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Damsel in Distressed: My Life in the Golden Age of Hedge Funds
The hedge fund industry is a boys’ club, with hardly any female success stories to turn to. Damsel in Distressed is one of those rare, humorous, and inspiring stories.
In 1998, Dominique Mielle joined Canyon Partners—a small, little-known hedge fund. The job was trading distressed securities and high yield bonds, known back then, respectively, as vulture investing and junk bonds.
Over the span of two decades, she rose to the top of the firm as the only female partner and senior portfolio manager—in what became one of the largest hedge funds in the U.S. Damsel in Distressed explores the innerworkings of hedge funds while exposing what it takes to succeed as a woman investor.
“ Damsel in Distressed is an often-hilarious romp through the jungles of high finance...I suspect it will become a classic of the genre.” — Wall Street Journal
In 1998, Dominique Mielle joined Canyon Partners—a small, little-known hedge fund. The job was trading distressed securities and high yield bonds, known back then, respectively, as vulture investing and junk bonds.
Over the span of two decades, she rose to the top of the firm as the only female partner and senior portfolio manager—in what became one of the largest hedge funds in the U.S. Damsel in Distressed explores the innerworkings of hedge funds while exposing what it takes to succeed as a woman investor.
“ Damsel in Distressed is an often-hilarious romp through the jungles of high finance...I suspect it will become a classic of the genre.” — Wall Street Journal
208 pages, Hardcover
Published September 7, 2021
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402 people want to read
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Displaying 1 - 30 of 33 reviews
July 8, 2022
3.5 Stars
I'm glad I read this before starting my job. The biggest takeaway is that all you need is hard-work and the belief that you can do the job to survive a male dominated field like hedge funds. I know I can put in the former and I will try my hardest to muster up the latter.
I'm glad I read this before starting my job. The biggest takeaway is that all you need is hard-work and the belief that you can do the job to survive a male dominated field like hedge funds. I know I can put in the former and I will try my hardest to muster up the latter.
September 8, 2024
This book was an easy read about a part of the financial markets that I am keenly interested in. The author had a unique and interesting vantage point, assessing an asset class that is rarely covered, especially when layering on the female perspective. I appreciated the anecdotes that the author shared and her commentary on the ways that she felt the industry had evolved and can continue to improve for the future. However, I wish there were more details on the investments made and the investing part of the job and less on the industry more broadly. Many of my favorite parts were the stories of situations that she invested in and how they continued to develop over the course of her investment.
The tone of this book was definitely stream of conscious. While this came across as the author's authentic voice including sarcasm and jokes it made it hard to follow the information that was being conveyed at times. The coverage of what was being discussed also jumped around a lot. I think this book would have improved from additional structuring. For example, the topic of asset size and the incentive issues this presents were covered with similar comments at different parts of the book with only a meandering thread linking the different discussions. I felt the subheadings did help to separate different topics being discussed but did not really help with the issue of helping the reader to follow a macro-arc.
Overall, I enjoyed reading the book and it was an entertaining way to learn about a time in the history of the hedge fund industry that I was not super familiar. Would recommend to those with an interest in the space given the limited alternative options and limited time commitment needed.
The tone of this book was definitely stream of conscious. While this came across as the author's authentic voice including sarcasm and jokes it made it hard to follow the information that was being conveyed at times. The coverage of what was being discussed also jumped around a lot. I think this book would have improved from additional structuring. For example, the topic of asset size and the incentive issues this presents were covered with similar comments at different parts of the book with only a meandering thread linking the different discussions. I felt the subheadings did help to separate different topics being discussed but did not really help with the issue of helping the reader to follow a macro-arc.
Overall, I enjoyed reading the book and it was an entertaining way to learn about a time in the history of the hedge fund industry that I was not super familiar. Would recommend to those with an interest in the space given the limited alternative options and limited time commitment needed.
April 21, 2022
Authors aren’t nearly as funny or clever as they think they are. Mielle is the exception that proves the rule, and this book is brilliantly written all the way through. Those who already know what hedge funds are won’t learn much new, but that’s ok.
A recurring theme is “woman in finance”. It’s a bit repetitive at times, but so were the snide and sexist remarks she had to endure in her career so it would be hypocritical to hold this against her.
The author has slightly more self-awareness than the average hedge fund bro. Slightly. She writes how she discovered with dismay that many colleagues and acquaintances voted for Trump because he promised tax cuts and deregulation. How can anybody be surprised at that? Earlier in the book she describes the same people as money obsessed with zero interest in culture or the liberal arts.
