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I had a different reaction - thought it was a great book. Very mistitled, though probably appropriately titled to sell books.

IMHO, investing is about life. It is about understanding people, markets, and how things will change in the next 5 - 10 years. Kessler's point is that you should identify how things will really work, and then find the company that owns or is building intellectual property that will capture margin in that process.

Example, Google and Reed Elsevier - will Google develop any margins around giving information away for free? Will Reed Elsevier lose its (excessively fat) margins from Lexis-Nexis and its many scientific journals? These are the sorts of questions Kessler's book will help you structure a little bit (not much, but there is no simple solution).

The nuts and bolts of running a hedge fund are somewhat mundane, in my view. A lot of making sure the dollars in this or that account synch with your commissions, etc...


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