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Hedge Hunters: Hedge Fund Masters on the Rewards, the Risk, and the Reckoning
One of Amazon.com's Best Books of 2007
Top 10 Editor's Finance and Investing The hedge fund industry's top managers have a penchant for high returns and low profiles. The combination makes them a regular focus of the media, eager to know what makes them tick. Now, thanks to Katherine Burton, who's been covering these noteworthy traders for Bloomberg News for more than a decade, we know considerably more about them. With candor and detail, the industry's most successful hedge fund managers describe the events that shaped their personal journeys, the strategies they use to produce returns even in uncooperative markets, and the attributes that make a smart investor. Hedge Hunters offers a rare look at the industry's top performers and an introduction to some of the most talented new managers, handpicked by the masters themselves.
Top 10 Editor's Finance and Investing The hedge fund industry's top managers have a penchant for high returns and low profiles. The combination makes them a regular focus of the media, eager to know what makes them tick. Now, thanks to Katherine Burton, who's been covering these noteworthy traders for Bloomberg News for more than a decade, we know considerably more about them. With candor and detail, the industry's most successful hedge fund managers describe the events that shaped their personal journeys, the strategies they use to produce returns even in uncooperative markets, and the attributes that make a smart investor. Hedge Hunters offers a rare look at the industry's top performers and an introduction to some of the most talented new managers, handpicked by the masters themselves.
206 pages, Hardcover
First published November 1, 2007
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275 people want to read
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Displaying 1 - 22 of 22 reviews
July 7, 2025
Nice "Schwager"-style interview with some of the biggest HF titans, written the early 2000s (with a short follow up sub-chapter on their 2008 performance). Biggest take-away is how influential Julian Robertson, Robert Rubin and Seth Klarman were for the early days of the HF industry, judging by how many known funds had their origins there.
December 13, 2014
Good overview of personalities behind the larger, successful hedge funds. Each brief chapter (there are 18) covers a fund and its manager, as well as discusses a trade or two. With lively writing, it does not feel like you're reading templates.
Since I mostly focus on Buffett and other value style investing, it was interesting to survey the rest of the field -- from react-every-day and "you must have stop losses" to the commodity traders, to the more value, buy and hold types.
It was also interesting to learn how some funds combine investing with raising institutional money, and how some funds can't be started with less than 50 million "to meet income objectives" based on management fees for 1.5 plus 20 (or more)
I also jotted down a few interesting strategies -- for instance, looking at a client list of a stock promoter was fertile ground for generating short ideas, or that some folks seem to be able to predict longer-term supply and demand in some metals and other commodities.
Overall, many appear to be hard working and smart -- but the most successful seem to focus on finding places which are less crowded, ie go after the easy money.
Distressed debt, being a specialized area, also seems to hold some large payoffs for those that can play that game successfully.
An interesting book to get a survey of the personalities and philosophies in the hedge fund industry, with a colorful variety of approaches. The book came out in 2007, and mentions some funds running CDO portfolios -- perhaps on the brink of significant trouble.
Since I mostly focus on Buffett and other value style investing, it was interesting to survey the rest of the field -- from react-every-day and "you must have stop losses" to the commodity traders, to the more value, buy and hold types.
It was also interesting to learn how some funds combine investing with raising institutional money, and how some funds can't be started with less than 50 million "to meet income objectives" based on management fees for 1.5 plus 20 (or more)
I also jotted down a few interesting strategies -- for instance, looking at a client list of a stock promoter was fertile ground for generating short ideas, or that some folks seem to be able to predict longer-term supply and demand in some metals and other commodities.
Overall, many appear to be hard working and smart -- but the most successful seem to focus on finding places which are less crowded, ie go after the easy money.
Distressed debt, being a specialized area, also seems to hold some large payoffs for those that can play that game successfully.
An interesting book to get a survey of the personalities and philosophies in the hedge fund industry, with a colorful variety of approaches. The book came out in 2007, and mentions some funds running CDO portfolios -- perhaps on the brink of significant trouble.
