Beautiful minds of the investment world

David M Rubenstein's compilation of interviews with star money managers is a joy to read

How to invest: Masters on the craft

Author: David M Rubenstein
Publisher: Simon & Schuster
Pages: 416
Price: Rs 486
 

Early in his career, Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates (it has assets under management of more than $150 billion), made a painful mistake. In 1980, Fed chairman Paul Volcker began raising interest rates to tame high inflation. Mr Dalio bet that a number of countries that had borrowed heavily from American banks would default on their debts. His thesis proved correct initially and many countries did default. But then the Fed did a U-turn and