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“Thanks to this gripping new book … we know more about how they do it. And it’s even more shocking than you think.” —The Independent
When most people think of the drama of global finance, they think of stocks and bonds, venture capital, high-tech IPOs, and complex mortgage-backed securities. But commodities? Crude oil and soybeans? Copper and wheat? What could be more boring?
That’s exactly what the elite commodity traders want you to think. They don’t seek the media spotlight. They don’t want to be as famous as Warren Buffett or Bill Gross. Their astonishing wealth was created in near-total obscurity, either in closely held private companies or deep within large banks and corporations, where commodity profits and losses weren’t broken out.
Now Kate Kelly, the bestselling author of Street Fighters, takes us inside this secretive inner circle that controls so many things we all depend on. She gets closer than any previous reporter to understanding these whip-smart, aggressive, and often egomaniacal men who bet millions every day on a blend of facts, analysis, and pure gut instinct.
- Sales Rank: #398859 in Books
- Published on: 2015-06-16
- Released on: 2015-06-16
- Original language: English
- Number of items: 1
- Dimensions: 8.40" h x .78" w x 5.40" l, .57 pounds
- Binding: Paperback
- 288 pages
From Booklist
Hedging the risk of investing in commodities used to be the fairly dull province of a few brokers and traders on one side of a transaction and farmers and end users of crude oil, copper, and pork bellies on the other. But the great commodities boom of the early 2000s attracted flamboyant risk-takers, whose transactions ultimately produced wild swings in prices on gasoline, food, and other essentials and prompted regulators to try to crack down. CNBC market reporter Kelly (Street Fighters, 2009) unveils the secretive world of unregulated hedge funds, of banks and brokers who trade for their own accounts often against the interests of their customers. With exclusive access to the major players in the commodities market, Kelly offers fascinating portraits of huge egos and details of byzantine deals, including a massive merger aided by former UK prime minister Tony Blair. Among her subjects are a fuel trader whose trades saved a sagging Delta Air Lines and a trader at a Swiss commodities firm founded by American fugitive Marc Rich. This is an absorbing inside look at the shady world of multinational brokers. --Vanessa Bush
Review
Praise for Kate Kelly’s New York Times Bestseller Street Fighters:
“It overstates nothing to call Kelly’s book brilliantly reported, and her narrative is grippingly propulsive and peopled with fascinatingly drawn characters.”
—Los Angeles Times
“The twists and turns of those frantic few days make for lively reading.”
—The New York Times
“Kelly takes us inside Bear’s last, dizzying days. . . .The real draw is the book’s surgical detail.”
—Time
“There’s so much to like in this book—lively anecdotes, crisp pacing, and brevity . . . a highly accessible narrative for the general reader.”
—Bloomberg News
About the Author
KATE KELLY, author of the New York Times bestseller Street Fighters, covers Wall Street for CNBC. She spent ten years at the Wall Street Journal, where she won a Livingston Award and two Gerald Loeb awards. She lives in Brooklyn with her family.
Most helpful customer reviews
57 of 61 people found the following review helpful.
Interesting, but full of stereotypes, oversimplifications and exaggerations
By Oil_Trader
It was interesting to learn a bit about the key players in the commodities markets. The author Kate Kelly made a nice selection of people coming from banks, hedge funds, trading firms and corporate hedgers. She could have done a much better job though. She went into the usual clichés that she thinks the public wants to hear, while she had the opportunity to write something truly interesting and educative to readers. She over simplifies many things and exaggerates on many points. She could have taken the opportunity to educate the general public about commodities trading but instead she's just pandering to stereotypes and serving over-simplifications.
How could one have a $8billion crude oil position, oil prices moving down 15% in a week, and the hedge fund manager losing “only” $500mil. Her description would imply a $1.2billion loss. Clearly it shows that she overstated positions to make it more dramatic. Or she probably doesn’t understand that the leverage was coming from options and not only from futures. Also as if a commodities hedge fund would borrow from banks! Clearly they don’t, they can get added exposure from futures and options that have embedded leverage, and they always have a very high cash balance.
It shows she doesn’t master her subject and has a very poor understanding of high finance. And then she goes on to push for more regulation in those markets. But the commodities markets have barely moved for 5 years now! Is that also the fault of speculators? The bull run in oil prices in 2007-2008 actually is the reason why US shale oil production is what it is now and growing at such a pace. The oil bull run actually saved the US economy and the world economy. If prices stayed too low for too long, there would be no shale oil today, US production would be much lower, and we would face an enormous energy shortage and much higher prices today. It would have been interesting for her to explain that instead of going into the usual nonsense. I also suspect she doesn’t depict the real personalities of the players there, and just want to make them into the usual stereotypes.
Somebody who made 2,000% for his investors over 10 years, with only one down year, and who not only survived but excelled during the crazy moves that commodities witnessed over that period clearly MUST have a lot of introspection, a great system, a very detailed understanding of the market and not only think or speak about kickboxing or home-design.
The book could have been so much better. But I’m sure some readers will enjoy it though.
16 of 16 people found the following review helpful.
Ambitious Undertaking
By Charlie Harig
Kate Kelly took on a large task in attempting to piece together the world of commodities trading from scratch. This is noble of her, but my compliments related to this book end here.
Overall, this was a very superficial glance at the commodities space. Rather than explain any inner-workings of the industry, Kelly just describes a few average bios of traders. This isn't necessarily bad (see: Market Wizards), but the bios themselves seemed contrived and were often uninteresting/unimportant (why was Fan even mentioned in this book? Because of her gender?). There are plenty of "ooey-gooey" stories out there amongst commodities traders, but Kelly only really touches on one of them (Marc Rich).
The few "details" about commodities trading that Kelly does go into are both cursory and inaccurate at times (contango/backwardation). We are given very broad views of trading strategies and only really ever learn the market direction that a trader was taking. That being said, the reader will surely finish this book knowing that an option is the "right to buy/sell" as opposed to an obligation, since Kate Kelly must mention this line 5+ times throughout the book.
12 of 12 people found the following review helpful.
Quite boring.
By FONG W. Chi Wai
Author spending too much time and detail on regulatory issues and personnel. Quite boring.
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