Features

This book summarizes what hedge funds are and how they can help us all to make more money. Most important, it looks at where the industry is headed and what smart investors need to do now to accomplish their investment goals. It shows the difference in risk between hedge funds and more "traditional" investments.
 
Chapter 1 outlines the hedge fund alternative, including the basic attributes of hedge funds, the major strategies they use to pursue their investment objectives, the comprehensive process of manager evaluation and selection, and some of the complexities associated with hedge fund investing through what is known as a fund of funds (FOFs) or fund of hedge funds (FOHFs).
 
Chapter 2 explores how to cut through the black box and timely issues related to hedge fund disclosure and transparency, which is the degree to which investors and/or regulators can or should be informed about a fund’s actual investments and investment practices. Current transparency issues relate to both investor demand for increased transparency and pending regulations, which are prompting hedge funds to dramatically rethink approaches to this issue.
 
Chapter 3, written by two principals from LJH’s partner company, Capco, underscores the challenges involved in due diligence and portfolio monitoring by relating the findings of a comprehensive study of over 10 years of hedge fund blow-ups. Investors will learn more about what to watch out for when making a hedge fund investment decision.
 
Chapter 4 focuses on the single largest category of hedge fund fraud, improper valuation of portfolio holdings. It outlines the red flags investors need to watch out for and tells investors why valuation is a potential "industry black eye" they need to monitor.
 
Chapter 5 delves into the issue of size versus performance in the hedge fund industry, a study that points to the need for investors to evaluate managers of all sizes when making hedge fund allocations.
 
Chapter 6 looks at two fast-growing directional strategies, the global macro strategy and managed futures investing, and outlines how investors can profit from the global economic markets and commodities trading.
 
Chapter 7 is an overview of distressed securities and merger arbitrage, two of the principal event-driven strategies that present investors with an opportunity to profit from events that occur during the corporate life cycle.
 
Chapter 8 covers two prominent nondirectional or relative value strategies, convertible bond arbitrage and fixed income arbitrage.
 
Chapter 9 delves into a third relative value strategy, equity market neutral, which helps investors profit in either up or down markets.
 
Chapter 10 looks at technology sector investing and how this volatile and dynamic investment sector can lead to profits.
 
Chapter 11 begins a discussion of geographic sector investing by looking in the current prospects for investing in Europe, a region whose level of international prominence is expanding.
 
Chapter 12 examines investment opportunities in Asia, where investors have an opportunity to take advantage of Japan’s tumultuous market, rule changes, and volatility.
 
Chapter 13 looks at hedge fund indices, including the new investable indices, and helps investors to understand how to track with reasonable confidence the directionality of hedge fund performance.
 
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