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Hedge Hogs: The Cowboy Traders Behind Wall Street's Largest Hedge Fund Disaster
by Barbara T. DreyfussFor readers of The Smartest Guys in the Room and When Genius Failed, the definitive take on Brian Hunter, John Arnold, Amaranth Advisors, and the largest hedge fund collapse in historyAt its peak, hedge fund Amaranth Advisors LLC had more than $9 billion in assets. A few weeks later, it completely collapsed. The disaster was largely triggered by one man: thirty-two-year-old hotshot trader Brian Hunter. His high-risk bets on natural gas prices bankrupted his firm and destroyed his career, while John Arnold, his rival at competitor fund Centaurus, emerged as the highest-paid trader on Wall Street. Meticulously researched and character-driven, Hedge Hogs is a riveting fly-on-the-wall account of the largest hedge fund collapse in history: a blistering tale of the recent past that explains our precarious present . . . and may predict our future. Using emails, instant messages, court testimony, and exclusive interviews, securities analyst turned investigative reporter Barbara T. Dreyfuss charts the colliding paths of these two charismatic traders who dominated the speculative energy market. We follow Brian Hunter, the Canadian farm boy and elbows-out high school basketball star, as he achieves phenomenal early success, only to see his ambition, greed, and hubris precipitate his downfall. Set in relief is the journey of John Arnold, whose mild manner, sophisticated tastes, and low profile belied his own ferocious competitive streak. As the two clash, hundreds of millions of dollars in pension and endowment money is imperiled, with devastating public consequences. Hedge Hogs takes you behind closed doors into the shadowy world of hedge funds, the unregulated wild side of finance, where over-the-top parties and lavish perks abound and billions of dollars of other people's money are in the hands of a tiny elite. Dreyfuss traces the rise of this freewheeling industry while detailing the decades of bank, hedge fund, and commodity deregulation that turned Wall Street into a speculative casino. A gripping saga peppered with fast money, vivid characters, and high drama, Hedge Hogs is also an important and timely cautionary tale--a vivisection of a financial system jeopardized by reckless practices, watered-down regulation, and loopholes in government oversight, just waiting for the next bust.Praise for Hedge Hogs "Regulators, legislators and judges inclined to sympathize with the industry ought to rush out and buy a copy of Barbara Dreyfuss's Hedge Hogs, a wonderfully instructive tale about Amaranth Advisors. . . . Dreyfuss, a Wall Street analyst turned investigative journalist, not only plowed through what turned out to be a treasure trove of official records and transcripts, but supplemented it with plenty of her own reporting. She manages to organize it all into a tight, riveting and understandable yarn."--The Washington Post"Clearly and entertainingly told . . . a salutary example of how traders who believe they are super-smart might be nothing more than lucky, and how there is nothing so intoxicating as the ability to speculate with other people's money."--The Economist"[Dreyfuss] does a great job of putting Amaranth's out-of-control trader into historical context, explaining the blitz of deregulation that set the stage for someone like Hunter to do maximum damage."--Bloomberg "The definitive take on the largest hedge fund collapse in history . . . You will not be able to put it down."--Frank Partnoy, author of F.I.A.S.C.O. and Infectious GreedNamed One of the Top 10 Business & Economics Books of the Season by Publishers Weekly
Hedge Hunters: Hedge Fund Masters on the Rewards, the Risk, and the Reckoning (Bloomberg #22)
by Katherine BurtonOne of Amazon.com's Best Books of 2007 Top 10 Editor's Picks: Finance and Investing The hedge fund industry's top managers have a penchant for high returns and low profiles. The combination makes them a regular focus of the media, eager to know what makes them tick. Now, thanks to Katherine Burton, who's been covering these noteworthy traders for Bloomberg News for more than a decade, we know considerably more about them. With candor and detail, the industry's most successful hedge fund managers describe the events that shaped their personal journeys, the strategies they use to produce returns even in uncooperative markets, and the attributes that make a smart investor. Hedge Hunters offers a rare look at the industry's top performers and an introduction to some of the most talented new managers, handpicked by the masters themselves.
