Running Money

September 1, 2004
Kessler has toned down the namedropping that permeated last year's Wall Street Meat, and his less-than-appreciative stance towards much of the rest of the finance industry is also somewhat altered for this second memoir, in which he leaves the institutional investment world behind to co-manage a hedge fund. Loosely connected episodes trace his attempts to attract investors and raise the $100 million he needs to be taken seriously, despite not having much of a game plan to start. Then a series of conversations with the mysterious "Mr. Zed" lead Kessler to study the Industrial Revolution and the origins of networked computing as role models for the type of transformative market development a savvy investor needs. These historical digressions are infused with a personal tone, but one that adopts an amiable key. Ultimately, Kessler decides the next big thing probably lies in "high margin" areas like intellectual property that can be sold for much more than they cost to create. According to his admittedly "counterintuitive" scenario, American investment in foreign products will develop their economies so they can invest in our intellectual property and the companies that make it, generating wealth all around. This new level of seriousness could attract readers who value potentially beneficial economic speculation over easy digs at industry players, while those who admired Kessler's in-your-face attitude the first time around will still find plenty to appreciate here.