The book on hedge fund basics, completely updated to reflect today's post-crisis industry
The hedge fund industry has been reeling in the wake of recent Ponzi schemes and insider trading scandals as well as the loss of billions of dollars in assets under management due to fund closures. Getting Started in Hedge Funds, Third Edition focuses on the current state of the industry; how hedge funds did or did not survive the subprime and subsequent credit crisis; and, what the future holds for investors. Getting Started in Hedge Funds, Third Edition also provides readers with a brief overview of the industry's history, and describes the inner-workings of these complex investment vehicles, including how to start a hedge fund, and what new regulations means for managers and investors. . Profiles 10 highly successful hedge fund managers . Addresses the Madoff scandal, as well as other lesser known Ponzi schemes, and analyzes the ripple effect felt throughout the industry as a result of these and other scandals Despite the performance of some of these funds in the last few years, hedge funds are here to stay. In this Third Edition, Getting Started in Hedge Funds, Strachman provides an updated "how-to" guide for investors interested in hedge funds in this era of "new normal."
Autorentext
DANIEL A. STRACHMAN is the director of HEDGEAnswers.com, an online community for understanding hedge funds and investment strategies. A hedge fund industry veteran, he has contributed articles on investment management and strategies to publications such as the New York Post and the Financial Times, and blogs regularly at HEDGEAnswers.com. He is the author of both the first and second editions of Getting Started in Hedge Funds, as well as The Long and Short of Hedge Funds and The Fundamentals of Hedge Fund Management, all published by Wiley. For more information, visit danielstrachman.com
Klappentext
The book on hedge fund basics, completely updated to reflect
today's post-crisis industry
The hedge fund industry has been reeling in the wake of recent
Ponzi schemes and insider trading scandals as well as the loss of
billions of dollars in assets under management due to fund
closures. Getting Started in Hedge Funds, Third Edition
focuses on the current state of the industry; how hedge funds did
or did not survive the subprime and subsequent credit crisis; and,
what the future holds for investors. Getting Started in Hedge
Funds, Third Edition also provides readers with a brief
overview of the industry's history, and describes the
inner-workings of these complex investment vehicles, including how
to start a hedge fund, and what new regulations means for managers
and investors.
* Profiles 10 highly successful hedge fund
managers
* Addresses the Madoff scandal, as well as
other lesser known Ponzi schemes, and analyzes the ripple effect
felt throughout the industry as a result of these and other
scandals
Despite the performance of some of these funds in the last few
years, hedge funds are here to stay. In this Third Edition,
Getting Started in Hedge Funds, Strachman provides an
updated "how-to" guide for investors interested in hedge funds in
this era of "new normal."
Inhalt
Acknowledgments viii
Introduction Why Hedge Funds Now and Forever? xi
Chapter 1 Hedge Fund Basics 1
The Near Collapse of Long-Term Capital Management 4
The Credit Crisis and Hedge Funds 13
A Brief History of Hedge Funds 17
The Current State of the Hedge Fund Industry 21
Alfred Winslow JonesThe Original Hedge Fund Manager 24
Chapter 2 How Hedge Funds Operate 33
Starting a Hedge Fund 36
Hedge Fund Regulations and Structures 53
How Hedge Funds Use Leverage 62
Patriarchs of the Hedge Fund World 62
Hedge Funds Take All the Heat 66
George SorosThe World's Greatest Investor 68
Chapter 3 The Managers 71
Guy Wyser-PratteWyser-Pratte 74
Bill MichaelcheckMariner Investment Group 80
Nancy HavensHavens Advisors LLC 85
Steve CohenSAC Capital 89
Chapter 4 Hedge Fund Investing 95
The Role of an Investment Adviser 98
An Institutional Investor 99
Third-Party Marketers 103
An Individual Investor 105
A Consulting Firm 108
A Manager of Managers 111
Conclusion 117
Appendix A Hedge Fund Strategies 121
Appendix B Example of Material Included in an Onshore Document 125
Overview 125
Important General Considerations 128
Summary of Offering and Partnership Terms 130
Management 146
Appendix C Example of Material Included in a Cayman-Based Fund for Tax-Exempt Investors 149
Part 1: Establishing an Offshore Fund Domiciled in the Cayman Islands 149
Part 2: Summary of Key Disclosures for Cayman Islands Offering Document 154
Glossary 161
Notes 171
About the Author 175
Index 177