Hedged: How Private Investment Funds Helped Destroy American Newspapers and Undermine Democracy (The History of Media and Communication)
by Margot SuscaThe untold history of an American catastrophe The ultrawealthy largely own and guide the newspaper system in the United States. Through entities like hedge funds and private equity firms, this investor class continues to dismantle the one institution meant to give voice to average citizens in a democracy. Margot Susca reveals the little-known history of how private investment took over the newspaper industry. Drawing on a political economy of media, Susca’s analysis uses in-depth interviews and documentary evidence to examine issues surrounding ownership and power. Susca also traces the scorched-earth policies of layoffs, debt, cash-outs, and wholesale newspaper closings left behind by private investors and the effects of the devastation on the future of news and information. Throughout, Susca reveals an industry rocked less by external forces like lost ad revenue and more by ownership and management obsessed with profit and beholden to private fund interests that feel no responsibility toward journalism or the public it is meant to serve.
Hedged Out: Inequality and Insecurity on Wall Street
by Megan Tobias NeelyA former hedge fund worker takes an ethnographic approach to Wall Street to expose who wins, who loses, and why inequality endures. Who do you think of when you imagine a hedge fund manager? A greedy fraudster, a visionary entrepreneur, a wolf of Wall Street? These tropes capture the public imagination of a successful hedge fund manager. But behind the designer suits, helicopter commutes, and illicit pursuits are the everyday stories of people who work in the hedge fund industry—many of whom don’t realize they fall within the 1 percent that drives the divide between the richest and the rest. With Hedged Out, sociologist and former hedge fund analyst Megan Tobias Neely gives readers an outsider’s insider perspective on Wall Street and its enduring culture of inequality. Hedged Out dives into the upper echelons of Wall Street, where elite white masculinity is the standard measure for the capacity to manage risk and insecurity. Facing an unpredictable and risky stock market, hedge fund workers protect their interests by working long hours and building tight-knit networks with people who look and behave like them. Using ethnographic vignettes and her own industry experience, Neely showcases the voices of managers and other workers to illustrate how this industry of politically mobilized elites excludes people on the basis of race, class, and gender. Neely shows how this system of elite power and privilege not only sustains itself but builds over time as the beneficiaries concentrate their resources. Hedged Out explains why the hedge fund industry generates extreme wealth, why mostly white men benefit, and why reforming Wall Street will create a more equal society.
The Hedgehog Effect: The Secrets of Building High Performance Teams
by Manfred F. Kets de VriesIn The Hedgehog Effect, Manfred Kets de Vries presents the case for leadership group coaching as an experiential training ground for learning to function as a high performance team. His group coaching model, incorporating living case studies, has been developed over more than 20 years of delivering programs to top-level executives and sets the standard in the field of leadership group coaching. Written for coaches, consultants, leadership development directors, and anyone working in or with teams, The Hedgehog Effect begins with an in-depth analysis of what teams and groups are all about. The intricacies of leadership coaching are illustrated with an elaborate example of a team coaching intervention. In Part Two, the author applies a psychodynamic lens to the dynamics of teams and groups, taking a close look at relationship patterns, how groups evolve, and the phenomenon of the group-as-a-whole. Part Three takes a more systemic perspective, addressing the challenges that change processes pose for people in organizations, and how to create best places to work. Kets de Vries supports the whole with the story of an organizational change initiative accomplished through group coaching.
Hedgehogging: Zeitlose Investment-Weisheiten einer Wall-Street-Legende
by Barton BiggsRare is the opportunity to chat with a legendary financial figure and hear the unvarnished truth about what really goes on behind the scenes. Hedgehogging represents just such an opportunity, allowing you to step inside the world of Wall Street with Barton Biggs as he discusses investing in general, hedge funds in particular, and how he has learned to find and profit from the best moneymaking opportunities in an eat-what-you-kill, cutthroat investment world.
