Why Hedge Funds Help Markets
Though the title of his history of hedge funds — More Money Than God — might sound a bit extreme, Sebastian Mallaby had his reasons. “J.P. Morgan was known as Jupiter because of his godlike power over Wall Street,” Mallaby explained to the crowd at MOCA Grand Avenue. The titan had at his death in 1913 $1.4 billion in today’s dollars. “A lot of characters around hedge funds make $1.4 billion in a single year.” In an event presented with the UCLA Burkle Center for International Relations, Mallaby, a senior …