Read
February 4, 2016Interview-the-manager books can be pretty hit or miss. Burton updates the standard formula with a thoughtful premise: ask the luminaries with whom they invest, and then talk to those traders as well. The result is a kaleidoscopic portrait of hedge-fund honchos -- some established, some just getting going -- circa 2007 (since updated for the crisis) just before the tide went out. A surprisingly insightful read, with kernels of best practices for everyone to learn.
March 29, 2010
Pretty superficial look at a bunch of famous hedge fund managers. You get a few nuggets of wisdom, but otherwise it felt like reading a list of Bloomberg articles.
January 25, 2012
Mostly gossip with a little bit about the best trade each person made.
Trivial and of little interest.
Trivial and of little interest.
Read
October 5, 2024If you like the one-pagers of CEOs in the WSJ's weekend exchange section, you'll like Burton's profiles (a chapter for each): interesting, not too technical, and with a quote or sentiment that you'll highlight and try to remember. There's a nugget or two of insight that those profiled, though tight-lipped, let slip, but certainly no tell-alls or training manuals.
Book impresses in its breadth of subjects interviewed as well as its inclusion of their personal and professional histories, solidifying the truth that starting a hedge fund is more so a result of certain quirks, coincidences, and fateful decisions than investment skills, the latter of which then determines hedge fund success.
I recommend this book as a who's-who in hedge fund history that reads quick. It has some educative purpose in its describing some elementary investment management concepts and processes, but is primarily focused on stories and quotables from hedge fund greats, which I suppose are educative in their reminder that 99% of retail investors shouldn't try individual stockpicking.
If you've read this far, here's the real review: To date, and most likely going forward, this book includes the most in-depth description of Bridger Capital of hip hop and The Breakfast Club infamy. I'm interested in finance, and I suppose I used to work in the lower rungs of it, but I'll admit that this was the main reason I hunted down this book. For those STILL curious, anyone who's not a conspiracy nutjob or "muh blackrock" parroter will learn what they expected to learn about the firm -- it's a hedge fund. Granted, those looking hard enough outside the book and outside r/conspiracy (but still on the internet) might find one anecdote for pause, but nothing too outside the realm of finance... Anyways, Bridger's founder is actually far more interesting than the hedge fund itself -- more than anything else in his chapter, I was delighted to learn that he was a wordcel a la Thiel (I know what you're thinking), Soros (where is your mind!?), Ackman, and Icahn. So either sate your Bridger curiosity with this book, or have it redirect said curiosity towards its founder. I end with this: if you're reading this book to get to the bottom of Bridger, you will -- but there's also another tidbit about a rapper in this book that'll knock you out. Good luck.
Book impresses in its breadth of subjects interviewed as well as its inclusion of their personal and professional histories, solidifying the truth that starting a hedge fund is more so a result of certain quirks, coincidences, and fateful decisions than investment skills, the latter of which then determines hedge fund success.
I recommend this book as a who's-who in hedge fund history that reads quick. It has some educative purpose in its describing some elementary investment management concepts and processes, but is primarily focused on stories and quotables from hedge fund greats, which I suppose are educative in their reminder that 99% of retail investors shouldn't try individual stockpicking.
If you've read this far, here's the real review: To date, and most likely going forward, this book includes the most in-depth description of Bridger Capital of hip hop and The Breakfast Club infamy. I'm interested in finance, and I suppose I used to work in the lower rungs of it, but I'll admit that this was the main reason I hunted down this book. For those STILL curious, anyone who's not a conspiracy nutjob or "muh blackrock" parroter will learn what they expected to learn about the firm -- it's a hedge fund. Granted, those looking hard enough outside the book and outside r/conspiracy (but still on the internet) might find one anecdote for pause, but nothing too outside the realm of finance... Anyways, Bridger's founder is actually far more interesting than the hedge fund itself -- more than anything else in his chapter, I was delighted to learn that he was a wordcel a la Thiel (I know what you're thinking), Soros (where is your mind!?), Ackman, and Icahn. So either sate your Bridger curiosity with this book, or have it redirect said curiosity towards its founder. I end with this: if you're reading this book to get to the bottom of Bridger, you will -- but there's also another tidbit about a rapper in this book that'll knock you out. Good luck.