Hedgehogging
by Barton BiggsRare is the opportunity to chat with a legendary financial figure and hear the unvarnished truth about what really goes on behind the scenes. Hedgehogging represents just such an opportunity, allowing you to step inside the world of Wall Street with Barton Biggs as he discusses investing in general, hedge funds in particular, and how he has learned to find and profit from the best moneymaking opportunities in an eat-what-you-kill, cutthroat investment world.
Hedging Currency Exposure: Currency Risk Management (Glenlake Series in Risk Management)
by Brian CoyleFirst Published in 2001. Routledge is an imprint of Taylor & Francis, an informa company.
Hedging Currency Risks at AIFS
by Mihir A. Desai Vincent Dessain Anders SjomanThe American Institute for Foreign Studies (AIFS) organizes study abroad programs and cultural exchanges for American students. The firm's revenues are mainly in U.S. dollars, but most of its costs are in eurodollars and British pounds. The company's controllers review the hedging activities of AIFS. AIFS has a hedging policy, but the controllers want to review the percentage of exposure that is covered and the use of forward contracts and options. AIFS sets guaranteed prices for its exchanges and tours a year in advance, before its final sales figures are known. The controllers need to ensure that the company adequately hedges its foreign exchange exposure and achieves an appropriate balance between forward contracts and currency options. To obtain executable spreadsheets (courseware), please contact our customer service department at custserv@hbsp.harvard.edu.
Hedging Market Exposures
by Oleg V. Bychuk Brian HaugheyIdentify and understand the risks facing your portfolio, how to quantify them, and the best tools to hedge themThis book scrutinizes the various risks confronting a portfolio, equips the reader with the tools necessary to identify and understand these risks, and discusses the best ways to hedge them.The book does not require a specialized mathematical foundation, and so will appeal to both the generalist and specialist alike. For the generalist, who may not have a deep knowledge of mathematics, the book illustrates, through the copious use of examples, how to identify risks that can sometimes be hidden, and provides practical examples of quantifying and hedging exposures. For the specialist, the authors provide a detailed discussion of the mathematical foundations of risk management, and draw on their experience of hedging complex multi-asset class portfolios, providing practical advice and insights.Provides a clear description of the risks faced by managers with equity, fixed income, commodity, credit and foreign exchange exposuresElaborates methods of quantifying these risksDiscusses the various tools available for hedging, and how to choose optimal hedging instrumentsIlluminates hidden risks such as counterparty, operational, human behavior and model risks, and expounds the importance and instability of model assumptions, such as market correlations, and their attendant dangersExplains in clear yet effective terms the language of quantitative finance and enables a non-quantitative investment professional to communicate effectively with professional risk managers, "quants", clients and othersProviding thorough coverage of asset modeling, hedging principles, hedging instruments, and practical portfolio management, Hedging Market Exposures helps portfolio managers, bankers, transactors and finance and accounting executives understand the risks their business faces and the ways to quantify and control them.
The Hedonic Country Product Dummy Method and Quality Adjustments for Purchasing Power Parity Calculations
by Mick SilverA report from the International Monetary Fund.
Hedonism, Utilitarianism, and Consumer Behavior: Exploring the Consequences of Customer Orientation
by Daniele ScarpiThis book investigates the effects of utilitarian and hedonic shopping behavior, drawing on original empirical research. Consumers have been shown to shop in one of two ways: they are either mainly driven by fun, escapism, and variety, or by need and efficiency. While previous literature has focused on the drivers of hedonic or utilitarian shopping, this book explores the consequences of these styles of shopping and addresses their impact on perceived value, money spent, and willingness to return to the store in future. The author synthesizes theories from previous studies, applying them to two key retailing contexts – intensive distribution and selective distribution. Ultimately, this book highlights the need for retailers to adopt a more consumer-based perspective to improve shopping experiences. It will prove useful for academics who want to gain a better understanding of hedonic and utilitarian behavior, and also offers practitioners with useful insights on how to target different customer segments.
