The Alpha Masters

The ultimate behind-the-curtain look at the hedge fund industry, unlocking the most valuable stories, secrets, and lessons directly from those who have played the game best. Written by Maneet Ahuja, the hedge fund industry insider, The Alpha Masters brings the secretive world of hedge funds into the light of day for the first time. As the authority that the biggest names in the business, including John Paulson, David Tepper, and Bill Ackman, go to before breaking major news, Ahuja has access to the innermost workings of the hedge fund industry. For the first time, in Alpha Masters, Ahuja provides both institutional and savvy private investors with tangible, analytical insight into the psychology of the trade, the strategies and investment criteria serious money managers use to determine and evaluate their positions, and special guidance on how the reader can replicate this success themselves. There are few people with access to the inner chambers of the hedge fund industry, and as a result it remains practically uncharted financial territory. Alpha Masters changes all that, shedding light on star fund managers and how exactly they consistently outperform the market. The book: Contains easy-to-follow chapters that are broken down by strategy--Long/Short, Event Arbitrage, Value, Macro, Distressed, Quantitative, Commodities, Activist, pure Short, Fund of Funds. Includes insights from the biggest names in the trading game, including Ray Dalio, Marc Lasry, Jim Chanos, Sonia Gardner, Pierre Lagrange, and Tim Wong. Features contributions from industry icon Mohamed El-Erian Many of the subjects profiled in this groundbreaking new book have never spoken so candidly about their field, providing extremely provocative, newsworthy analysis of today's investing landscape.

The ultimate behind-the-curtain look at the hedge fund industryunlocking the most valuable stories, secrets, and lessons directlyfrom those who have played the game best.Written by Maneet Ahuja, the hedge fund industry insiderThe Alpha Masters brings the secretive world of hedge fundsinto the light of day for the first time. As the authority that thebiggest names in the business, including John Paulson, DavidTepper, and Bill Ackman, go to before breaking major news, Ahujahas access to the innermost workings of the hedge fund industry.For the first time, in Alpha Masters, Ahuja provides bothinstitutional and savvy private investors with tangible, analyticalinsight into the psychology of the trade, the strategies andinvestment criteria serious money managers use to determine andevaluate their positions, and special guidance on how the readercan replicate this success themselves.There are few people with access to the inner chambers of thehedge fund industry, and as a result it remains practicallyuncharted financial territory. Alpha Masters changes allthat, shedding light on star fund managers and how exactly theyconsistently outperform the market. The book:* Contains easy-to-follow chapters that are broken down bystrategy--Long/Short, Event Arbitrage, Value, Macro, DistressedQuantitative, Commodities, Activist, pure Short, Fund ofFunds.* Includes insights from the biggest names in the trading gameincluding Ray Dalio, Marc Lasry, Jim Chanos, Sonia Gardner, PierreLagrange, and Tim Wong.* Features contributions from industry icon Mohamed El-ErianMany of the subjects profiled in this groundbreaking new bookhave never spoken so candidly about their field, providingextremely provocative, newsworthy analysis of today's investinglandscape.

Foreword: The Less Mysterious World of Hedge Funds by Mohamed A. El-Erian, CEO and Co-CIO of PIMCO ixPreface xvDisclaimer xxiiiChapter 1: The Global Macro Maven: Ray Dalio, Bridgewater Associates 1Chapter 2: Man versus Machine: Pierre Lagrange and Tim Wong, Man Group/AHL 25Chapter 3: The Risk Arbitrageur: John Paulson, Paulson & Co. 39Chapter 4: Distressed Debt's Value Seekers: Marc Lasry and Sonia Gardner, Avenue Capital Group 75Chapter 5: The Fearless First Mover: David Tepper, Appaloosa Management 93Chapter 6: The Activist Answer: William A. Ackman, Pershing Square Capital Management 115Chapter 7: The Poison Pen: Daniel Loeb, Third Point 155Chapter 8: The Cynical Sleuth: James Chanos, Kynikos Associates LP 173Chapter 9: The Derivatives Pioneer: Boaz Weinstein, Saba Capital Management 193Afterword: Myron S. Scholes, 1997 Nobel Laureate in Economics and Co-Author of the Black-Scholes Option Pricing Model 203Appendix 211References 225Acknowledgments 237About the Author 240Index 241