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The Alpha Masters
Unlocking the Genius of the World's Top Hedge Funds
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?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 as 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 cutting-edge strategy of today?s 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? ?Maneet presents clear and thoughtful studies of some of the most successful investors of recent years. The Alpha Masters is highly recommended as an excellent guide to what has worked best recently in the rapidly changing and sometimes secretive world of hedge funds.? ?Jim McCaughan, Chief Executive, Principal Global Investors ?With great insight and clarity, Maneet Ahuja distills the essence of what makes hedge fund managers successful. The leading ? and legendary ? figures in the business provide her with their recipes for the ?secret sauce? that puts them ahead of the rest. This book is a must read for anyone considering investing in, working in, or just plain interested in the hedge fund industry.? ?Randall S. Kroszner, Norman R. Bobins Professor of Economics, Booth School of Business, University of Chicago and former Governor of the Federal Reserve
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Maneet Ahuja (New York, NY) is a producer on "Squawk Box," specializing in hedge funds and alternative investments. She was awarded CNBC's prestigious Enterprise Award in 2009 for her groundbreaking coverage of the ultra-secretive hedge fund industry for the network. 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.?In 2010, she was nominated for Crain's NY Business Forty Under 40 Rising Stars.
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