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Inside this Book – Real money is a commonly used term in the financial markets to denote a fully funded, long-only traditional asset manager. Real money managers are often referred to as institutional investors. The term real money means the money is managed on an unlevered basis. This contrasts with hedge funds, which often manage money using borrowed funds or leverage. Real money funds can and often do employ leverage, but they normally attain leverage on a nonrecourse basis (e.g., investing as a limited partner in a fund that is levered). Examples of real money managers are public and private pension funds, university endowments, insurance company portfolios, foundations, family offices, sovereign wealth funds, and mutual funds. This book focuses on the mistakes made and lessons learned in 2008 and attempts to incite a dialogue about how to construct better portfolios in the real money world. For this reason, mutual funds will be excluded from the discussion, since they are usually managed under strict mandates and asset class restrictions, rather than as broad portfolios where asset allocation decisions dominate the investment process. Real money funds are important and worth analyzing because: (1) they are some of the largest pools of capital in the world; (2) they have a direct impact on the functioning of society; (3) they lost staggering amounts of money in 2008; and (4) in many cases, these funds are ultimately backstopped by the taxpayer if they fail to deliver their promises. Real money funds are in crisis and are “too big to fail.”
Inside this book –The Invisible Hands PDF Book by Steven Drobny – I headed off the beaten path of financial capitals to Stockholm to meet a fixed income specialist and pioneer in Swedish financial markets. On a gorgeous, late summer day, we strolled around town, discussing the credit crisis, China, pension funds, and a myriad of things that had taken place over the previous 18 months. This manager builds a diverse portfolio of small bets, all reasonably independent of each other, where on average he feels he has a slight edge. This process led him to once present his fund to his investors as a casino, although he was quick to note he was the house, not the gambler. After all, as Steve Wynn once said: “The only way to win in a casino is to own one.” Overlooking the marina, we ate roe and fresh fish, as my mind raced to keep abreast of “The House’s” thought process, a rare combination of rapid- fire connections, pragmatic wisdom, and deep analysis. Where trading often conjures images of taking outsized bets and winning, over time his game is won through superior portfolio construction. Later, in his office, we dug more deeply into some of the systemic issues that continue to plague the world economy and certain challenges that real money managers face within that environment. He thinks real money managers should use their inherent strengths and more effectively manage their endemic weaknesses, adopting innovative portfolio management techniques to address the uncertain road ahead.
The Invisible Hands by Steven Drobny PDF : eBook Information
- Full Book Name – The Invisible Hands
- Author of this Book – Steven Drobny
- Language – English
- Book Genre – Non-Fiction, Finance
- Download Format – PDF
- Size – 4 MB
- eBook Pages – 469
- Price – Free