Inside the House of Money is a fantastic collection of interviews with hedge fund managers, similar to Market Wizards, but with a specific focus on global macro. Macro is fascinating to me primarily because of its broad mandate: as a macro fund manager (though probably not so for new analysts) you can go from making relative value trades on the Japanese yield curve to punting on stocks Kuwaiti stocks – like the trader who bought shares in glass manufacturers after an earthquake in 1999.
In addition to the oft-repeated trading wisdom (be emotionally disciplined, cut your losses, leverage your winners), Inside the House of Money also contains points that are a bit more subtle. If I could only take one lesson from this book, it would be this: be very careful shorting gamma – in other words, look for convex bets that pay you a lot if you are right but you only lose a little if you are wrong and always remember that extreme price moves can easily be followed by more extreme price moves.