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"The Invisible Hands-Hedge Fund Off the Record" Book Review

     Steve Drobny's "The Invisible Hands" (Wiley, 2010) serves two timely purposes. First, it provides for a quick overview of the financial meltdown of 2008. The explanation strikes just the right balance between too much detail and too much generalization. Certainly it helps to have some financial or investment background to fully appreciate the devastation in the market, but the book can also provide useful insights for those just curious about the situation, whom may not have an extensive background in finance.
    Frankly, his analysis is not particularly unique or overly original, but it is relatively succinct, and does not purport to be definitive. It is fair, unlike many commentators, who try to lay the blame at the feet of the regulators, the politicians, the bankers, you name it. Drobny realizes that there is plenty of blame to go around, and he very deftly points this out without sounding preachy or judgmental.
   The primary part of "The Invisible Hands" recounts several successful Global Macro hedge fund manager's exploits throughout 2008. Each manager, in their own unique way, was able to navigate through the treacherous waters and escape relatively unscathed.  While the actual names of the managers aren't provided, enough detail is given to provide the reader with useful, first-hand knowledge of precisely how each manager achieved the results they did. This section of the book is similar to the approach taken in Jack Schwager's successful "Market Wizards" series.
   Overall, "The Invisible Hands" is a worthwhile read both for the recap of 2008, and the interviews with those managers who seemingly outwitted the markets of that singularly devastating year.

Disclosure: None