In this work the author explains, from an investor's perspective, the workings of hedge funds, their uses, risks and potential returns. No prior knowledge of the field is required as the author explains the strategies in a clear, concise manner.
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Many myths have grown up around the hedge fund industry, aided by high profile cases such as LTCM. However, like any investment category, each manager differs in the leverage they use and the hedging policies they employ. Nonetheless, the primary aim of most hedge funds is to reduce volatility and risk while attempting to preserve capital and deliver positive returns under all market conditions.
In this book the author explains, from an investor's perspective, the workings of hedge funds, their uses, risks and potential returns. No prior knowledge of the field is required as the author explains the strategies in a clear, concise manner. He also uses many examples and case studies to illustrate his point. This book is an ideal reference source for both investment professionals and serious financial students.
Written intelligently and authoritatively, the book features the following:
* The characteristics of hedge funds against traditional investment funds
* The legal framework surrounding hedge funds in the US and other countries
* Various strategies followed by hedge funds
* The hedge fund indices that are available
* Asset allocation and the hedge fund selection process
* New investment vehicles
* Recent academic research on hedge funds.
Hedge Funds are one of the fastest growing sectors of asset management. The industry has changed from being a small number of firms that features big name players such as George Soros and Julian Robertson, to a large market involving many thousands of companies.
Press reports of the spectacular success and failure of firms such as the Quantum Fund, the Tiger Fund and LTCM have led to many misconceptions concerning hedge funds, their power and their influence. This state of affairs is not helped by the fact that they are exempt from regulation and little is known about them.
This book dispels several misconceptions about hedge funds' operations and provides an impartial, up to date and comprehensive blend of theoretical and practical analysis of the market. The book also shows readers the fundamental concepts needed to understand strategies used by the funds and their potential positive and negative contributions to investment portfolios.
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