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Money Mavericks

Money Mavericks

Confessions of a Hedge Fund Manager

Lars Kroijer

Jul 2010, Paperback, 224 pages
ISBN13: 9780273731986
ISBN10: 027373198X
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“I read this book cover to cover, and enjoyed every bit of it. The hedge fund industry is not known for its modesty, yet this book is not only full of fascinating information but is refreshing in this respect as well.”
Andrei Shleifer, Professor of Economics, Harvard University

“Without sensationalising, Lars tells it like it is – a no-holds-barred, warts-and-all account of what it’s like to try and set and run a hedge fund.”
Neil Wilson, editor, Eurohedge

“A compelling and demystifying chronicle of hedge funds, and of hedge fund managers. Lars’ experience is by no means novel in the industry, but his perspective most certainly is.”
Drew Dickson, Managing Partner, Dickson Capital Management

"In a world where few understand their complexities, Money Mavericks provides a compelling and accurate insight into the secretive workings of a hedge fund."
Tets Ishikawa, author of "How I Caused the Credit Crunch


Some call them ‘grotesque’, others as ‘absolutely crazy bodies’, and still more refer to them as ‘hellish’: hedge fund managers are stealthy, wealthy and tend to avoid the spotlight. But is this fair?

Money Mavericks: Confessions of a Hedge Fund Manager charts the founding, seemingly interminable rise and eventual closure of a fund which operated in London during the febrile years of 2002 to 2008. Shedding light on the incredible inside workings of hedge funds, it’s a tale of a bubble industry in a bubble town during the bubble years. It tells the story of some very smart people who were trying to do something that was incredibly hard: beat the market. If they failed, the repercussions would be swift and severe. If they succeeded, the rewards would be massive.

Having grown from a small and mainly US investment activity to become a global trillion-dollar circus, the hedge fund industry is often unfairly portrayed as a fee-charging gambling den.

But forget what you’ve heard: this is the true story of the life of a hedge fund.

“I was immersed in the hedge fund industry for years and now I want to address the myths and misperceptions that surround the hedge funds. I often feel that my six years of running Holte Capital was one long blur of human drama with triumph and failure following each other in quick and merciless succession. If you have ever been given the impression that the world of hedge funds is driven by meticulously-planned and well-coordinated dark forces, I hope my story will enlighten you.”
Lars Kroijer

Acknowledgements
Introduction


Part One Getting ready for Holte Capital

Chapter 1 Becoming a hedgie
Chapter 2 Taking the plunge
Chapter 3 Starting a hedge fund
Chapter 4 On the road
Chapter 5 Limping to launch


Part Two Becoming the real deal

Chapter 6 Mickey Mouse fund
Chapter 7 Breaking through
Chapter 8 Scaling up and meeting the Godfather
Chapter 9 The real deal
Chapter 10 Being corporate
Chapter 11 Activist investor
Chapter 12 A day in the life


Part Three On the front line

Chapter 13 Getting fully examined
Chapter 14 Blood in the streets
Chapter 15 Edge
Chapter 16 Made it?
Chapter 17 Friends and competition
Chapter 18 Making your commissions count
Chapter 19 Are we worth it?


Part Four The fast road down

Chapter 20 Feeling grim
Chapter 21 A bad day
Chapter 22 A bad run
Chapter 23 Going home
Chapter 24 Rethinking Holte Capital
Chapter 25 Are hedge funds really safe places for your money?

Lars Kroijer was the CEO of Holte Capital Ltd, a London-based special situations hedge fund which he founded in 2002 before returning external capital in the spring of 2008. Prior to establishing Holte Capital, Mr. Kroijer served in the London office of HBK Investments focusing on special situations investing and event-driven arbitrage. In addition, he previously worked at SC Fundamental, a value-focused hedge fund based in New York, and the investment banking division of Lazard Freres in New York. Mr. Kroijer graduated Magna Cum Laude from Harvard University and received a MBA from Harvard Business School.

Expert Reviews

"Gives an insight into the private struggles behind the slick façade of hedge funds." Hedge Funds Review, August 2010


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