Hedge Funds: Myths and Limits

ISBN-13: 9780470844779 / Angielski / Twarda / 2002 / 288 str.

Francois-Serge L'Habitant; Frangois-Serge Lhabitant; Franç Ois-Serge Lhabitant

Opis

Full coverage of how hedge funds work, from risks to rewards
L'Habitant discusses--from an investor's perspective--the potential uses, risks, and returns in hedge funds, while offering both the qualitative and quantitative tools investors need to access these types of funds. Topics not normally covered in discussions of hedge funds are included, such as how to include hedge funds in traditional portfolios, database differences, and non-transparency. A practical guide to a growing, yet little understood, segment of the financial industry.
Francois-Serge L'Habitant, PhD (Geneva, Switzerland), is Head of Quantitative Risk Management at Union Bancaire Privee in Geneva, Switzerland. A former computer engineer, he previously served as Director of UBS Private Banking Division.
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Recenzje

Balanced, Constructive and instructive, this is an essential read for investors, portfolio managers and financial advisers. (Financial World, July 2004)

Spis treści

Introduction

Part One Hedge Fund Overview

The Basics Revisited.

Legal Environment and Structures.

Operational and Organizational Structures.

Part Two Hedge Fund Strategies

Introduction to Strategies.

The Tools used by Hedge Funds.

Long/Short Strategies.

Arbitrage and Relative Value Strategies.

Event–Driven Strategies.

Directional Strategies.

Hedge Fund Indices.

Hedge Fund Performance: Beyond Net Asset Values.

Part Three Hedge Fund Investing

Introduction.

Asset Allocation

Hedge Fund Selection

Funds of Funds: The Quest for Meta–diversification.

Capital Guaranteed Products.

Advanced Topics: inside the black box

Conclusions.

Appendix: The Statistics of Hedge Funds.

Useful Sources of Information.

O autorze

Francois–Serge Lhabitant has substantial experience in risk management as both a practitioner and academic. He is Head of Quantitative Risk Management at Union Bancaire Privée, Geneva whilst he is also Professor of Risk Management at HEC, University of Lausanne. In addition to this he is Assistant Professor of Finance at Thunderbird, the American Graduate School of International Management and is one of the holders of the Deloitte & Touche Chair on Risk Management at the University of Antwerp. His previous experience includes being a Director of UBS/Global Asset Management

Blurb

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.