February 12, 2022
This book is both unique yet still quite deficient. If you want to read about all aspects of hedge funds then this might not be your bible. If you have explored the field already and want some new perspectives however, then it should definitely be added to your bookshelf.
I find it interesting to read a book originally published in 2007, right before the big crash washed away quite a few hedge funds. Lots of books make portfolio managers look like heroes due to survivorship bias. This one clearly doesn't. The 2009 update also adds some of the interviewees' perceptions right after coming out of a tough time (for most of them).
What I find lacking is the technicalities, it's just to little details. Trades are described in a very superficial way, and a deeper analysis on each investment thesis is lacking. The conclusion after 2008 losses is generally that a fund's net position was too long - really, that's it?
If you can overlook this, you will find something else of great value - the business aspects of fund management. The fact is of course that investments don't happen in a vacuum - managing money on a large scale is mostly about managing people. You will need people who can do the footwork when digging for facts, and you will need to attract investors as well. To this end you need to consider legal structures, apply appropriate compensation models, encourage cooperation, motivate your team, etc. The author does a great job of capturing this aspect in a very compact way. I found this quite unique, since many books focus solely on the investments.
Overall, this book gives a pretty good insight into the "soft skill" sides of investing, and some psychology as well.
I find it interesting to read a book originally published in 2007, right before the big crash washed away quite a few hedge funds. Lots of books make portfolio managers look like heroes due to survivorship bias. This one clearly doesn't. The 2009 update also adds some of the interviewees' perceptions right after coming out of a tough time (for most of them).
What I find lacking is the technicalities, it's just to little details. Trades are described in a very superficial way, and a deeper analysis on each investment thesis is lacking. The conclusion after 2008 losses is generally that a fund's net position was too long - really, that's it?
If you can overlook this, you will find something else of great value - the business aspects of fund management. The fact is of course that investments don't happen in a vacuum - managing money on a large scale is mostly about managing people. You will need people who can do the footwork when digging for facts, and you will need to attract investors as well. To this end you need to consider legal structures, apply appropriate compensation models, encourage cooperation, motivate your team, etc. The author does a great job of capturing this aspect in a very compact way. I found this quite unique, since many books focus solely on the investments.
Overall, this book gives a pretty good insight into the "soft skill" sides of investing, and some psychology as well.
August 22, 2021
Hedge funds, always an interesting topic for financial nerds, this book fits right in the mix. A series of profiles on hedge funds and their creators. Though each one is somewhat unique in their approach they all seek the common goal of cashing in big; or at least better than the averages.
For the most part these investment titans and gurus succeed, where many else tend to fail. The material is dated before the major market meltdown of '08 but still there are many interesting success stories here to delve into and in searching for these same names today a fair number are still at it. Not particularly entertaining reading for most but for those looking to admire financial superstardom there is quite a lot to bite into.
For the most part these investment titans and gurus succeed, where many else tend to fail. The material is dated before the major market meltdown of '08 but still there are many interesting success stories here to delve into and in searching for these same names today a fair number are still at it. Not particularly entertaining reading for most but for those looking to admire financial superstardom there is quite a lot to bite into.
February 1, 2023
Shades of Market Wizards, but more fluid. The author does a great job of recounting her interviews with the worlds top money managers in a coherent & engaging style.
A great introduction to investment managers & their thinking.
A great introduction to investment managers & their thinking.
