Hedge Hogs The Cowboy Traders Behind Wall Stree

ForreadersofTheSmartestGuysintheRoomandWhenGeniusFailed，thedefinitivetakeonBrianHunter，JohnArnold，AmaranthAdvisors，andthelargesthedgefundcollapseinhistoryAtitspeak，hedgefundAmaranthAdvisorsLLChadmorethan$9billioninassets.Afewweekslater，itcompletelycollapsed.Thedisasterwaslargelytriggeredbyoneman：thirty-two-year-oldhotshottraderBrianHunter.Hishigh-riskbetsonnaturalgaspricesbankruptedhisfirmanddestroyedhiscareer，whileJohnArnold，hisrivalatcompetitorfundCentaurus，emergedasthehighest-paidtraderonWallStreet.Meticulouslyresearchedandcharacter-driven，HedgeHogsisarivetingfly-on-the-wallaccountofthelargesthedgefundcollapseinhistory：ablisteringtaleoftherecentpastthatexplainsourprecariouspresent...andmaypredictourfuture.Usingemails，instantmessages，courttestimony，andexclusiveinterviews，securitiesanalystturnedinvestigativereporterBarbaraT.Dreyfusschartsthecollidingpathsofthesetwocharismatictraderswhodominatedthespeculativeenergymarket.WefollowBrianHunter，theCanadianfarmboyandelbows-outhighschoolbasketballstar，asheachievesphenomenalearlysuccess，onlytoseehisambition，greed，andhubrisprecipitatehisdownfall.SetinreliefisthejourneyofJohnArnold，whosemildmanner，sophisticatedtastes，andlowprofilebeliedhisownferociouscompetitivestreak.Asthetwoclash，hundredsofmillionsofdollarsinpensionandendowmentmoneyisimperiled，withdevastatingpublicconsequences.HedgeHogstakesyoubehindcloseddoorsintotheshadowyworldofhedgefunds，theunregulatedwildsideoffinance，whereover-the-toppartiesandlavishperksaboundandbillionsofdollarsofotherpeople’smoneyareinthehandsofatinyelite.Dreyfusstracestheriseofthisfreewheelingindustrywhiledetailingthedecadesofbank，hedgefund，andcommodityderegulationthatturnedWallStreetintoaspeculativecasino.Agrippingsagapepperedwithfastmoney，vividcharacters，andhighdrama，HedgeHogsisalsoanimportantandtimelycautionarytale—avivisectionofafinancialsystemjeopardizedbyrecklesspractices，watered-downregulation，andloopholesingovernmentoversight，justwaitingforthenextbust.PraiseforHedgeHogs“Regulators，legislatorsandjudgesinclinedtosympathizewiththeindustryoughttorushoutandbuyacopyofBarbaraDreyfuss’sHedgeHogs，awonderfullyinstructivetaleaboutAmaranthAdvisors....Dreyfuss，aWallStreetanalystturnedinvestigativejournalist，notonlyplowedthroughwhatturnedouttobeatreasuretroveofofficialrecordsandtranscripts，butsupplementeditwithplentyofherownreporting.Shemanagestoorganizeitallintoatight，rivetingandunderstandableyarn.”—TheWashingtonPost“Clearlyandentertaininglytold...asalutaryexampleofhowtraderswhobelievetheyaresuper-smartmightbenothingmorethanlucky，andhowthereisnothingsointoxicatingastheabilitytospeculatewithotherpeople’smoney.”—TheEconomist“[Dreyfuss]doesagreatjobofputtingAmaranth’sout-of-controltraderintohistoricalcontext，explainingtheblitzofderegulationthatsetthestageforsomeonelikeHuntertodomaximumdamage.”—Bloomberg“Thedefinitivetakeonthelargesthedgefundcollapseinhistory...Youwillnotbeabletoputitdown.”—FrankPartnoy，authorofF.I.A.S.C.O.andInfectiousGreedNamedOneoftheTop10Business&EconomicsBooksoftheSeasonbyPublishersWeekly