The hedge fund titans became the new Rockefellers, the new Carnegies, the new Vanderbilts—the new elite. A carnival of creativity and greed. The history of hedge funds is one of innovation, stunning triumphs, humiliating failures, and countless controversies. Hedge funds made it through the meat grinder of the last financial crisis without taxpayer support. And undoubtedly, the future of finance belongs to hedge funds - such financial “boutiques”, an alternative to banking “supermarkets”. Sebastian Mallaby is an honorary member of the US Council on Foreign Relations, a columnist for The Washington Post. For thirteen years he was a columnist for The Economist Magazine, and was the head of the editorial office in Africa, Japan, and Washington. Focuses on globalization and political economy. Author of Bankers of the World (a New York Times Editor's Choice) and After Apartheid (a New York Times Notable Book).