical Markets: Uprooting Capitalism and Democracy for a Just Society
by Eric Posner and E. Weyl · 14 May 2018 · 463pp · 105,197 words
Advanced Stochastic Models, Risk Assessment, and Portfolio Optimization: The Ideal Risk, Uncertainty, and Performance Measures
by Frank J. Fabozzi · 25 Feb 2008 · 923pp · 163,556 words
Trading Risk: Enhanced Profitability Through Risk Control
by Kenneth L. Grant · 1 Sep 2004
The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors
by Spencer Jakab · 1 Feb 2022 · 420pp · 94,064 words
Masters of Scale: Surprising Truths From the World's Most Successful Entrepreneurs
by Reid Hoffman, June Cohen and Deron Triff · 14 Oct 2021 · 309pp · 96,168 words
The Unwinding: An Inner History of the New America
by George Packer · 4 Mar 2014 · 559pp · 169,094 words
Anatomy of the Bear: Lessons From Wall Street's Four Great Bottoms
by Russell Napier · 18 Jan 2016 · 358pp · 119,272 words
How I Became a Quant: Insights From 25 of Wall Street's Elite
by Richard R. Lindsey and Barry Schachter · 30 Jun 2007
The Quants
by Scott Patterson · 2 Feb 2010 · 374pp · 114,600 words
Sabotage: The Financial System's Nasty Business
by Anastasia Nesvetailova and Ronen Palan · 28 Jan 2020 · 218pp · 62,889 words