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The Alpha Masters: Unlocking the Genius of the World's Top Hedge Funds

Maneet Ahuja, Mohamed El-Erian (Foreword by), Myron Scholes (Afterword by)
ISBN: 978-1-118-06552-5
272 pages
May 2012
The Alpha Masters: Unlocking the Genius of the World
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.

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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

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Maneet Ahuja is CNBC's hedge fund specialist and a producer on Squawk Box. In 2011, she co-created and developed the network's "Delivering Alpha" hedge fund summit in conjunction with Institutional Investor and was awarded CNBC's prestigious Enterprise Award in 2009 for her groundbreaking coverage of the industry. She has covered the World Economic Forum in Davos, Switzerland, and produces quarterly shows at the Department of Labor with former Federal Reserve Board chairman Alan Greenspan as well as U.S. Competitiveness Summits at Harvard Business School. 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.

Maneet is one of Forbes magazine's 30 Under 30 (Jan. 2012), has been featured in Elle magazine's annual Genius issue (April 2011), and in 2010 was nominated for Crain's New York Business Forty Under 40 Rising Stars. Follow Maneet on twitter @WallStManeet and visit her book's websites at www.thealphamasters.com and www.alphamasters.cnbc.com.

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April 17, 2012
The Alpha Masters: Unlocking the Genius of the World's Top Hedge Funds

The ultimate behind-the-scenes look at the hedge fund industry, The Alpha Masters: Unlocking the Genius of the World's Top Hedge Funds offers an unprecedented glimpse into the strategies and investment criteria serious money managers use to determine and evaluate their positions and maximize their hedge fund profits, in their own words. Author and CNBC hedge fund specialist Maneet Ahuja has unrivalled access to the masters of the market, and in this game-changing new book, she takes their stories public for the first time.

Bringing the secretive world of hedge funds out into the light of day, the book includes interviews with star fund managers:

  • Ray Dalio, Bridgewater Associates

  • Pierre LaGrange and Tim Wong, Man Group / AHL

  • John Paulson, Paulson & Co.

  • Marc Lasry and Sonia Gardner, Avenue Capital Group

  • David Tepper, Appaloosa Management

  • William A. Ackman, Pershing Square Capital Management

  • Daniel Loeb, Third Point

  • James Chanos, Kynikos Associates

  • Boaz Weinstein, Saba Capital Management

Experts at outperforming the market, many of these industry luminaries have never talked as candidly about their experiences—and the lessons they've learned—as they do in these pages.

Ahuja's unparalleled insider access allows her to bring the remarkable stories of these eleven incredibly successful individuals vividly to life as no one else can. Accessible and insightful, The Alpha Masters gets to the very heart of what makes these men and women so profitable. Packed with unique insights into the psychology of the hedge fund trade that are sure to help readers replicate the successes of the managers profiled here for themselves, the book is a provocative analysis of today's investing landscape.

Essential reading for business and investment readers of all backgrounds, The Alpha Masters is a true tell-all about life in the innermost chambers of the world of hedge funds, from a reporter on the front lin

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