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The first authoritative history of hedge funds-from their rebel beginnings to their role in defining the future of finance.

Based on author Sebastian Mallaby's unprecedented access to the industry, including three hundred hours of interviews, More Money Than God tells the inside story of hedge funds, from their origins in the 1960s and 1970s to their role in the financial crisis of 2007- 2009.

Wealthy, powerful, and potentially dangerous, hedge fund moguls have become the It Boys of twenty-first­century capitalism. Ken Griffin of Citadel started out trading convertible bonds from his dorm room at Harvard. Julian Robertson staffed his hedge fund with college athletes half his age, then he flew them to various retreats in the Rockies and raced them up the mountains. Paul Tudor Jones posed for a magazine photograph next to a killer shark and happily declared that a 1929- style crash would be "total rock-and-roll" for him. Michael Steinhardt was capable of reducing underlings to sobs. "All I want to do is kill myself," one said. "Can I watch?" Steinhardt responded.

Finance professors have long argued that beating the market is impossible, and yet drawing on insights from physics, economics, and psychology, these titans have cracked the market's mysteries and gone on to earn fortunes. Their innovation has transformed the world, spawning new markets in exotic financial instruments and rewriting the rules of capitalism.

More than just a history, More Money Than God is a window on tomorrow's financial system. Hedge funds have been left for dead after past financial panics: After the stock market rout of the early 1970s, after the bond market bloodbath of 1994, after the collapse of Long Term Capital Management in 1998, and yet again after the dot-com crash in 2000. Each time, hedge funds have proved to be survivors, and it would be wrong to bet against them now. Banks such as CitiGroup, brokers such as Bear Stearns and Lehman Brothers, home lenders such as Fannie Mae and Freddie Mac, insurers such as AIG, and money market funds run by giants such as Fidelity-all have failed or been bailed out. But the hedge fund industry has survived the test of 2008 far better than its rivals. The future of finance lies in the history of hedge funds.

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1，投资者的心理模式

琼斯相信投资者的心理造成了股票价格的趋势性。股市的上涨使投资者变得乐观，进而使得市场进一步上涨，然后投资者更加乐观，往复循环。这种循环使得股票价格上涨，形成了一个可以据此获利的趋势。当投资者心理逆转的时候，这种假象就会破灭：当这种循环将价格推到一个不可支撑的水平，贪婪就会转向恐惧，变动就会逆转。

2，成功的市场预测无法持续，预测趋势的每个过程都可能破坏它。

一旦他们的见解被足够多的投资者所理解，获利机会就会消失，因为市场已经变得更加有效。琼斯自身就是极好的例子：随着琼斯的成功，类似的对冲基金不断崛起，在1970年，琼斯终于被市场赶上。

3，琼斯的创新之一：风险对冲

他通过“投机的手段达到保守的目的”，他总是这样说。既便那些图表没有迹象表明市场要跌，琼斯也通过做空一部分股票作为一种惯常的预防措施，以保证他的投资组合能够对抗市场风险。

用价值70 000 美元的空头平衡70 000 美元的多头，所以他的“净持有”为60 000 美元，而第一个投资者是80 000 美元。这样，对冲基金的投资者就同时拥有了较低的择股风险（因为多样化）和较低的市场风险（因为套期保值）。

4，琼斯的创新之二：从股票波幅衡量收益来源

琼斯的另一个创新是将他的基金通过选股所赚的钱和通过规避市场风险所赚的钱进行了比较。多年以后，这种区别变成了老生常谈：投资者将技术性的选股收益称为“α”，消极地通过规避市场风险赚取的收益则称为“β”。

1，投资风格：逆向操作，在股价增长，股市处于政治和经济都判断失误的背景之下的情况下，仍然增加空头头寸。

2，将货币分析应用到股票市场

3，通过大额交易获得更高的折扣

1，投资风格：定量分析，采用计算机技术建模。趋势跟踪。

2，第一个专业计算机交易系统

自动交易系统最大的优点就是风险控制时从一开始就必须编入计算机程序，也没有过度自信的交易员突破其规定限制的危险。

3，迈克尔· 马库斯（Michael Marcus）

商品公司聘请的第一批没有博士学位的交易员之一，不懂数学和计算机。

研究导致市场变动的经济基本面。同时学习价格图表，把那些图表当做投资者心理的反映，尤其关注图表和基本面两者之间的相互作用。比如，如果基本面给了坏消息，但图表显示市场将持续上升，这就意味着投资者已经消除了下跌的可能——没有什么会改变这个趋势，市场只可能向上。

