MORE MONEY THAN GOD - GBV

MORE MONEY THAN GOD IIIIIIIIIIIIIIIIIIIIIIIIMIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII

HEDGE FUNDS AND THE MAKING OF A NEW ELITE IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIMIIIIIIIIIIIIIIIIIIIIIIII

SEBASTIAN MALLABY A Council on Foreign Relations Book

THE

PENGUIN

PRESS

New York 2010

CONTENTS

Introduction: The Alpha Game

1

1. BIG DADDY

15

2. THE BLOCK TRADER

40

3. PAUL SAMUELSON'S SECRET

62

4. THE ALCHEMIST

83

5. TOP CAT

109

6. ROCK-AND-ROLL COWBOY

130

7. W H I T E W E D N E S D A Y

'

147

8. H U R R I C A N E G R E E N S P A N

172

9. SOROS V E R S U S S O R O S

193

10. THE ENEMY IS US

220

1 1 . THE DOT-COM DOUBLE

248

12. THE YALE MEN

265

13. THE CODE B R E A K E R S

285

14. P R E M O N I T I O N S OF A C R I S I S

"

307

15. RIDING THE STORM

323

16. "HOW COULD THEY DO T H I S ? "

348

CONCLUSION: SCARIER THAN WHAT?

373

Acknowledgments

392

Appendix I: Do the Tiger Funds Generate Alpha?

395

Appendix II: Performance of the Pioneers

400

Notes

408

Index

465

Photo Credits

483