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What Hedge Funds Really Do by Tucker Balch, Philip J. Romero

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CHAPTER 1

Introduction

George Soros, a poor Hungarian immigrant with a philosopher’s bent and a London School of Economics degree, founded Quantum Capital in the late 1960s and led it to breathtaking returns, famously “breaking the Bank of England” in 1992 by shorting the pound sterling. Julian Robertson, the hard-charging North Carolina charmer who made huge contrarian bets on stocks, built the Tiger Fund in the 1970s and seeded dozens of Tiger Cubs that collectively manage hundreds of billions of dollars. John Meriwether left Salomon Brothers to collect a stable of PhDs in quantitative finance from University of Chicago to form the envied, and later notorious, Long Term Capital Management (LTCM). Each of these groups earned persistent returns ...

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