The author of a travelogue unknown world of hedge funds since the year 1968 until the 2007 crisis, analyzing legends like Alfred Jones, George Soros, Julian Robertson and Jim Simmons. I think just under and just over Soros Warren Buffet would be ideal. The writing is clear, well conducted and documented, and the book reads very easily. Nothing to do with other free of "insiders" of hedge funds that only describe the frivolities of life rich in Connecticut.
While the author's story is slightly biased in favor of hedge funds. But his point is very simple and strong: these are hedge funds that have been, are and will topple the financial system but the major banks. In fact:
(A) Hedge funds are typically "small enough to fail" (small enough to fail) and their failure has never cost a penny to taxpayers. To compare with the big institutions "too big to fail" (too big to fail) as investment banks and insurance whose cost rescues, coûtents and will be very expensive for governments.
(B) Since in general the managers of hedge funds invest their own money alongside that of investors, if their funds fall they also lose. In addition, to access these funds must have at least a million dollars, and investors agree and sign that they can lose everything. To compare with the banks that bet with money from third parties, including that of employees, students and pensioners.
The author argues that hedge funds small and SNV should not be regulated at all, and must regulate against by very large institutions such as banks, insurance companies and hedge funds colossal resources. This is very debatable, but the author makes his point in a very founded and with a clear argument. In any case, what remains true is no doubt, as the author says, that "the future of finance lies in the history of hedge funds"
