SuperCash: The New Hedge Fund Capitalism (Wiley Trading)
by James Altucher
Book Summary Information
Author: James AltucherEdition: Hardcover
Audio: English (Original Language); English (Unknown); English (Published)
Published: 2006-03-24
ISBN: 0471745995
Number of pages: 224
Publisher: Wiley
Book Reviews of SuperCash: The New Hedge Fund Capitalism (Wiley Trading)
Book Review: Beyond the Reach of Retail Investors
Summary: 4 Stars
James Altucher's third book, Supercash, is an ode signifying that the days of buy-and-hold are over. As easy-to-find alpha has been squelched in today's crowded, competitive markets, the next generation of hedge funds is devising more creative and unconventional techniques. Supercash examines these techniques and provides and interesting scoop into the cutting edge of Wall Street strategy.
Some of the topics covered in this book may sound familiar: shareholder activism, lending money to clientele too risky or illiquid for the average bank, and piggybacking the Wall Street titans. However, Supercash also introduces a number of more exotic forms of investing that rarely get press: PIPEs, investing in rare art and collectibles, as well as a few quantitative or statistical-based ideas. Most of these innovative strategies leverage the scale and financial wizardry only available to a hedge fund, and therefore most of this book is of little use to the average retail investor.
I must admit that a few ideas are presented in an opinionated light, as I disagreed with Altucher's defensive stance on short selling. Also, given the book was written before the recent global credit disaster, it would be interesting to read a follow-up on some of the credit-based strategies. My favorite chapter is "So You Want to Start a Hedge Fund," which provides some wisdom into the difficulties of launching your own fund. Surprisingly, accomplishing success sounds easier than you might think, but is also less lucrative than you might think. Supercash would probably be of little help to Average Joe's Ameritrade account, but is no doubt a fascinating read to Wall Street buffs and those who just like to learn about making money.
Summary of SuperCash: The New Hedge Fund Capitalism (Wiley Trading)
"James Altucher is scary smart, and also a font of great and original ideas. So it's no surprise that SuperCa$h is so much fun to read and so devilishly informative. It is equally full of 'holy cow!' moments and 'why-didn't-I-think-of-that?' moments. A true keeper."-Stephen J. Dubner, coauthor of Freakonomics
"Altucher describes in easy-to-understand terms the strategies used by the smartest managers in the world-those who are running the hottest hedge funds-to show how they are making money today. SuperCa$h is a great primer for those who are looking to trade like the pros. And it helps that Altucher writes in a clear and fun style!"
-John Mauldin, President of Millennium Wave Advisors, LLC, and author of Bull's Eye Investing
As hedge funds have become more mainstream, some of their strategies are less capable of producing extraordinary returns. In response, hedge fund managers and other sophisticated investors have found new ways to turn cash into supercash. Examine these new ways with hedge fund manager James Altucher and supersize your returns.
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