I will never understand how driven, ambitious, and highly intelligent people like the author are willing to endure degrading, high pressure environments. 12 hour days, relentless travel, tedious legal complications, stomach churning losses, and for what? Money? Status? Winning?
The author jokes about her motivations, but no sincerity is to be found. Easier to joke than to look into the mirror, I guess. The author has no patience for navel gazing of any kind, this she put in the book. The “why” part is important for a biography, but here it’s missing. In this case, the fascinating part is the absence of the why, and that explains so much about the people who end up in finance.
A recurring theme is “woman in finance”. It’s a bit repetitive at times, but so were the snide and sexist remarks she had to endure in her career so it would be hypocritical to hold this against her.
The author has slightly more self-awareness than the average hedge fund bro. Slightly. She writes how she discovered with dismay that many colleagues and acquaintances voted for Trump because he promised tax cuts and deregulation. How can anybody be surprised at that? Earlier in the book she describes the same people as money obsessed with zero interest in culture or the liberal arts.
I will never understand how driven, ambitious, and highly intelligent people like the author are willing to endure degrading, high pressure environments. 12 hour days, relentless travel, tedious legal complications, stomach churning losses, and for what? Money? Status? Winning?
The author jokes about her motivations, but no sincerity is to be found. Easier to joke than to look into the mirror, I guess. The author has no patience for navel gazing of any kind, this she put in the book. The “why” part is important for a biography, but here it’s missing. In this case, the fascinating part is the absence of the why, and that explains so much about the people who end up in finance.
January 30, 2023
Dominique Mielle is both hilarious and brilliant. I couldn’t put this down, which feels shocking for a nonfiction memoir about hedge funds!! While I did have some interest in the topic, I didn’t expect to be so captivated by her story. Her perspective and the journey of her career are fascinating - I strongly recommend this to any woman working in finance or investing. Particularly young women, as this gives a great historical overview of the last several decades in the markets as well. She is just so witty and smart, especially regarding the nuances and difficulty of being a female leader in a male-dominated field. Her voice and storytelling made me laugh out loud on multiple occasions.
October 2, 2023
If you are looking for a good read on finance, trades and a different insight on the hedge fund world, this is not it…
I came looking for good stories on trades along the life of a successful investor, but all i found was a book trying to push the woke agenda, poorly explained.
So I’d classify it as a book of a feminist activist who happened to work in finance.
As you move into the book, the words female, male, sexism, and all that stuff keep appearing more and more.
Mielle keeps generalizing a couple of “bad” experiences with some Men to all the industry, and particularly to all men. On the other hand, she never generalized the great team she had (all men) to all the industry.
So generalization is selectively done to fit the narrative of a male dominated industry (which is a fact), that despises women (which in my experience it doesn’t)
Victimization on how she had to push back and how her trades were less in size for being a women are also emphasized.
She ends up on leaving the indsutry because trump won the elections, which she couldn’t stand as per her words.
And basically with her leaving she interprets the golden age of hf is over, partly explained by lower fees, but never stopping on the fact that guys she mention along the way like griffin are earning more money than ever.
I was exited to read this one, given it got recommended to me by hearing an interview with seth klarman…
I came looking for good stories on trades along the life of a successful investor, but all i found was a book trying to push the woke agenda, poorly explained.
So I’d classify it as a book of a feminist activist who happened to work in finance.
As you move into the book, the words female, male, sexism, and all that stuff keep appearing more and more.
Mielle keeps generalizing a couple of “bad” experiences with some Men to all the industry, and particularly to all men. On the other hand, she never generalized the great team she had (all men) to all the industry.
So generalization is selectively done to fit the narrative of a male dominated industry (which is a fact), that despises women (which in my experience it doesn’t)
Victimization on how she had to push back and how her trades were less in size for being a women are also emphasized.
She ends up on leaving the indsutry because trump won the elections, which she couldn’t stand as per her words.
And basically with her leaving she interprets the golden age of hf is over, partly explained by lower fees, but never stopping on the fact that guys she mention along the way like griffin are earning more money than ever.
I was exited to read this one, given it got recommended to me by hearing an interview with seth klarman…
This entire review has been hidden because of spoilers.
May 7, 2022
Mielle provides a nice balance between describing the overall HF environment with a smattering of details. Having worked as an atypical female in a male dominated environment twenty years earlier I found her assessments of office life to be very realistic: for every dispiriting instance of dismissal I can recall more times where someone was pulling harder for my success perhaps primarily because I was female. I would like to have learned more about the deals themselves. Kudos for relaying her questioning of the CIO's about why they continue to invest in alternative investments even when it is clear the deck is stacked against them. I've often wondered this myself--given the recent record, who are these people who continue down this road?
