Managing a Hedge Fund

Book Description

Hedge funds now account for 25 percent of all NYSE trading volume and are one of the fastest growing sectors in today’s financial industry. Managing a Hedge Fund examines every significant issue facing a hedge fund manager, from management of numerous types of risk to due diligence requirements, use of arbitrage and other exotic activities, and more. Broad-based where most hedge fund books are narrowly focused, it provides current and potential managers with a concise but comprehensive treatment on managing—and maximizing—a hedge fund in today’s fiercely competitive investing arena.

Customer Reviews:

Excellent Primer on Hedge Funds.......2006-04-27

If you aren't familiar with hedge funds and need a book that explains it in layman's terms, this is the book for you. The title is a little misleading since it should be more appropriately named "A Primer on Hedge Funds" The author introduces what hedge funds are and its affects on portfolio performance and then explains various hedge fund strategies and how to measure hedge fund performance. The wealth of data presented in the book is well worth the money by itself. The author presents information such as tables on the Sharpe Ratios by strategy, Sortino Ratios by strategy, as well as correlations of the various hedge fund strategies to each other and to the S&P 500 during up and down markets and to the MSCI Debt index in up and down markets. The text is well written and an easy read. If you want more details on hedge funds in highly quantitative terms and have the background to understand them then you're better off reading articles from the Journal of Finance, Journal of Derivatives, Journal of Fixed Income, or other publications of this nature. Overall, if you are new to hedge funds and want to get your bearings on this hot topic, then this book is an excellent starting point.

Straight Forward No-Nonsense Approach to Understanding Hedge Funds.......2006-02-09

Mr. Black's book on hedge funds offers a straightforward no-nonsense approach to understanding hedge funds. The book is written in such a way that a person not enrolled in a masters degree in finance can get a basic understanding of fees, the various strategies and the required due diligence of the funds. As hedge funds are obviously becoming more and more mainstream, it is imperative that the general public has a source, which describes to them how hedge funds work and how it applies directly to them. This book is said source and should be viewed as such.

As a student of Mr. Black's and of the school where he teaches, I have found him insightful and inspiring during lectures. He combines current market trends and various hedge fund scandals into the discussion making the topic come alive and real. In my opinion, he is an asset to the school and any student who has the opportunity to take his course should seize it!

Full of usual topics .......2006-01-09

The MS program at the school where Keith Black teaches finance is far from good and totally pathetic. The program director at this school John Bilson and Dean Zia Hasssan individually or as a faculty group lacks the edge and seriousness to run a full fledged program. They had no time or showed any inclination to grade student test papers. The course ciuricullum is vague and they avoided teaching intricate mathematical models to students. These models have been the foundation for evolution of hedge funds or in the development of advanced portfolio managment techniques. Therefore the classroom projects used by this author is a poorly conceived idea for writing a book on such critical topic in finance. To understand hedge funds and to gain expertise it is absolutely not necessarty to even touch such a book. There are definitely better written books.

A hedge fund book among many.......2006-01-02

The Author is a below average teacher. This book is likely to establish this fact more than teaching the reader about hedge funds.

If you are a true buy-side prospect, this is kindergarten...........2005-10-28

I am afraid I have to agree with the review here of Robert Altena wholeheartedly. This book simply describes the very basics of several investment strategies (most of which have existed for decades). Hedge funds have long ago moved beyond any of these strategies, although the obviously still employ all of them as a bulk of their operations, and they constantly move into uncharted territory. That is what is separating the top funds from the `pretenders' nowadays.

If these strategies are new to you and/or if you actually learned anything new from this book then you have NO business trying to start a hedge fund. Of course if you need to buy a book to consider doing so, then you are really in trouble anyways. This book is useful however for anyone that is considering putting their money with [reputable] hedge fund managers and therefore need to educate themselves on various basic strategies the funds may employ (thus why I gave it 2 stars instead of 0 or 1).

