Name: More Money Than God
ISBN: 9781594202551

Sebastian Mallaby

Chronicles the evolution of hedge funds from their origins in the 1960s to their status in the recent economic crisis, discussing the contributions of key figures while offering insight into how they have weathered recent financial setbacks and are defining future trends. By the author of The World's Banker.

Hedge Funds and the Making of a New Elite

More Money Than God

Bouke van der Bijl

A description of how the hedge fund industry came to be, and about what they actually are. It was also a food background into some well-known people like George Soros and how they gathered their fortune. It's not so conclusive on whether hedge funds are good. Having many small hedge funds are certainly a better alternative to big banks gambling people's savings, because the funds have more 'Skin in the Game' so to say, but if they blow up they are not a systemic risk (though it was pretty close some times).

All in all hedge funds are not that important. It is also not likely that the insane returns they enjoyed in the 80s/90s are repeatable today. Looking at the whole market, hedge funds don't really outperform.

This was a good book on the topic though. Quite thorough going through the different eras of the industry.

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