More Money Than God by Sebastian Mallaby
Mallaby's history of hedge funds showcases the problems of leverage; practically every hedge fund discussed has blown up. However, some of them haven't yet, which unfortunately doesn't cause Mallaby to peer any further into their differences (style, difference in leverage, luck?).
The introduction to the various styles ( long/short, macro, etc.) seems similar in vein to MoneyMastersOfOurTime, were one interested in dropping some money on a fund. Aside from the history, Mallaby doesn't opine much, perhaps the most egregious is:
[Michael] Marcus was a libertarian, and his political outlook turned out to be useful in the climate of the 1970s. In some eras, markets appear destabilizing while governments are heroes, but in the stagflationary 1970s the libertarian view that big government screws up was frequently vindicated.
Summary. Summary summary summary.