Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets
by Steven Drobny
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Book Summary Information
Author: Steven DrobnyEdition: Hardcover
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2006-04-21
ISBN: 0471794473
Number of pages: 384
Publisher: Wiley
Book Reviews of Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets
Book Review: "The Market Wizards" of the first decade in the 21st century
Summary: 5 Stars
I could hardly believe that it would have taken that long for the creation of another great interview type of trading book of the superb standard set by Market Wizards (1989), and The New Market Wizards (1992). Any further recommendation of mine will be nonsense. Get one and start reading it immediately.
As usual, please find some of my favorite passages for your reference.
Once we realize that imperfect understanding is human condition, there is no shame in being wrong, only in failing to correct our mistakes. - George Soros
The best compliment anyone's paid me over the years was when one of my traders said, "I can never tell whether you've had a bad day or a good day". ...I've seen people get very stressed, and if you're stressed, you cant do this job effectively. - Christian Siva-Jothy, SemperMacro
When things go badly for reasons you don't understand or for reasons that you understand but that aren't the reasons that you initially got into the trade, you really should cut the trade ASAP. - Dr. John Porter, Barclays Capital
One of the key things I learned from Paul Tudor Jones was that good defense is paramount. That's something he drilled into you. Another one of the key lessons from Paul was intellectual flexibility. However strongly you believe in something and however coherent the case is, you need to be 1) willing to accept that you might be wrong, and 2) able to take the position off even though you may not be wrong in a medium term sense.
- Dr Sushil Wadhwani Former BOE Policy Committee Member
90% of my time is figuring out what I'm doing wrong...You can be right, but your timing can be totally wrong.....We are here to plagiarize the best ideas we can and we'll take them from any source.
- Dwight Anderson, Ospraie Management
In a low volatility, low return environment, people mistake low volatility for low risk. We're setting for another perfect storm and it's going to be because we haven't had much movement and everyone is leveraging to get returns. What's different now is it's at every single level.....One of the things I learned from Stan Druckenmiller is how to enter a trade. The great thing about Stan is that he can be wrong but he rarely loses money because his entry point is so good. He has an incredible constitution. So I try to make sure that my entry point is good enough that I rarely stop myself out of a trade. Profit targets change with more information. I have a plan that "If this happens, I'll sit with it; it that happens, I'll buy more," and so on. I visualize what might happen and what would get me out, what would make me buy more, what will keep me in.
- Soctt Bessent, Bessent Capital
p.s. Copied from my Jan 2001 review of Market Wizards on Amazon: "However, I must warn you on this: Dont be too carried away by the rosy pictures of these top guns and try to copy a bit from each of them to form your own strategy. Instead, know yourself well and develop your own. Otherwise, you will become the footstool of these market wizards."
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