I think Mr. Black is an excellent professor and his writing in this book is pretty good, but the title is very misleading. A more accurate title may have been: The Basic Hedge Fund Strategy for Investors. For those who already work at buy-side institutions (or serious prop traders at bulge bracket firms), if you plan to branch out on your own please do not think ANY book will aid you in your quest. Instead, if you need insight into risk management, quant, partnership accounting, etc. in order to complete your education BEFORE starting a fund (recommended that you do!), then consider reviewing published industry papers from Wharton, MIT, Cal Tech, Chicago B.S., HBS, NYU, etc. (I would put particular concentration on the top finance and tech schools and not the top management schools - MIT, Wharton, NYU, etc.) These offer the best academic insight into how funds should be managed, in theory anyhow, in truly technical jargon. If you can't understand the jargon, then stick with working with your broker or day trading because starting a hedge fund will only put you into bankruptcy.

Managing Hedge Fund Risk: Strategies and Insights from Investors, Counterparties, Hedge Funds and Regulators, Second Edition

Average customer rating:

Great Guide for Protecting Against Financial Pain

Managing Hedge Fund Risk: Strategies and Insights from Investors, Counterparties, Hedge Funds and Regulators, Second Edition
Virginia Reynolds Parker
Manufacturer: Risk Books
ProductGroup: Book
Binding: Hardcover

General | Popular Economics | Business & Investing | Subjects | Books

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Similar Items:

Hedge Funds: Quantitative Insights (The Wiley Finance Series)
Managing a Hedge Fund
Managing Risk in Alternative Investment Strategies: Successful Investing in Hedge Funds and Managed Futures
Hedge Funds: Insights in Performance Measurement, Risk Analysis, and Portfolio Allocation (Wiley Finance)
Hedgehogging

ASIN: 1904339409

Product Description

Available now in a fully revised and updated second edition, Managing Hedge Fund Risk is the market-leading guide on risk for the hedge fund industry. A highly accessible primer on hedge fund risk illustrated with practical examples. Analyses recent developments in risk management research. Provides quality information for risk managers within different types of investment structures, e.g. investment banks, funds of funds, family offices, asset management firms, pension funds, endowments and foundations, and consultancies. Contributions from leading practitioners with considerable expertise in their areas, drawn from, among others, AIG, Balfour Capital, Calpers, C-View, Evaluation Associates, Forest Investment Management, NetRisk and academia Essential reading for investment bankers, allocators, dealers, counterparties, prime brokers, institutions, private investors, corporate plan sponsors and consultants.

Customer Reviews:

Great Guide for Protecting Against Financial Pain.......2005-07-30

This couldn't be timelier. Much water has passed under the bridges on both Wall Street and Main Street since the first edition came out in 2000. As Editor Virginia Reynolds Parker points out, there's been a bear market and hedge fund assets have more than doubled to over $1 trillion dollars. Meanwhile, Parker's book became the standard reference for hedge fund investors. The updated version should prove just as useful and indispensable.

Pensions in particular have been flocking to hedge funds, the fancy and expensive cousins of mutual funds that the media insistently calls "risky". But what does that really mean? There are two ways of using this book. If you're looking for specific information on hedge fund strategies and the hazards they may involve, turn to the appropriate chapter. In the spring of 2005, for instance, when convertible arbitrage returns turned into copious amounts of red ink, you could have read detailed descriptions of how convertible securities perform in the face of various shocks and why convertible returns have been disappointing since 2002 (chapter 10).

If, on the other hand, you want to grapple more broadly with the slippery idea of risk, start with the paper by Robert Jaeger on how to define it, measure it, and manage it. He makes this complex topic comprehensible. In simple terms, risk is expected pain. Assessing it in any situation requires answers to two questions: How likely are the painful outcomes? How bad is the potential pain? Jaeger points out that the answers may not be numerical. Even if you have data, you're not going to understand risk by looking at numbers.

The pieces are written by investors, managers, bankers, and lawyers. The book conveniently bundles these together in sections, starting with the investors' perspective. Mark Anson, the chief investment officer of the California Employees' Retirement System, leads the lineup with a study on how to measure performance. His findings are essential to anybody that invests in hedge funds.

