Episode September 25, 2025 28 min 58s

More Money Than God: Hedge Funds and the Making of a New Elite

A comprehensive historical overview of hedge funds and their evolution, highlighting key figures and significant financial events. It chronicles the origins of the "hedged fund" concept with Alfred Winslow Jones in 1949, detailing his innovative strategies of performance fees, regulatory avoidance, long/short investing, and leverage. The text further examines the rise of notable hedge fund managers like Michael Steinhardt, the trend-following success of Commodities Corporation with Michael Marcus and Bruce Kovner, and the influential philosophical and financial approaches of George Soros, particularly his "reflexivity" theory and large-scale currency speculations. Finally, the material addresses the impact of hedge funds on institutional investing through figures like David Swensen at Yale, the emergence of "alpha factories" and the increasing crowding of trades, culminating in discussions of the 2007-2008 financial crisis and the varied roles hedge funds played within it.

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