December 30, 2016
From reading the back cover of this book, you get the idea that what you hold in your hands may be a powerful source revealing the secrets of hedge fund investing. Well, your hope couldn't be further from the truth. What is the 'secret' of hedge funds? What do these mysterious people know that we don't know? How do they really decide on what to invest in? and How do I get a piece of the pie? You won't find out by reading this book. I was disappointed in the lack of revelations found within. But maybe my expectations were too high. Should I really expect these people to reveal whatever 'secrets' are making them rich? All in all, practically nothing is revealed in this book that isn't common knowledge already, or blatantly obvious to anyone even remotely connected to the investing world.
The book does, however, present very interesting and entertaining profiles of many top hedge fund managers. Each chapter reads something like an interview. Some managers reveal more about their personal strategies, some reveal less. Each, however, is described in detail as far as appearance and personalities. In this way, some of the mystique and secretiveness of the hedge fund business is overcome. By discovering that the people discussed in this book vary greatly in everything from beliefs to personal history, you at least gain the understanding that there isn't a certain type of person or membership in some mysterious organization required for getting into the field.
I'd only recommend this book to anyone interested in character profiles for the fund managers discussed within. You're not going to learn a lot about hedge fund investing, much less learn any secrets of the business.
The book does, however, present very interesting and entertaining profiles of many top hedge fund managers. Each chapter reads something like an interview. Some managers reveal more about their personal strategies, some reveal less. Each, however, is described in detail as far as appearance and personalities. In this way, some of the mystique and secretiveness of the hedge fund business is overcome. By discovering that the people discussed in this book vary greatly in everything from beliefs to personal history, you at least gain the understanding that there isn't a certain type of person or membership in some mysterious organization required for getting into the field.
I'd only recommend this book to anyone interested in character profiles for the fund managers discussed within. You're not going to learn a lot about hedge fund investing, much less learn any secrets of the business.
September 24, 2014
I purchased the original book in 2008 just when I was entering this field of work.
This 'revised' edition has very little to add to the original book, but is still a very good compilation.
There are some heroes of old and some who still hold their sway post the 2008/09 mayhem. A must read for people who like understanding the motivations of HF managers and an insight into their personalities.
This 'revised' edition has very little to add to the original book, but is still a very good compilation.
There are some heroes of old and some who still hold their sway post the 2008/09 mayhem. A must read for people who like understanding the motivations of HF managers and an insight into their personalities.
August 22, 2009
Good read about different successful hedge fund managers. Well written in that each paragraph tells you what you want to know about each money manager without getting into boring details. Seven to twelve pages per chapter, each chapter discussing one manager, his education and his investing style. An interesting read for anyone interested in the hedge fund world.
September 30, 2017
This is a very dense and insightful work covering bios and investment styles of 18 hedge fund managers. Particular attention is given to the big life lessons learned by each manager. The book was written prior to the financial crisis and updated for the immediate post-crisis aftermath, through September 2009.
May 2, 2015
Worthwhile. The opening chapter has more highlighted nuggets than the rest of the books but there are insights scattered about. Mark Yusko offers a good framework for evaluating managers that would benefit anyone trying to make a discerning decision.
October 28, 2015
from a name-dropping perspective, rich pickings; from a contents-perspective, somewhat disappointing; anything new here that hasn't been covered in better style and in more depth elsewhere - nope. go for "The Invisible Hands" instead, which is a much better read
April 4, 2008
More of an analysis of hedge fund personalities than anything else. Not what I expected but it's still a decent read. I would have liked to know more about the old school masters like George Soros.
July 7, 2008
Good overview of the hedge funds and short bios of hedge fund managers. Easy to read and informative.
October 11, 2014
great descriptions of the pratices of the best managers ....
February 15, 2016
more of a history than strategies
March 5, 2022
I read this book at the end of 2008 to the start of 2009 after the financial crisis. It is a great book giving some brief insights to the hedge fund world.
January 25, 2021
A good non-technical exposure to various investment strategies, and investment processes at hedge funds, decent read for anyone who is curious about this industry.
January 16, 2019
Decent book highlighting different hedge fund strategies, histories and cultures.
Displaying 1 - 22 of 22 reviews