利用止损单平仓来保护自己。市场要么快速上涨，要么马库斯退出市场。

4，布鲁斯· 科夫勒

结合了基本面分析和图表分析。

最有利可图的机会出现在没有基本面信息的时候。如果市场表现正常，在窄幅内波动，没有明确理由的突破就是一个可以跟进的机会。这意味着某些内部人士从什么地方获悉了还不为市场所知的内幕信息，如果你跟着内部人士，你就会在消息公开前下手。

发现了后来成为对冲基金主打的一种策略。他们寻找那些将来成本远低于现在成本的货币，以很划算的远期汇率买入。

低远期汇率通常意味着高利率。远期市场上的大幅折扣根本不是货币贬值的信号，而是货币要升值的迹象，因为高利率可能会压低通货膨胀，吸引资本流入国内。

1，投资风格：基本面分析和图表趋势分析的结合，宏观型投资者。

2，对市场均衡的质疑：反身性理论

3，1987黑色星期一的亏损：基金规模越大，它就越难退出市场，也难以做到此过程中不影响价格，不损害自己的利益。

4，金融炼金术：投资日记，一个炒家焦急地与多种不确定因素较量的真实写照。

1，投资风格：本杰明· 格雷厄姆的价值型投资方式，强调选股，重视长期

2，价值型投资者通常很少或根本不用杠杆效应购买股票，而且他们一般长期持有。但宏观型投资者利用杠杆效应，这使得趋势不利时的风险大得不可思议，他们必须准备好在情况对他们不利的时候退出市场。

1，投资风格：趋势跟踪。相信康德拉季耶夫长波理论，艾略特波浪理论。

2，市场会受心理影响，将交易当做心理和虚张声势的一种游戏。

3，交易利润来自于灵活的短期运作。他的方法是“根据市场的发展拟定情节”，先确定市场如何表现，然后多次用低风险投注的方式来验证提出的假说，希望抓住他设想的情节成为现实的时刻。

4，了了解其他选手如何定位的重要性。如果你知道巨头们是手持大量现金还是将钱全部投入股市，你就能知道市场会向哪个方向突破——你可以感觉到在任何情况下的风险和收益组合。但是，仅仅知道其他投资者持有什么是不够的，你得知道他们想持有什么，他们的目标是什么，他们在不同情况下将如何做出反应。

5，扰乱市场可以说是琼斯的特长。

编辑推荐

作者简介：Sebastian Mallaby is the Paul Volcker Senior Fellow in International Economics at the Council on Foreign Relations and a Washington Post columnist. He spent thirteen years on The Economist magazine, covering international finance in London and serving as the bureau chief in southern Africa, Japan, and Washington. He spent eight years on the editorial board of The Washington Post, focusing on globalization and political economy. His previous books are The World's Banker (2004), which was named as an Editor's Choice by The New York Times, and After Apartheid (1992), which was a New York Times Notable Book.

书籍介绍

The first authoritative history of hedge funds-from their rebel beginnings to their role in defining the future of finance.

Based on author Sebastian Mallaby's unprecedented access to the industry, including three hundred hours of interviews, More Money Than God tells the inside story of hedge funds, from their origins in the 1960s and 1970s to their role in the financial crisis of 2007- 2009.

Wealthy, powerful, and potentially dangerous, hedge fund moguls have become the It Boys of twenty-firstcentury capitalism. Ken Griffin of Citadel started out trading convertible bonds from his dorm room at Harvard. Julian Robertson staffed his hedge fund with college athletes half his age, then he flew them to various retreats in the Rockies and raced them up the mountains. Paul Tudor Jones posed for a magazine photograph next to a killer shark and happily declared that a 1929- style crash would be "total rock-and-roll" for him. Michael Steinhardt was capable of reducing underlings to sobs. "All I want to do is kill myself," one said. "Can I watch?" Steinhardt responded.

Finance professors have long argued that beating the market is impossible, and yet drawing on insights from physics, economics, and psychology, these titans have cracked the market's mysteries and gone on to earn fortunes. Their innovation has transformed the world, spawning new markets in exotic financial instruments and rewriting the rules of capitalism.

More than just a history, More Money Than God is a window on tomorrow's financial system. Hedge funds have been left for dead after past financial panics: After the stock market rout of the early 1970s, after the bond market bloodbath of 1994, after the collapse of Long Term Capital Management in 1998, and yet again after the dot-com crash in 2000. Each time, hedge funds have proved to be survivors, and it would be wrong to bet against them now. Banks such as CitiGroup, brokers such as Bear Stearns and Lehman Brothers, home lenders such as Fannie Mae and Freddie Mac, insurers such as AIG, and money market funds run by giants such as Fidelity-all have failed or been bailed out. But the hedge fund industry has survived the test of 2008 far better than its rivals. The future of finance lies in the history of hedge funds.