Maybe these intricacies are not for you. In that case, make sure your financial adviser, consultant, pension officer, and foundation chief read this book.

Managing Risk in Alternative Investment Strategies: Successful Investing in Hedge Funds and Managed Futures

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Managing Risk in Alternative Investment Strategies: Successful Investing in Hedge Funds and Managed Futures
Lars Jaeger
Manufacturer: FT Press
ProductGroup: Book
Binding: Paperback

General | Business & Investing | Subjects | Books

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Similar Items:

Managing a Hedge Fund
Hedge Funds: Quantitative Insights (The Wiley Finance Series)
Managing Hedge Fund Risk: Strategies and Insights from Investors, Counterparties, Hedge Funds and Regulators, Second Edition
Absolute Returns: The Risk and Opportunities of Hedge Fund Investing
Handbook of Alternative Assets (Frank J. Fabozzi Series)

ASIN: 0273656988

Book Description

Alternative Investment Strategies, such as hedge funds, can enhance returns and reduce risk of a global investment portfolio. However, managing their "risk dimension" is critical to success. Managing Risk in Alternative Investment Strategies provides insight into the latest thinking about hedge funds and hedge fund risk management, elaborating on ways to approach some of the main problems and obstacles of this new investment class.

The Long And Short Of Hedge Funds: Effects Of Strategies For Managing Market Risk

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The Long And Short Of Hedge Funds: Effects Of Strategies For Managing Market Risk
Subcommittee on Capital Markets , Committee on Financial Services , and U. S. House of Representatives
Manufacturer: Books for Business
ProductGroup: Book
Binding: Paperback

General | Business & Investing | Subjects | Books

General | Investing | Business & Investing | Subjects | Books
ASIN: 0894992333

Book Description

This transcript of a meeting of the Capital Markets Subcommittee of the U.S. House of Representatives examines not a new market mechanism, but one which has exhibited extraordinary growth over recent years, the hedge fund. To start with, there is not even a clear definition of what constitutes a hedge fund. Although hedge funds perform amazingly well, they are not necessarily linked to overall market performance. Hedge funds have demonstrated an ability to generate positive cash flow in a down or up market, which is a good thing. Hedge funds have also generated significant liquidity and helped to be a counterbalance to the risk prevalent in ordinary market functions, which is a good thing. The purpose of the hearing was not to condemn the hedge fund concept, but merely to continue the committee's ongoing examination of all aspects of market function. There is some expressed concern as innovation proceeds that the fund of funds becomes a methodology for the retailization of hedge fund risk, which certainly leads us to examine suitability requirements and the necessary transparency of disclosure of the risk undertaken by hedge funds so that even the sophisticated investor may properly examine the risk they are assuming with their investment.

Managing Hedge Fund Risk: From the Seat of the Practitioner: Views From Investors, Counterparties, Hedge Funds and Consultants

Average customer rating:

Just a bunch of already published info rehashed
Understanding and Taming Market Risk

Managing Hedge Fund Risk: From the Seat of the Practitioner: Views From Investors, Counterparties, Hedge Funds and Consultants
Virginia Reynolds Parker
Manufacturer: Risk Books
ProductGroup: Book
Binding: Hardcover

General | Popular Economics | Business & Investing | Subjects | Books

General | Business & Investing | Subjects | Books

General | Investing | Business & Investing | Subjects | Books

Risk Assessment | Management & Leadership | Business & Investing | Subjects | Books
ASIN: 1899332782

Book Description

An expansive volume which addresses key hedge fund risk management issues with rigor

*A highly accessible primer on hedge fund risk illustrated with practical examples

*Analyses recent developments in risk management research

*Provides quality information for risk managers within different types of investment structures, eg, investment banks, funds of funds, family offices, asset management firms, pension funds, endowments and foundations, and consultancies

*Contributions from leading practitioners with considerable expertise in their areas, drawn from, among others, AIG, Balfour Capital, Calpers, C-View, Evaluation Associates, Forest Investment Management, NetRisk and academia

*Essential reading for investment bankers, allocators, dealers, counterparties, prime brokers, institutions, private investors, corporate plan sponsors and consultants

Customer Reviews:

Just a bunch of already published info rehashed.......2002-05-09

This info is available elsewhere and there's no value add by the author.

