Following “Inside the House of Money“, this is the 2nd book by Steven Drobny on global macro hedge funds. This book, “The Invisible Hands“, focus on the 2008 global financial crisis, how some of the managers survived and why others did not. It pointed out the fundamental flaws in real money funds and how it continue to fail in future crises.

The traditional real money funds are still significant in today’s world as they have the largest managed assets in the world.

“Real money funds comprise a majority of world’s managed assets, which totaled $62 trillion at the end of 2008. Within this grouping, pensions are by far the largest category, at $24 trillion, with U.S. pensions at $15 trillion, or almost one-quarter of total managed assets.”

The 2008 crisis did not spare the famous endowment funds of Yale and Harvard. The universities have ...