Introduction ix
C H A P T E R ONE
The Triangle Investment Club Dinner: Hacking Through
the Hedgehog Jungle 1
C H A P T E R TWO
The New Hedgehogs May Have Been Golden Boys,
but They Still Bleed Red 9
C H A P T E R THREE
Short Selling Oil: The Crude Joke Was on Us 21
C H A P T E R FOUR
Short Selling Is Not for Sissies 34
C H A P T E R FIVE
The Odyssey of Starting a Hedge Fund: A Desperate,
Frantic Adventure 46
C H A P T E R SIX
The Roadshow Grind: Blood, Sweat, Toil, and Tears 63
C H A P T E R SEVEN
The Run-Up and Haunted by Remembrances and Doubt 80
C H A P T E R EIGHT
Hedgehogs Come in All Sizes and Shapes 95

C H A P T E R NINE
The Violence of Secular Market Cycles 119
C H A P T E R TEN
The Battle for Investment Survival: Only Egotists or
Fools Try to Pick Tops and Bottoms 133
C H A P T E R ELEVEN
From One Generation to Another: Bismarck and the
Yale Endowment 149
C H A P T E R TWELVE
Nature’s Mysticism and Groupthink Stinks 162
C H A P T E R THIRTEEN
The Internet Bubble: I’d Still Rather Have
Air-Conditioning 178
C H A P T E R FOURTEEN
Great Investment Managers Are Intense,
Disciplined Maniacs 192
C H A P T E R FIFTEEN
You’re Only as Beloved as Your Most Recent Performance 204
C H A P T E R SIXTEEN
Once You Have a Fortune, How Can You Hang On to It? 219
C H A P T E R SEVENTEEN
Three Investment Religions: Growth, Value, and Agnostic 239
C H A P T E R EIGHTEEN
The Trouble with Being Big 247
C H A P T E R NINETEEN
Bubbles and the True Believer 259

C H A P T E R TWENTY
Divine Intervention or Inside Information? A Tale That
Will Make Your Blood Run Cold 269
C H A P T E R TWENTY-ONE
John Maynard Keynes: Economist, Hedge-Fund Manager,
and Fascinating Character 285
Conclusion 305
Recommended Reading 307