More Money Than God: Hedge Funds and the Making of a New Elite

More Money Than God chronicles the history of hedge funds from their origins in the 1950s through the 2008 financial crisis. The book follows key figures like Alfred Winslow Jones, George Soros, Julian Robertson, and others who shaped the industry and achieved unprecedented financial success. The narrative tracks major market events and how different hedge fund managers approached them, from the 1987 crash to the Asian financial crisis of the late 1990s. Through extensive research and interviews, Mallaby examines the strategies, personalities, and economic theories that drove hedge fund development over multiple decades. Each chapter explores specific funds and managers, detailing their rise, methods, and impact on global markets. The book covers both successes and failures, showing how different approaches to risk, research, and trading produced varied results. The work provides insight into how hedge funds have influenced modern capitalism and financial markets. More broadly, it raises questions about financial innovation, market efficiency, and the concentration of wealth in modern society.

Readers appreciate the detailed research and engaging narratives about major hedge fund figures and events. Many note the book explains complex financial concepts clearly while maintaining a fast pace through multiple decades of history. Readers liked: - Clear explanations of trading strategies - Behind-the-scenes accounts of market events - Balance between technical detail and readability - Profile depth of key figures like George Soros and Julian Robertson Common criticisms: - Too favorable toward hedge funds - Lacks critical analysis of industry's downsides - Some sections get repetitive - Limited coverage of post-2008 period Ratings: Goodreads: 4.1/5 (2,900+ ratings) Amazon: 4.5/5 (280+ ratings) One reader noted: "Explains complex financial concepts without getting bogged down in jargon." Another criticized: "Reads like a hedge fund PR piece at times." Frequently recommended for finance industry newcomers and those seeking to understand market history, though readers suggest supplementing with more critical sources.

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🌟 Author Sebastian Mallaby spent over 300 hours conducting interviews with hedge fund pioneers, including George Soros, Julian Robertson, and Paul Tudor Jones, to gather firsthand accounts for the book. 💰 The title "More Money Than God" comes from a quote about Michael Steinhardt's hedge fund, which was so successful in the 1970s that investors claimed it had "more money than God." 📊 The book reveals how hedge funds correctly predicted and profited from several major financial crises, including the 1997 Asian financial crisis and the 2008 housing market collapse. 🏆 "More Money Than God" won the 2011 Loeb Award for Business Books and was shortlisted for the Samuel Johnson Prize, one of the most prestigious awards for non-fiction writing. 🎓 Mallaby wrote the book while serving as the Paul A. Volcker Senior Fellow for International Economics at the Council on Foreign Relations, bringing academic rigor to what could have been just another Wall Street tale.