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The Invisible Hands: Top Hedge Fund Traders on Bubbles, Crashes, and Real Money, Revised and Updated


Praise for The Invisible Hands

"Drobny does it again!"
—JIM ROGERS, author of A Gift to My Children

"While many are too busy trying to determine 'what just happened,' the insights of these Invisible Hands provide a valuable forward-looking road map for managing institutional portfolios. With trillions at stake for our society's pensions, endowments, and foundations, this book offers important lessons for any fiduciary charged with stewarding assets for future generations."
—MICHAEL K. BARRY, Chief Investment Officer, Georgetown University Endowment

"Anyone looking for a better understanding of how to invest in turbulent waters will benefit from this guided tour of the experiences of smart and creative money managers over the last couple of years. Pick up a copy and enjoy!"
—ARMINIO FRAGA, Founding Partner, Gávea Investimentos, and former president, Central Bank of Brazil

"Drobny's pathbreaking work analyzes the deficiencies of real money investors and proposes antidotes gleaned from the techniques of top macro hedge fund managers."
—Dr. JOHN PORTER, Managing Director, Global Portfolio and Liquidity Management, Barclays Capital

"Once again, Drobny taps the most influential minds in investing to unearth some decidedly uncommon wisdom and candid revelations. The Invisible Hands maps out the winners and losers, empowering readers to navigate the transformation of the money management industry currently in full swing."
—JOHN BRYNJOLFSSON, CIO, Armored Wolf, and former portfolio manager of the $80 billion PIMCO Real Return practice

STEVEN DROBNY is the founder and CEO of Drobny Global Asset Management, an independent investment advisory, asset management, and consulting firm focused on global macro and commodity hedge fund strategies. He is also the author of the critically acclaimed Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets (Wiley). Mr. Drobny holds an MSc in finance and accounting from the London School of Economics and Political Science and a BS/BA from Bucknell University. Please visit for more information on Drobny and this book.

Foreword to the 2011 Edition by Nouriel Roubini ix

Foreword to the 2010 Edition by Jared Diamond xiii

Preface xix

Preface to the 2011 Edition xxiii

Preface to the 2010 Edition xxvii


Chapter 1 Rethinking Real Money 3

Chapter 2 The Family Office Manager: Jim Leitner, Falcon Management 33


Chapter 3 The House 59

Chapter 4 The Philosopher 91

Chapter 5 The Bond Trader 129

Chapter 6 The Professor 149

Chapter 7 The Commodity Trader 185

Chapter 8 The Commodity Investor 215

Chapter 9 The Commodity Hedger 249

Chapter 10 The Equity Trader 279

Chapter 11 The Predator 307

Chapter 12 The Plasticine Macro Trader 329


Chapter 13 The Pensioner 367

Conclusion 391

Acknowledgments 395

Bibliography 399

About the Author 407

Index 409