Steven Drobny, former hedge fund advisor and co-founder of the research and advisory firm Drobny Global Advisors, attempts to demystify the global macro strategy in this insiders look at this all encompassing discretionary hedge fund strategy. Instead of giving a boiler plate definition of global macro, Drobny used his access to several hedge fund titans to open a window into the seemingly secretive world of successful traders.
Key to the book are in-depth interviews with some of the top money managers in the world. The advisors come from different backgrounds and have a wide range of specialties, including central banker, floor trader, family office manager and commodity specialist. They all freely share their outlooks on numerous topics, as well as on the global macro strategy. Drobny begins each chapter with a brief introduction of the advisor, which not only includes career and performance history, but entertaining nuggets that bring out the enormous personalities of his subjects.
Drobny knows which questions to ask of each specialist to provide the most relevant insights for his readers.
Some very common threads appear, such as the need for discipline to capitalize on your successes and minimize your mistakes. There are many different strategies used to accomplish this goal, including the importance of psychology for one trader and the observance of lunar cycles for another.
Each has his own opinion of what makes a good trader as well as varying views on risk tolerance, global monetary policy and the direction of the markets.
One consensus is the importance of reading. Inside The House Of Money will help demystify global macro for traders and investors, and provide a unique look into the minds of some of today’s most successful strategists.
Jennifer Lyng is a freelance writer with an MBA in Finance. E-mail: jennifer.lyng@sbcglobal.net.
