Synopses & Reviews
Praise for The Alpha Masters"This is one of the very few books I know of that crawls inside the minds of today's most brilliant investors to get the play-by-play of their best (and sometimes worst) investments. You feel as though you are sitting across from the likes of John Paulson and David Tepper as they share their most sought-after techniques and analysis. This book will pay for itself and then some for those who are smart enough to pick it up."
—Nouriel Roubini, cofounder and Chairman, Roubini Global Economics, Professor of Economics, NYU Stern School of Business
"Maneet Ahuja knows well the stars of the hedge fund universe. She has written a really very interesting book that provides insights into the industry, its rapid evolution, and its adaptability to a constantly shifting investment landscape. But, most of all, she introduces us to its fascinating leaders, in depth. From their backgrounds, values, and modes of thought, she gives us insight into what it takes to be successful in this most demanding profession."
—Michael Spence, 2001 Nobel Laureate in Economics, former dean of Stanford Business School
"Hedge funds carry a range of connotations for investors, both good and bad. Maneet's demystification of this increasingly important sector of the financial world provides a valuable service for investors, as they look for alternatives to the financial institutions—and investing tenets—that failed them during the financial crisis."
—Sallie Krawcheck, former CEO of Merrill Lynch Wealth Management and U.S. Trust
"No one has the type of access to this elite class of hedge fund managers that Maneet Ahuja does. The Alpha Masters provides the type of in-depth insight and advice that only comes from countless conversations and time spent one-on-one with these managers. The Alpha Masters is bound to be a classic."
—Leon G. Cooperman, Chairman and CEO, Omega Advisors, Inc.
"The Alpha Masters has captured the background, the ideas, and the money-making strategy of today's cutting-edge drivers of financial thought, analysis, and action. It is a great read for those who track the capital market and the tug-of-war between creativity, ideas, and capital market stress."
—Mario J. Gabelli, Chief Investment Officer, GAMCO Investors, Inc.
"The great cultural divide in journalism has always been between access and accountability reporting. But, in the end, it's really just a division of labor; readers need both. Ahuja works the access side of the street, and gets people to talk as few others can. The result is a surprisingly absorbing book about people who you can't help but be curious about."
—Dean Starkman, Pulitzer Prize–winning journalist and Editor of the Columbia Journalism Review's "The Audit"
Synopsis
The Alpha Masters cracks open the secretive, guarded world of hedge funds through never before seen or heard insights into the minds of today's most successful (as well as reclusive) managers.Many of the subjects profiled have never spoken in such an intimate format and will provide extremely provocative, newsworthy analysis of today's investing landscape.
- The Alpha Masters provides institutional and savvy investors with tangible, analytical insight into the psychology of the trade, strategies and investment criteria and show how reader can achieve this too
- Chapters are easy-to-follow and broken down by strategy--Long/Short, Merger Arbitrage, Value, Macro, Distressed, Quantitative, Commodities, Activist, pure Short, Fund of Funds
- Includes great names from the trading world including David Einhorn, Jim Chanos, Cliff Asness, Marc Lasry, Kyle Bass, John Paulson, George Soros, Peter, Carl Icahn, Julian Robertson and Steve Cohen
Synopsis
The ultimate behind-the-curtain look at the hedge fund industry, unlocking the most valuable stories, secrets, and lessons directly from those who have played the game best.Written by Maneet Ahuja, the hedge fund industry insider, The Alpha Masters brings the secretive world of hedge funds into the light of day for the first time. As the authority that the biggest names in the business, including John Paulson, David Tepper, and Bill Ackman, go to before breaking major news, Ahuja has access to the innermost workings of the hedge fund industry. For the first time, in Alpha Masters, Ahuja provides both institutional and savvy private investors with tangible, analytical insight into the psychology of the trade, the strategies and investment criteria serious money managers use to determine and evaluate their positions, and special guidance on how the reader can replicate this success themselves.
There are few people with access to the inner chambers of the hedge fund industry, and as a result it remains practically uncharted financial territory. Alpha Masters changes all that, shedding light on star fund managers and how exactly they consistently outperform the market. The book:
- Contains easy-to-follow chapters that are broken down by strategy--Long/Short, Event Arbitrage, Value, Macro, Distressed, Quantitative, Commodities, Activist, pure Short, Fund of Funds.
- Includes insights from the biggest names in the trading game, including Ray Dalio, Marc Lasry, Jim Chanos, Sonia Gardner, Pierre Lagrange, and Tim Wong.