Understanding and Taming Market Risk.......2001-04-19

This is the one book you want your pension officer to read before he decides what to do with your retirement money. Last year hedge funds did radically better than market indexes and mutual funds. More and more pension plans, insurance companies and other institutions are putting money into these non-traditional investment pools. Hedge funds differ from other types of investment in various ways, but as their name suggests, their main promise is to "hedge" against market risk. The right kind of fund is not correlated with markets, so that when for example the Dow and Nasdaq head south, your hedge investment does not go down with them. How and whether managers achieve this is no simple matter. "Each fund is different," one of the authors in this comprehensive guide writes (p.95). Virginia Parker, the editor of the book, is just the right person to unpack the complex ideas of risk and its management. A recognized authority in the development of specialized performance benchmarks, she tailors and manages portfolios for institutional clients. As a manager of hedge fund managers, she knows the industry inside out. Parker has put together a stellar group of authors. These experienced investors, fund managers, consultants, bankers and brokers present distinct perspectives on the industry. As Parker and Randolf Warsager write in the useful introduction, "This is not a theoretical volume-most of the authors are practitioners..." The book is not easy to get through, however. It is dense with information that requires close attention. Some readers may find it more useful as a reference for specific topics rather than a cover-to-cover read. But if you're willing to put in the effort, there are rewarding insights in every one of the 24 chapters. Here is an example from Parker. In 1998, the year of the Long Term Capital Management debacle, some investors wanted to withdraw their money from certain managers. These managers had invested in Russian bonds, yet "knew little about sovereign risk, Russian politics and Russian counterparties." (p.82) But recognizing the danger did not help the investors. Because of terms they had previously accepted, they were forced to wait several months for redemption of their capital. By that time, "most of the hedge fund assets were gone." This is the sort of thing that gave hedge funds a bad name and led to their being branded as very risky investments. Parker details an approach, using a trading manager, that helps select the right terms and agreement for an investor, reducing the danger of such situations. The other authors also provide practical pointers. As one of them, Tanya Styblo Beder, explains, "What must be avoided are risks that are taken without proper compensation, risks that are left unmanaged, or risks that are too large in relation to the capital." (p.155) The bottom line: For many investors, avoiding hedge funds is at least as risky as investing in them. In these markets, proper hedging can preserve your nest egg. But read the book first. Or make sure your pension officer does.

Chidem Kurdas New York City

The Long and Short of Hedge Funds: Effects of Strategies for Managing Market Risk: Hearing Before the Subcommittee on Capital Markets, Insurance, and
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The Long and Short of Hedge Funds: Effects of Strategies for Managing Market Risk: Hearing Before the Subcommittee on Capital Markets, Insurance, and
United States
Manufacturer: Government Printing Office
ProductGroup: Book
Binding: Hardcover
ASIN: 0160708915

Book Description

This book bridges the distant gap that inherently exists between principle and practice. Financial theories and principles are interpreted, defined and translated into a practical course of action. SAVE PENNIES, BANK MILLIONS affords the reader successive fundamental steps toward a realized financial outcome. Moreover, this procedural guide allows the reader to design a personalized strategy for financial objectives using the following vehicles and/or methods: Establishing and Managing Credit, Timelines and Budgets, Personal Savings & Investments, and Trading Strategies & Analysis.

Customer Reviews:

Don't waste your money!.......1999-11-25

This book is for teaching juveniles about the basics of money, not for people who have already read other personal finance books. I would have sent it back, but it wasn't worth the shipping charge. I will probably save it for my child.

This is beyond dollars and cents.......1999-09-19

It made me re-think a lot of things...little hidden habits that have become my way of life. This book is bitter sweet. I like it.

Good Start.......1999-07-24

This is a good book for individuals just starting out getting their finances in order. There are better books/kits on home budgeting that a person may want to consider, such as "The Budget Kit."

