Download , by n+1 Keith Gessen
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, by n+1 Keith Gessen
Download , by n+1 Keith Gessen
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Product details
File Size: 567 KB
Print Length: 274 pages
Publisher: HarperCollins e-books; 1 edition (June 8, 2010)
Publication Date: June 22, 2010
Sold by: HarperCollins Publishers
Language: English
ASIN: B003P2VMZC
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TThe title sounds cheesy; the book is not. The book consists of transcripts of taped interviews with a hedge fund manager who gives a matchless view of the financial crisis. Having read dozens of books and hundreds if not thousands of papers and news articles about the crisis, these interviews are most unusual in part because of the interviewee's insights into the crisis, how a hedge fund manager thinks about it—very different from say Paulson or Bernanke. It is a quick read, mostly because I could not put it down. The transcript is unusual in that the dialog is elegant and insightful. The interviewee describes concepts using well-chosen and striking imagery.
I love the way this hedge fund manager ("HFM") thinks. With a few deft phrases, he will explain something like linkages between the financial sector and real economy (against the backdrop of the 2008 crash, but always in a way that can be generalized and understood for all time). He is fluently, readably funny, deep, shallow, street-smart, a world-class explainer. He hops effortless from one to another of these levels, always in service of making clear points. I wish he would produce more I can read (but he's anonymous, so ...), and I wish people this smart held positions of power and responsibility at the commanding heights of this economy. His ethics are clear and confidence-inspiring. His remarks from the trenches about problems in contracts have inspired me to retool my emphases in teaching business law. I only feel sorry for this interviewer's sometimes doofus questions, but watch this nimble HFM deftly deliver funny and useful points anyway. If I could recommend one book to all my non-financial friends, to illuminate this world I am studying, it would be this little gem. And, a good pass-through of this would detoxify regular folks from all kinds of "finance" and related political junk on TV.
There's no denying that the HFM interviewed in this book has a magnetic personality and compelling speaking style. He obviously understands stuff.If you're looking for an accessible overview of the financial crisis in readable prose, this is a good choice. If you're looking for something deeper, however, this will disappoint. For example, the HFM never quite explains why the federal takeover of Fannie Mae and Freddie Mac didn't do more to stabilize the economy. Due to the interview format, the timeline of events is presented in a muddled, confusing way. I couldn't quite map out the sequence of events very well. (For a more detailed--but lacking meaningful explanations--account, "Too Big to Fail" is a better bet).Moreover, it's important to remember that this is coming from a hedge fund manager. In addition to having no real inside knowledge of what was happening behind the scenes, the HFM seemed a bit too self-conscious of the fact that he was being published in a literary magazine. At one point early in the interview sequence, he assured people that "everything would be okay." He later admitted that he was saying that to quell any fears among the readership.That makes you wonder how honest and blunt this guy was during the interview.
Perhaps the best thing about this long interview with the anonymous hedge fund manager (I am convinced he exists and is not a made-up composite) is that it gives the reader "tone" about what happens to an industry in a crisis scenario (sub-prime crisis). It can be a little frustrating at times, from a English language perspective, to read the extended interview with very little editing (the only reason for witholding a star). However, once you make allowances for that, you realise that you are hearing unfiltered thoughts and initial reactions to questions that give so much more "feel' for what it's like to actually be a hedge fund manager than a more academic and edited book could ever convey.There are some particularly valuable conversations that illustrate, through examples, the risk magnification from instruments that become illiquid combined with leverage. In a panic, the interviewee points out how contracts (such as for collateral haircuts, or funding commitment period) may not be honored (a law suit will be irrelevant because it will not save the fund in time), how word gets around the market and, together with asset liquidations and investor withdrawal restrictions, causes a rapid, downward spiral.There were also some interesting observations, that you wouldn't necessarily know without being in the industry. One was that, at the time of the Lehman collapse, arbitrage trades unusually existed for which very few players had the capital to be able to take advantage, such as simple covered interest arbitrage (buying a high quality foreign government bond and hedging out the FX exposure, which should produce a return close to U.S. Treasuries). The "basis" (difference between the U.S. Treasury and the hedged foreign government investment) between the two moved out from the usual 2 basis points (2/100ths of 1%) to 20 b.p.s That's something, I'm sure, a better-capitalized bank like JPMorgan Chase was able to use to considerable profit advantage.If you have a interest in the day-to-day workings of hedge funds (and bank prime-brokerage), perhaps as a credit officer, a internal audit professional or a regulator, I thoroughly recommend the book. It's a relatively quick read and the anonymous hedge fund manager is a smart and thoughtful person who gives many highly insightful comments.
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