Heed Your Call: Integrating Myth, Science, Spirituality, and Business
by David M. HowittHeed Your Call is about embracing the power of and. It is for the person who has come to a place in life where toiling away at work in pursuit of the American dream just isn't worth the punishment anymore. It is for the professional who wants to feel more connected and fulfilled, the spiritual seeker who believes gaining wealth diminishes the sacred, the innovator being stifled creatively, and the people who want to become the heroes of their own stories. This book is about following your path, creating a life of abundance and joy, and doing your part to repair the world. Through telling his own story, along with those of other modern-day entrepreneurial heroes, David M. Howitt shares the principles behind his and others' successes in eleven real-world lessons on how we can apply simple principles that help us weave business into our spiritual narratives and pour our souls into our professions. By uniting artistry and analytics and integrating intuition with intellect, we positively affect the way we live and the world around us. Through the activation of creative principles, living authentically, and absorbing new experiences, we evolve from the radical integration of so-called disparate worlds. We birth a new reality and build a road map for our future.
Hegarty on Advertising
by John HegartyA look into what lies behind great ideas and brilliant advertising, told by one of the industry's leading players. What makes a great idea? How does one best pitch to a prospective client? What effect will new technology have on advertising? Written by one of the world's leading advertising creatives, Hegarty on Advertising contains over four decades of wisdom and insight from the man behind hugely effective and influential campaigns for brands such as Levi Strauss, Audi, and Unilever. The book is both an advertising credo and a brilliantly entertaining memoir. The first part offers John Hegarty's personal insights and advice on the advertising business: Ideas, Brands, The Agency, Briefs, Pitching, Storytelling, and Technology. In the second part, Hegarty talks about his own career and experiences, from his early days working with Charles Saatchi to the founding of Bartle Bogle Hegarty (BBH) in 1982 and its rise to global renown with offices in London, New York, Singapore, Shanghai, Mumbai, and Sao Paulo.
Hegarty on Advertising (New Edition): Turning Intelligence Into Magic
by John Hegarty<P><P>Anyone interested in learning about advertising throughout the world will enjoy reading this book. —Choice <P><P>What makes a great idea? How do you make the best pitch to a prospective client? What effect will new technology have on advertising? Written by one of the world’s leading advertising creatives, Hegarty on Advertising contains over four decades of wisdom and insight from the man behind hugely effective and influential campaigns for brands such as Levi Strauss, Audi, and Unilever. <P><P>The book is both an advertising credo and a brilliantly entertaining memoir, divided into two parts. The first offers John Hegarty’s personal insights and advice on the advertising business: Ideas, Brands, The Agency, Briefs, Pitching, Storytelling, and Technology. In the second, Hegarty talks about his own career and experiences, from his early days working with Charles Saatchi to the founding of Bartle Bogle Hegarty (BBH) in 1982 and its rise to global renown with offices in London, New York, Singapore, Shanghai, Mumbai, and Sao Paulo. This essential addition to any advertising executive’s shelf is now fully revised and ready to inspire a new generation of marketers.
Hegarty on Creativity: There Are No Rules
by John HegartyA look into what lies behind creativity from one of the advertising industry's leading players Creativity isn't an occupation; it's a preoccupation. It is challenge for everyone in the modern world--from business and advertising to education and beyond. Here, the world-famous advertising creative John Hegarty offers a pocket bible of creative thinking, aimed at provoking, challenging, and inspiring greater heights of innovation. From Renaissance art to rock 'n' roll, Hegarty takes a wide-angle view of creativity as he sets out to demystify the many ups-and-downs that can arise during the creative process. Paralyzed by the blank page? Daunted by cynics in the workplace? Money leading you astray? Hegarty combines personal experience and anecdotes along with clear, pragmatic, and good-humored insight into tackling all creative challenges head on. Over fifty entries, including "Good is the Enemy of Great," "Respect Don't Revere," "Get Angry," and "Bad Weather" relay useful and generous advice on how best to improve, sustain, and nurture creativity in any profession. Accompanied by copious irreverent line drawings from Hegarty's own sketchpad, Hegarty on Creativity is concise, accessible, and richly rewarding.