Since I won't be winning super lotto..........1999-07-22

I guess it's time for me to learn how to get millions on my own since I won't be winning supper lotto. I have spent so much money on all the short cuts and I am as far from a comfortable as far can be. After reading this book at least I have hope and a plan...a whole lot more than six wrong numbers.

I DEFINITELY AGREE..........1999-07-17

This book is wonderful. It never assumes knowledge, but it doesn't insult intelligence. I particularly enjoyed the very simple and basic task of penciling my budget as I did learning about stochastic, MACD, etc... What more can I ask for?

Book Description

The digital world, its advertising machinery and the popular media are pushing women back into traditional roles and once again creating a “superior” hypermacho expert male. Women must look critically at who is in charge of the new technology and challenge the gender codes that can work against them. In this path-breaking book, Melanie Stewart Millar explores power relations in the digital world and asks us to question what is really going on. How is technology shaping our future? What is the role of women within digital culture? What is the corporate agenda? How is it influencing women's work?

Provocative and incisive, Cracking the Gender Code questions how the gains women have made through feminism over the last decades are being eroded. It looks specifically at how the articles and images of Wired, the magazine of the digital generation, are detrimental to women — a discourse that may be establishing the underlying ideology of a far-reaching communications industry. Stewart Millar argues that simply being computer literate or knowing how to use the Net is not good enough. Women need to demystify the technology and crack the gender code to participate equally in the cyber world of the future.

Ethics of Computing - Codes (IFIP International Federation for Information Processing)

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Ethics of Computing - Codes (IFIP International Federation for Information Processing)

Manufacturer: Springer
ProductGroup: Book
Binding: Hardcover

Ethics | Business Life | Business & Investing | Subjects | Books

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ASIN: 0412726203

Book Description

This major reference work represents the first attempt to confront, on a world-wide basis, the way computer associations face up to their own responsibilities in an age increasingly dominated by information and communication technology. The book deals with the codes of ethics and conduct, and related issues. It is the first book to deal with homogenous codes namely codes of national computer societies. Some thirty codes are compared and analysed in depth. To put these into perspective, there are discussion papers covering the methodological, philosophical and organisational issues.

Book Description

The law on stamp duty, based on the Stamp Act of 1891, has been thoroughly overhauled with a new law: Stamp Duty Land Tax (SDLT), introduced by Finance Act 2003. This book provides a detailed overview of SDLT in comparison with the old stamp duty provisions, and highlights the major changes introduced. It includes a detailed discussion of the legislation as well as suggested interpretations and planning opportunities. The volume will appeal to those involved in UK land and buildings transactions: property lawyers, solicitors, conveyancers, surveyors, and tax practitioners.

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The Stamp Duty Land Tax Handbook
Chris Hart , and Tony Johnson
Manufacturer: Estates Gazette
ProductGroup: Book
Binding: Paperback

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Book Description

Written from a practical standpoint, this book details how the new Stamp Duty Land Tax works in practice. It is full of examples and case studies and will appeal to surveyors and other people interested in understanding the subject. Most other books in this area tend to be more academic in nature.

As surveyors are now more involved in leases they therefore need to know about the new legislation as they will use it for the basis of valuation, potential pitfalls and calculation of amounts on which tax is payable, plus admin and enforcement.

*An understandable guide to a complex subject
*Written by practitioners, not lawyers
*Lack of legalese
*User friendly

Stamp Duty Land Tax: A Practical Guide For Lawyers

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Stamp Duty Land Tax: A Practical Guide For Lawyers
Philip Freedman , and Ann Humphrey
Manufacturer: Spiramus
ProductGroup: Book
Binding: Paperback

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Stamp Duty Land Tax: The New Law
Reg S. Nock
Manufacturer: Jordan Publishing
ProductGroup: Book
Binding: Paperback

General | Law | Subjects | Books

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ASIN: 0853088918

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Stamp Duty Land Tax
Michael Thomas
Manufacturer: CAMRA STOCKPORT & SOUTH MANC.
ProductGroup: Book
Binding: Paperback
ASIN: B000N5D1XK

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