As an addendum, I would rather not read the gratuitous comments regarding Trump, and yet, recognize that this was part and parcel of her perceived work experience.
As an addendum, I would rather not read the gratuitous comments regarding Trump, and yet, recognize that this was part and parcel of her perceived work experience.
May 5, 2022
One of the better hedge fund books out there, and her perspective as a succesful female investors is hopefully inspiring to people who look at the boring, dark-blue suited group of balding men (not that I’d fall in that category, I don’t wear a suit) and decide that this is where they want to spend the majority part of their time.
She is actually well-educated and clearly passionate about the arts. I also Liked that she didn’t come off as ‘nice’ and didn’t try to, and she was unabashed in repping the baller lifestyle. That alone makes it pretty unique, as most books either fall into the Icarus-camp or guys who have $10b but would only spent it on a zip-up cashmere sweater from Brioni.
Lots of small but useful facts for the novice as well, not a bad book to get a (historic…) overview of distressed investing, although the book on detailed analysis.
She is actually well-educated and clearly passionate about the arts. I also Liked that she didn’t come off as ‘nice’ and didn’t try to, and she was unabashed in repping the baller lifestyle. That alone makes it pretty unique, as most books either fall into the Icarus-camp or guys who have $10b but would only spent it on a zip-up cashmere sweater from Brioni.
Lots of small but useful facts for the novice as well, not a bad book to get a (historic…) overview of distressed investing, although the book on detailed analysis.
November 2, 2023
Mielle is funny, charming, and I must say, her ability to simplify the ideas of complex financial concepts is envious. All comes together be one of the most entertaining/enlightening biographies of someone (a woman at that, as I'm sure she would point out) in finance.
Mielle demonstrates a wealth of knowledge in her field and industry, while also be frank about her perspectives on men, the hedge fund industry and its future prospects (or lack thereof). She also gives in depth look at her experience as a distressed debt investor and does wonders to make complex finance jargon into simplistic concepts.
Overall, Id recommend this as a very entertaining finance biography (probably the most entertaining given the subject matter) thats accessible not just those interested in finance but anyone interested in hearing the frank perspectives of someone in a novel position.
Mielle demonstrates a wealth of knowledge in her field and industry, while also be frank about her perspectives on men, the hedge fund industry and its future prospects (or lack thereof). She also gives in depth look at her experience as a distressed debt investor and does wonders to make complex finance jargon into simplistic concepts.
Overall, Id recommend this as a very entertaining finance biography (probably the most entertaining given the subject matter) thats accessible not just those interested in finance but anyone interested in hearing the frank perspectives of someone in a novel position.
August 9, 2022
Two things are unclear: (i) what does the author hope to achieve; and (ii) for whom is the book written? Is the book about CLO construction? The author's surface-level interactions with foreign clients? Gender parity in the hedge fund industry? Bankruptcy law? About how great the author purportedly is at mathematics? It touches superficially on everything without delving into anything in detail sufficient to justify publication.
The author's writing *can* be entertaining, but in the same way that most well-educated individuals with an interest in creative writing *can* write a few pages you wouldn't mind reading. The book would have been better suited as a one-pager in the New Yorker, or a dinner table conversation.
The author's writing *can* be entertaining, but in the same way that most well-educated individuals with an interest in creative writing *can* write a few pages you wouldn't mind reading. The book would have been better suited as a one-pager in the New Yorker, or a dinner table conversation.
May 2, 2022
Absolutely hilarious book. Kate Mulligan's narration is too good. Its about the author's journey in distressed funds beginning as a portfolio analyst in the 90s, going through amazing distressed opportunities in telecom after the dot-com bubble, then getting burned in the GFC and later building up a multi billion dollar CLO business at Canyon Partners. The entire journey is depicted with brutal honesty. No mincing words about how those big returns are made, how fees gobble up half the returns and the overt sexism in the industry. Recommended for everyone who loved Michael Lewis' earlier works on the financial industry.
October 29, 2022
- Fantastic insight into hedge fund culture during the golden age
- Really enjoyed the authors interest in academic papers used to further her points e.g. empirical reasoning for diversity across boards, why women out perform men in investment etc.
- Speculate that the authors insights are unique due to her non-traditional background: being french, a women, and more to the political left than most of the industry
- Gave insight into the day to day of distressed credit investing, using EECTs on airlines post 9/11, knowing how to position yourself across the cap table in different scenarios, enduring long legal battles and appeals
- Really enjoyed the authors interest in academic papers used to further her points e.g. empirical reasoning for diversity across boards, why women out perform men in investment etc.