Hegel, Institutions and Economics: Performing the Social (Routledge Frontiers of Political Economy)
by Carsten Herrmann-Pillath Ivan BoldyrevHegel’s philosophy has witnessed periods of revival and oblivion, at times considered to be an unrivalled and all-embracing system of thought, but often renounced with no less ardour. This book renews the dialogue with Hegel by looking at his legacy as a source of insight and judgement that helps us rethink contemporary economics. This book focuses on a concept of institution which is equally important for Hegel's political philosophy and for economic theory to date. The key contributions of this Hegelian perspective on economics lead us to the synthesis of traditional approaches and new ideas gained in economic experiments and advanced by neuroeconomists, sociologists and cognitive scientists. The proper account of contemporary 'civil society' involves comprehending it as a historically evolving totality of individual minds, ideas and intersubjective structures that are mutually dependent, tied by recognitive relations, and assert themselves as a whole in the ongoing performative movement of 'objective spitit'. The ethics of recognition is paired with the ethics of associations that supports moral principles and gives them true, concrete universality. This unusual constellation of seemingly remote fields suggests that Hegel, read in a pragmatist mode, anticipated the new theories and philosophies of extended mind, social cognition and performativity. By providing a new conceptual apparatus and reformulating the theory of institutions in the light of this new synthesis, this book claims to give new meaning both to Hegel as interpreted from today, and to the social sciences. Seen from this perspective, such phenomena as cooperation in games, personal identity or justice in the version of Amartya Sen's 'realization-focused comparisons' are reinscribed into the logic of institutional theory. This 'Hegel' clearly goes beyond the limits of philosophical discussion and becomes a decisive reference for economists, sociologists, political scientists and other scholars who study the foundations and consequences of human sociality and try to explore and design the institutions necessary for a worthy common life.
Hegel on Ethics, the State and Public Policy: Comparisons with Immanuel Kant and Utilitarianism (Routledge Studies in the History of Economics)
by Samuel HollanderDrawing on a wide range of Hegel’s writings, this book analyses the Hegelian position on ethical action. This position is systematically compared with that of Immanuel Kant, the comparison emphasizing Hegel’s insistence on a morality grounded in an ‘ethical’ context which essentially refers to the state rather than the agent’s private will. The argument proceeds to the relationship between the state and the various components of civil society, and to the interaction between the state and the individual, and feeds into the debate regarding Hegel’s status in relation to Utilitarian Ethics and liberalism. This book carries further the researches published in A History of Utilitarian Ethics and Immanuel Kant and Utilitarian Ethics and will be of interest to readers in the history of political economy, political science, philosophy and ethics.
Hegel’s Moral Corporation
by Thomas KlikauerHegel's Moral Corporation is about two versions of a corporation, one business oriented and dedicated to shareholder-value and profit-maximisation and one dedicated to moral life, Sittlichkeit, in Hegelian terms.
Hegemonic Transitions, the State and Crisis in Neoliberal Capitalism (Routledge Studies in Governance and Change in the Global Era)
by Yildiz AtasoyMore than 15 years have passed since the end of the Cold War, but uncertainty persists in the political-economic shaping of the world economy and state system. Although many countries have institutionalized neoliberal policies since the mid-1970s, thesepolicies have not taken hold to the same degree, nor have their effects been uniform across all countries. Nevertheless there has been widespread deepening of inequalities, and, therefore, scepticism towards the neoliberal project. Uncertainty prevails not only in the relations between states, but also in the relations between forces of capital, citizens, and political power within states. Moreover, there is conceptual confusion in our understanding of the events and processes of neoliberal global transformation. This collection of essays provides a comprehensive theoretical and empirical examinationof neoliberal restructuring as a complex political process. In an effort to penetrate and clarify this complexity, the book explores the connections between the economy, state, society, and citizens, while also offering current examples of resistance to neoliberalism. The book provides a forum for rethinking politics that represents a turn to societal forces as essential not only to the uncovering of this complexity but also to the formulation of democratic possibilities beyond global hegemonic projects. The book does not seek to produce a new model for social change, nor does it dwell on the spatial aspects of modernity's new form or the emergence of a new state hegemony (China) or new forms of rule (empire) in managing the world capitalist economy. Instead, the book argues that an understanding of hegemonic transformations requires the problematization of global power as embedded in historically specific social relations.
