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The Secret Club That Runs the World: Inside the Fraternity of Commodity Traders [Kindle Edition]

Kate Kelly

Kindle-Preis: EUR 11,66 Inkl. MwSt. und kostenloser drahtloser Lieferung über Amazon Whispernet

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Gripping ... even more shocking than you think ... Kelly is a master of storytelling (Independent on Sunday)


“Commodity players are a shrewd and indomitable lot. And the contracts they trade are still so loosely regulated that the correct combination of money and skill creates irresistible opportunity. That’s why I’m only half joking when I call them the secret club that runs the world.”

When most people think of the drama of global finance, they think of stocks and bonds, venture capital, high-tech IPOs, and complex mortgagebacked 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, because they dwelled either in closely held private companies or deep within large banks and corporations, where commodity profits and losses weren’t broken out.

But if the individual participants in the great commodities boom of the 2000s went unnoticed, their impact did not. Over several years the size of the market exploded, and so did prices for raw materials—raising serious questions about whether the big traders were intentionally jacking up the cost of gasoline, food, and other essentials bought by ordinary people around the world. What was really driving all those price spikes?

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 (yes, they are nearly all men). They work hard, play hard, flaunt their wealth, and bet millions every day on a blend of facts, analysis, and pure gut instinct.

Kelly’s narrative focuses on one of the most extraordinary periods in financial history. Though the practice of gaming out price changes in commodities goes back to ancient Mesopotamia, it had never before reached the extremes of the early to mid-2000s. Kelly exposes the role of the hedge funds, banks, brokers, and regulators in this volatile market, through fascinating stories of “secret club” members such as . . .
  • Pierre Andurand, a self-made multimillionaire who generated the winningest annual performance ever for an oil trader in 2008 and hired Elton John to perform at his wedding.
  • Ivan Glasenberg, whose secretive Swiss commodities giant, Glencore, founded by the infamous American fugitive Marc Rich, orchestrated a massive merger with the help of former UK prime minister Tony Blair.
  • Jon Ruggles, a brash know-it-all—recruited by Delta Air Lines to revitalize the airline’s fuel hedging business, he continued to make trades in his personal account, a questionable practice given his position.

Drawing on her exclusive access to the secret club, and following the trail from New York to Houston, London, Dubai, and beyond, Kelly reveals the immense power in the hands of a few, and the so-far contentious efforts by the Obama administration to rein in the cowboys.


  • Format: Kindle Edition
  • Dateigröße: 4860 KB
  • Seitenzahl der Print-Ausgabe: 280 Seiten
  • ISBN-Quelle für Seitenzahl: 1591845467
  • Verlag: Portfolio (3. Juni 2014)
  • Verkauf durch: Amazon Media EU S.à r.l.
  • Sprache: Englisch
  • Text-to-Speech (Vorlesemodus): Aktiviert
  • X-Ray:
  • Word Wise: Aktiviert
  • Amazon Bestseller-Rang: #777.955 Bezahlt in Kindle-Shop (Siehe Top 100 Bezahlt in Kindle-Shop)

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Die hilfreichsten Kundenrezensionen auf (beta) 3.4 von 5 Sternen  42 Rezensionen
44 von 48 Kunden fanden die folgende Rezension hilfreich
3.0 von 5 Sternen Interesting, but full of stereotypes, oversimplifications and exaggerations 4. Juni 2014
Von Oil_Trader - Veröffentlicht auf
Format:Gebundene Ausgabe
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.
8 von 8 Kunden fanden die folgende Rezension hilfreich
2.0 von 5 Sternen Ambitious Undertaking 1. Juli 2014
Von Charlie Harig - Veröffentlicht auf
Format:Gebundene Ausgabe|Verifizierter Kauf
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.
6 von 6 Kunden fanden die folgende Rezension hilfreich
2.0 von 5 Sternen Quite boring. 8. August 2014
Von FONG W. Chi Wai - Veröffentlicht auf
Format:Kindle Edition|Verifizierter Kauf
Author spending too much time and detail on regulatory issues and personnel. Quite boring.
8 von 10 Kunden fanden die folgende Rezension hilfreich
3.0 von 5 Sternen ambitious in scope, undisciplined in composition 12. Juni 2014
Von Jedrury - Veröffentlicht auf
Format:Kindle Edition|Verifizierter Kauf
This is a book written by a CNBC journalist and it reads like a book written by a CNBC journalist. Large parts of this story are informative and helpful in understanding the business of commodities and trading. It is fine journalism in parts.

However, the author gets distracted by the riches of the commodity traders, their cars, wives, weddings, their "bling," allowing her story to slide into a fly over, glamor reportage about this complex business. Ms. Kelly's wide ranging summary of the business includes the Glencore/Xstrata merger, the personalities, but provides little depth on the minutiae of the trading mechanisms unlike Barbara Dreyfuss' "Hedge Hogs" which deals exclusively with one product: natural gas.

Kelly's helter skelter approach is about crude oil, indexes, jet fuel and personalities and feuds. Her chapter on Delta Airlines and its purchase of an oil refiner in Pennsylvania is informative providing background not read elsewhere. Fixated on CFTC regulation and its former chairman, Gary Gensler and one other commissioner, she champions government regulation. In her chapter "The Reformer," she extols its chief of enforcement, a "trim, antsy father of two teenagers;" seemingly overjoyed on the pelts of miscreants on his wall. Does the reader need to read that he is "antsy?" She writes about a young female trader at Morgan Stanley whose inclusion in the book is needless. One wonders why this is relevant to the story line. This is an ambitious book; perhaps too ambitious in scope and undisciplined in composition.
4 von 5 Kunden fanden die folgende Rezension hilfreich
3.0 von 5 Sternen A quick read but doesn't match the sentiment of the title 13. Juni 2014
Von Brian West - Veröffentlicht auf
Format:Kindle Edition|Verifizierter Kauf
This was a quick enjoyable read. However, like a spate of other recent business books that have come out, this book reads more like a series magazine articles/profiles that have been compiled about the people discussed in its contents than an examination of commodities markets, the trading houses, etc.

Having just been reading Yergin's "The Prize" before taking up this book, and after seriously enjoyed the Markets Wizard series for some time now, I guess I Was expecting something more like "the Partnership" or "the Last Tycoons" but concerning Vitol, Trafigura, Mercuria, et al. Glencore is discussed by the coverage and development oft he storyline seems lacking.
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