In­sider Story

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Ti­tle: Hedge Hogs: The Cow­boy Traders Be­hind Wall Street’s Largest Hedge Fund Disas­ter Author: Bar­bara T. Drey­fuss Pages: 320

This book is 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. An in­sider’s story on how hedge funds are play­ing high-stakes poker for mas­sive per­sonal prof­its and steal­ing the Amer­i­can Dream from aver­age fam­i­lies. This is a case study that cries out for tougher crack­downs on the de­riv­a­tives game. In Hedge Hogs, Bar­bara Drey­fuss re­veals in foren­sic de­tail how Hunter car­ried out a spec­u­la­tive as­sault on the highly vul­ner­a­ble U.S. en­ergy mar­ket. Hedge Hogs is a great read for those in­ter­ested in an in­tro­duc­tion to the games of­ten played by en­ergy traders, as well as Wall Street vet­er­ans who think they know ev­ery­thing there is to know on this sub­ject. Hedge Hogs is not merely the de­fin­i­tive take on the largest hedge fund col­lapse in his­tory—it is a win­dow into how the fi­nan­cial sys­tem came un­stuck. Once you start read­ing this book you will not be able to put it down.

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