Hegemony: The New Shape of Global Power
by John AgnewHegemony tells the story of the drive to create consumer capitalism abroad through political pressure and the promise of goods for mass consumption. In contrast to the recent literature on America as empire, it explains that the primary goal of the foreign and economic policies of the United States is a world which increasingly reflects the American way of doing business, not the formation or management of an empire. Contextualizing both the Iraq war and recent plant closings in the U. S. , noted author John Agnew shows how American hegemony has created a world in which power is no longer only shaped territorially. He argues in a sobering conclusion that we are consequently entering a new era of global power, one in which the world the US has made no longer works to its singular advantage.
Hegemony and the Politics of Labour: Towards a Discourse Theory of Value in Contemporary Capitalism (Routledge Innovations in Political Theory)
by Simon TundermanHegemony and the Politics of Labour takes up a question that goes to the heart of the debate about politics, capitalism, and discourse: how can labour relations and value production be understood as discursive processes? When they launched their poststructuralist discourse theory almost 40 years ago, Ernesto Laclau and Chantal Mouffe positioned the contingency of discourse and politics in sharp contrast to the deterministic tendencies of the Marxist critique of capitalism. Moving beyond Marxism as an essentialist ‘other’, discourse theory has since remained notoriously silent on questions related to the core workings of capitalism. This book is the first to bring the central categories of discourse theory into conversation with Marx’s critique of political economy. Reintegrating both traditions, it argues that the social relations of labour in capitalism emerge as a hegemonic formation. Its contribution is to extend the reach of discourse theory to the capitalist economy, exploring how a post- Marxist account of labour, value, and class connects to the contingent politics of populism. Hegemony and the Politics of Labour is an original and important contribution to the fields of discourse theory and critique of political economy.
Hegemony and World Order: Reimagining Power in Global Politics (Routledge Global Cooperation Series)
by Piotr Dutkiewicz Tom Casier Jan Aart ScholteHegemony and World Order explores a key question for our tumultuous times of multiple global crises. Does hegemony – that is, legitimated rule by dominant power – have a role in ordering world politics of the twenty-first century? If so, what form does that hegemony take: does it lie with a leading state or with some other force? How does contemporary world hegemony operate: what tools does it use and what outcomes does it bring? This volume addresses these questions by assembling perspectives from various regions across the world, including Canada, Central Asia, China, Europe, India, Russia and the USA. The contributions in this book span diverse theoretical perspectives from realism to postcolonialism, as well as multiple issue areas such as finance, the Internet, migration and warfare. By exploring the role of non-state actors, transnational networks, and norms, this collection covers various standpoints and moves beyond traditional concepts of state-based hierarches centred on material power. The result is a wealth of novel insights on today's changing dynamics of world politics. Hegemony and World Order is critical reading for policymakers and advanced students of International Relations, Global Governance, Development, and International Political Economy.
Hegemony and World Order: Reimagining Power in Global Politics (ISSN)
by Jan Aart Scholte Piotr Dutkiewicz Tom CasierHegemony and World Order explores a key question for our tumultuous times of multiple global crises. Does hegemony – that is, legitimated rule by dominant power – have a role in ordering world politics of the twenty-first century? If so, what form does that hegemony take: does it lie with a leading state or with some other force? How does contemporary world hegemony operate: what tools does it use and what outcomes does it bring?This volume addresses these questions by assembling perspectives from various regions across the world, including Canada, Central Asia, China, Europe, India, Russia and the USA. The contributions in this book span diverse theoretical perspectives from realism to postcolonialism, as well as multiple issue areas such as finance, the Internet, migration and warfare. By exploring the role of non-state actors, transnational networks, and norms, this collection covers various standpoints and moves beyond traditional concepts of state-based hierarches centred on material power. The result is a wealth of novel insights on today's changing dynamics of world politics.Hegemony and World Order is critical reading for policymakers and advanced students of International Relations, Global Governance, Development, and International Political Economy.The Open Access version of this book, available at http://www.taylorfrancis.com, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-ND) 4.0 license.