- Speculate that the authors insights are unique due to her non-traditional background: being french, a women, and more to the political left than most of the industry
- Gave insight into the day to day of distressed credit investing, using EECTs on airlines post 9/11, knowing how to position yourself across the cap table in different scenarios, enduring long legal battles and appeals
March 9, 2022
Full disclosure: I know the author from the high yield/distressed investment community in LA. This was a highly enjoyable, breezy read about the author’s experience as a woman in the male-dominated hedge fund industry. I highly recommend it for women aspiring to careers im asset management. I was able to identify my old boss from an infuriating story in book about announcing pregnancy…wish I had shared my own outrageous stories before Dominique penned this book!
June 18, 2023
This book provides a comprehensive overview of the distressed debt market, from its history to its current state. The author's insights into the market are valuable, and her stories about her career are engaging. However, at times the author's tone can be arrogant and condescending. Overall, I would recommend this book to anyone interested in learning more about the recent history distressed debt market.
January 17, 2026
I LIKED it! She’s unabashed and sarcastic and witty and yeah sure she makes witty and self exposing comments without much sincerity but that is the whole point - she doesn’t owe anyone! anything! Although yes I do wish she went deeper so I could have picked her mind more. As a 22 yo having only just started my career at a hedge fund she’s everything I want to be (although I do wish her political statement was to just… not go to work instead of wearing red in Gucci.)
August 16, 2023
I really enjoyed this book. Having worked in finance I can relate to a lot of things in the book. It’s a funny, witty and balanced perspective on the HF industry. I would reccomend it if you are interested to know more about the hedge fund business as well as a personal and witty take on the industry.
December 16, 2023
Of all the finance books I've read over the years this might be the first that involves a woman more than in passing. Unless you count the wife of some big shot that gets Michael Lewis his job at Salomon Brothers in Liar's Poker.
The author has a hilarious and informative writing style. I hope she writes more books.
The author has a hilarious and informative writing style. I hope she writes more books.
Want to read
April 18, 2022CFA review
https://blogs.cfainstitute.org/invest...
Salt 2021: The Hedge Fund Comeback: Steve Cohen, Ilana Weinstein, Dmitry Balyasny & Mike Rockefeller
https://youtu.be/Lumur8cJJ1E
https://blogs.cfainstitute.org/invest...
Salt 2021: The Hedge Fund Comeback: Steve Cohen, Ilana Weinstein, Dmitry Balyasny & Mike Rockefeller
https://youtu.be/Lumur8cJJ1E
September 19, 2022
Enjoying learning how the hedge fund industry works, and what Dominque Mielle encountered in thei male-dominated industry. While reading, I kept wondering how much the industry has changed in recent years, even though women have brought new insights and perspectives and helped strengthen it.
December 14, 2022
I had the privilege of meeting Dominique at a conference and admired her witty comments in my brief encounter with her. Her book is filled with this same wit and humor and made for an entertaining and interesting read on her life in the hedge fund industry.
September 30, 2021
A pretty good auto-biography. Makes me want to be more combative. Special situations is how to produce alpha.
October 3, 2021
Breezy, funny, and insightful. The right length which is a rarity in hedge fund autobiographies. Light on investing and heavy on the life lessons.
January 22, 2022
3.5 stars. Dominique Mielle is so poised, inspirational, and enthusiastic about life. I loved reading her strong opinions!
April 12, 2022
one of the best books about the hedge fund *business* (as opposed to the investment vehicle)
April 17, 2022
Quick fun read, gives a good history of HF industry, with some good advice.
April 24, 2022
It isn’t and doesn’t intend to be everyone’s cup of tea, but for me it is the best business book i’ve ever read.
August 13, 2022
A bit superficial take on the HF industry, but I was entertained and certainly laughed a lot at the author's humor!
September 11, 2022
hilarious and refreshing!
Loved this, hilarious and refreshing take on a females view of asset management! Relatable and easy to get to know the character from the start.
Loved this, hilarious and refreshing take on a females view of asset management! Relatable and easy to get to know the character from the start.
December 30, 2022
Fun read about Dominique's rise in the hedge fund industry. Ended a bit off theme, I thought. But great through 80%!
September 1, 2023
Great book to learn about hedge funds and being a female in finance. Just a little slow overall, but definitely read like a story verses a textbook
July 27, 2025
Loved all the funny stories shared across the book. Truly an inspiring female leader in the distressed investing space. Glad I read it before starting work. I can see the author trying to strike a balance between sharing personal stories that highlight her impact as a woman in a male-dominated industry and walking through some big transactions. That said, I would’ve appreciated a bit more talk around investment ideas.
Displaying 1 - 30 of 33 reviews