Think Like Hedge Fund Managers

This collection reverse-engineers the thinking of the best discretionary hedge fund managers and hands it to you as a transferable toolkit for decisions far outside finance. It is built around one formula — edge × sizing × survival — across six modules on finding an edge, positioning and sizing, risk and survival, reading cycles and crowds, running a decision process, and building an investment operation, with one mental model per session drawn from investors such as George Soros, Stanley Druckenmiller, Michael Steinhardt, Paul Tudor Jones, Howard Marks, and Ray Dalio. Famous wins and famous failures, from Black Wednesday in 1992 to the near-collapse of Long-Term Capital Management in 1998, are treated as equally instructive. Every session ends with a transfer note that applies the model to a career, a business, or a personal decision. You finish able to form an independent view, commit to it in proportion to the evidence, and stay in the game long enough for good judgment to pay off.