Synopses & Reviews
An unvarnished look at how Wall Street and hedge funds really operate, offering real-world lessons that you can put to good use
"An engaging and fascinating memoir of a Wall Street insider who foresaw the crisis and lost his job for it. McCullough has written an insightful firsthand account of our modern Rome beforeand afterits fall. The author stands head and shoulders above his peers with his phenomenal trading track record, personal integrity, and skill at communicating his unique experiences."Richard L. Peterson, MD, Managing Director, MarketPsy Capital, LLC; author of Inside the Investor's Brain
"If an unholy offspring of Lester Bangs and Don Cherry traded and wrote a financial market diary, it might be something like the smart, hip, and crunching commentary hedge fund manager Keith McCullough delivers every day. Keith is on a short list of must-reads in a business filled with also-rans."Dr. Paul Kedrosky, Editor, Infectious Greed; Managing Director, IG Holdings; Senior Fellow, Kauffman Foundation
"Diary of a Hedge Fund Manager should be added to the list of must-read books on Wall Street. It is very rare that readers get this kind of insight into the world of what Wall Street calls the 'smart money.' McCullough's exciting and inspirational story reinforces the fact that hard work pays off. The book does a great job of pointing out that, on Wall Street, common sense and hard work trump a PhDwithout actually saying it. His honesty is refreshing and reminds us all that the giants of the hedge fund world are mere mortals. This story is one that both Wall Street and Main Street can relate to and learn from."Douglas M. Famigletti, CFA, Managing Director, Griffin Asset Management, Inc.
Synopsis
Diary of a Hedge Fund Manager is an insider's view of the high-stakes money management world. In a distinctly straightforward and, at times, humorous style, Keith McCullough and Rich Blake take you on the journey of a young and successful hedge fund manager and former junior hockey player from Thunder Bay, Ontario, as he gets recruited to the Ivy League, stumbles onto the nexus of the hedge fund universe, and then gets a crack at running his own pile—becoming one of the best young portfolio managers on the Street.
But when the young portfolio manager finds himself working for one of the world's most prestigious firms—helping to run their hedge fund operation just as the market is starting to crack in 2007—McCullough becomes a lonely voice of reason in a world that rewards groupthink and disregards the adage about past performance having no bearing on future results. When McCullough finds himself shown the door, the story takes a fascinating turn into the world of independent research and no-holds-barred criticism.
Page by page, this fast-paced ride through the world of hedge funds reveals the unvarnished truth of how Wall Street and hedge funds really operate and offers real-world investment lessons you can take away and put to good use.
Written with the authority of someone who knows how Wall Street and hedge funds work, yet accessible to even a casual follower of finance, Diary of a Hedge Fund Manager mixes a constructive critique of the investment industry with fundamental lessons that any investor will find valuable.
Synopsis
A fast-paced ride through the world of hedge funds revealing the unvarnished truth of how Wall Street really operates, and how to use this to your advantageAn insider's view of the high stakes world of money management, Diary of a Hedge Fund Manager is both a practical guide for investors and the deeply personal story of a man who knows the system inside and out. One of the best young portfolio managers on Wall Street, and helping to run the hedge fund operation of one of the world's most prestigious firms, Keith McCullough finds himself a lone voice of reason as the economic crisis of 2008 looms large. Shown the door, his life takes a fascinating turn into the world of independent research and no-holds-barred criticism.
- Reveals the unvarnished truth of how Wall Street and hedge funds really operate
- Deftly details how to analyze the markets expertly and avoid group think using technical and fundamental measures
- Each topic is thoroughly discussed and followed up with lessons you can take away and put to use
Written with the authority of someone who knows how Wall Street and hedge funds work, yet accessible to even a casual follower of finance, Diary of a Hedge Fund Manager mixes a constructive critique of the investment industry with fundamental lessons that any investor will find valuable.
About the Author
Keith McCullough is the founder of Research Edge, the go-to source for analysis and trade recommendations among savvy money managers. A Bloomberg TV Contributing Editor, he started in the business in 1999. Since then, he has held positions at Credit Suisse First Boston, Dawson-Herman Capital Management's Millennium Fund, and CarlyleBlue Wave, as well as launching his own fund, Falcon Henge Partners LLC, which was integrated into Magnetar Capital.
Rich Blake was cofounder and executive editor of Trader Monthly magazine. He frequently contributes to CNBC's Power Lunch and to Alpha and Portfolio magazines. He is the author of two books, The Day Donny Herbert Woke Up and Talking Proud: Rediscovering the Magical Season of the 1980 Buffalo Bills.
Table of Contents
Introduction 1
Chapter 1: Catch a Wave 9
Chapter 2: Shipping Out 17
Chapter 3: Welcome to the Jungle 29
Chapter 4: Snapshots from the Dot.Com Bubble 39
Chapter 5: Discovery 61
Chapter 6: Flying with the Giants 79
Chapter 7: Shifting for Myself 97
Chapter 8: Sucked In 115
Chapter 9: Worlds Collide 123
Chapter 10: Exile on Wall Street 139
Chapter 11: Lifting the Curtain 157
Chapter 12: The Great Squeeze 185
Epilogue 197
Acknowledgments 205
About the Authors 207
Index 209