- Features contributions from industry icon Mohamed El-Erian
Many of the subjects profiled in this groundbreaking new book have never spoken so candidly about their field, providing extremely provocative, newsworthy analysis of today's investing landscape.
Synopsis
The ultimate behind-the-scenes look at the hedge fund industry,
The Alpha Masters: Unlocking the Genius of the World's Top Hedge Funds offers an unprecedented glimpse into the strategies and investment criteria serious money managers use to determine and evaluate their positions and maximize their hedge fund profits, in their own words. Author and CNBC hedge fund specialist Maneet Ahuja has unrivalled access to the masters of the market, and in this game-changing new book, she takes their stories public for the first time.
Bringing the secretive world of hedge funds out into the light of day, the book includes interviews with star fund managers:
- Ray Dalio, Bridgewater Associates
- Pierre LaGrange and Tim Wong, Man Group / AHL
- John Paulson, Paulson & Co.
- Marc Lasry and Sonia Gardner, Avenue Capital Group
- David Tepper, Appaloosa Management
- William A. Ackman, Pershing Square Capital Management
- Daniel Loeb, Third Point
- James Chanos, Kynikos Associates
- Boaz Weinstein, Saba Capital Management
Experts at outperforming the market, many of these industry luminaries have never talked as candidly about their experiencesand the lessons they've learnedas they do in these pages.
Ahuja's unparalleled insider access allows her to bring the remarkable stories of these eleven incredibly successful individuals vividly to life as no one else can. Accessible and insightful, The Alpha Masters gets to the very heart of what makes these men and women so profitable. Packed with unique insights into the psychology of the hedge fund trade that are sure to help readers replicate the successes of the managers profiled here for themselves, the book is a provocative analysis of today's investing landscape.
Essential reading for business and investment readers of all backgrounds, The Alpha Masters is a true tell-all about life in the innermost chambers of the world of hedge funds, from a reporter on the front lines.
About the Author
Maneet Ahuja is CNBC's hedge fund specialist and a producer on
Squawk Box. In 2011, she co-created and developed the network's "Delivering Alpha" hedge fund summit in conjunction with
Institutional Investor and was awarded CNBC's prestigious Enterprise Award in 2009 for her groundbreaking coverage of the industry. She has covered the World Economic Forum in Davos, Switzerland, and produces quarterly shows at the Department of Labor with former Federal Reserve Board chairman Alan Greenspan as well as U.S. Competitiveness Summits at Harvard Business School. Prior to joining CNBC in 2008, she was a part of the
Wall Street Journal's Money & Investing team. She began her career on Wall Street in 2002 at age 17 in Citigroup's Corporate & Investment Banking division as a credit risk analyst.
Maneet is one of Forbes magazine's 30 Under 30 (Jan. 2012), has been featured in Elle magazine's annual Genius issue (April 2011), and in 2010 was nominated for Crain's New York Business Forty Under 40 Rising Stars. Follow Maneet on twitter @WallStManeet and visit her book's websites at www.thealphamasters.com and www.alphamasters.cnbc.com.
Table of Contents
Foreword: The Less Mysterious World of Hedge Funds by Mohamed A. El-Erian, CEO and Co-CIO of PIMCO ix
Preface xv
Disclaimer xxiii
Chapter 1: The Global Macro Maven: Ray Dalio, Bridgewater Associates 1
Chapter 2: Man versus Machine: Pierre Lagrange and Tim Wong, Man Group/AHL 25
Chapter 3: The Risk Arbitrageur: John Paulson, Paulson & Co. 39
Chapter 4: Distressed Debt’s Value Seekers: Marc Lasry and Sonia Gardner, Avenue Capital Group 75
Chapter 5: The Fearless First Mover: David Tepper, Appaloosa Management 93
Chapter 6: The Activist Answer: William A. Ackman, Pershing Square Capital Management 115
Chapter 7: The Poison Pen: Daniel Loeb, Third Point 155
Chapter 8: The Cynical Sleuth: James Chanos, Kynikos Associates LP 173
Chapter 9: The Derivatives Pioneer: Boaz Weinstein, Saba Capital Management 193
Afterword: Myron S. Scholes, 1997 Nobel Laureate in Economics and Co-Author of the Black-Scholes Option Pricing Model 203
Appendix 211
References 225
Acknowledgments 237
About the Author 240
Index 241