anyone read the book? (by Michael Lewis) it seems as if ANYONE can open a fund and most are from crappy schools with god-given talent for finding value...
comments?
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Great F*cking book, I read it twice. Yes anyone can start a fund but not everyone can run a fund.
A fund is nothing without clients....many great investors do not have the right contacts and cannot run a fund, while many douche bags who are average at investing, make it big because of great contacts they have. It's a game of personality at the end of the day.
Beating the averages is not that hard....finding clients, well that's another story.
I think I like Liar's Poker better. Don't know why.
I like Michael Lewis's non-finance books but I have a hard time taking his business books seriously because he just doesn't bother to get crucial financial elements right. The stories are very interesting but when I can't trust his narration on the details it makes it hard to give him full credence.
This is a guy who described mortgage bonds as the first time Wall Street traded in liabilities and uses yield and interest interchangeably in a book about complex structured fixed income products. Just because you didn't know what you were doing doesn't mean the rest of Salomon didn't, Mike.
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