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How to Create and Manage a Hedge Fund: A Professional's Guide Hardcover – August 15, 2002


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How to Create and Manage a Hedge Fund: A Professional's Guide + The Hedge Fund Book: A Training Manual for Professionals and Capital-Raising Executives + All About Hedge Funds, Fully Revised Second Edition (All About... (McGraw-Hill))
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Product Details

  • Hardcover: 384 pages
  • Publisher: John Wiley & Sons; 1st edition (August 15, 2002)
  • Language: English
  • ISBN-10: 047122488X
  • ISBN-13: 978-0471224884
  • Product Dimensions: 9.2 x 6.3 x 1.2 inches
  • Shipping Weight: 1.5 pounds (View shipping rates and policies)
  • Average Customer Review: 3.0 out of 5 stars  See all reviews (14 customer reviews)
  • Amazon Best Sellers Rank: #804,017 in Books (See Top 100 in Books)

Editorial Reviews

From the Inside Flap

Hedge funds are a profitable vehicle for both investors and managers associated with these funds. But investing in a hedge fund and creating and managing a hedge fund take two completely different sets of skills and knowledge. If you're looking to set up and run a hedge fund, it doesn't matter how much professional money management experience you have; you still need to know how to operate within the unregulated world of hedge funds to be successful. If you're ready to take the leap from conventional funds to hedge funds, How to Create and Manage a Hedge Fund: A Professional's Guide will show you how.

In an accessible, straightforward style, How to Create and Manage a Hedge Fund presents all the practical information you'll need to set up and run a leveraged investment company. Lawyers, accountants, creditors, investors, and many others will find insights into the often opaque world of hedge funds. Cutting through the hype and hysteria that usually surround this dynamic field, Stuart McCrary provides a detailed introduction and solid framework that any financial professional can understand and apply.

Filled with practical information, this unique guide first examines the critical information you must be familiar with as a hedge fund manager . . .
* Building a valuable leveraged investment company
* Types of hedge funds and hedge fund investors
* Hedge fund investment techniques and business models
* Creating leverage for investors
* Disclosing information to investors and the topical issue of transparency

. . . and then advances to the more technical and specialized aspects of starting and operating a hedge fund, with discussions of legal, accounting, risk management, marketing, and tax issues.

How to Create and Manage a Hedge Fund is filled with expert guidance that will put you in the best possible position to launch and run a leveraged investment company. Touching on everything from commodity pools and performance mathematics to legislation affecting hedge funds and derivatives, this comprehensive guide will give you a firm grasp on how to create a valuable hedge fund business that will attract investors-while showing you how to avoid common mistakes that have plagued failed hedge funds.

You may still need professional advice to assist you in setting up a hedge fund, but How to Create and Manage a Hedge Fund allows you to save time and money by giving you the tools and techniques necessary to understand and operate within the hedge fund industry.

From the Back Cover

Praise for How to Create & Manage a Hedge Fund
A Professional's Guide

"True to its title, McCrary provides a clearly written and complete overview of the issues associated with starting and running a hedge fund. And for those outside the hedge fund world, the book's successful marriage of finance theory and market practice with the author's own vast experience makes for an enjoyable and thoroughly informative read."
-Christopher L. Culp, Managing Director, CP Risk Management LLC, and Adjunct Associate Professor of Finance, Graduate School of Business, The University of Chicago

"McCrary has drawn from his experience on Wall Street, LaSalle Street, and at the academy in crafting this encyclopedia for hedge fund managers and advisors. Covering the field in plainspoken business prose, he demystifies the secretive world of collective private investment. Whether you earn your living in finance or law, in accounting or marketing, if the subject is hedge funds, you must read this book."
-Patrick Daugherty, Partner, Foley & Lardner

"Building on his broad experience in the securities and derivatives markets, McCrary offers a well-researched guide to starting and running a hedge fund business . . . he tackles everything from the mundane, like regulations and accounting, to the complex, like investment techniques and risk management, in an articulate and insightful manner . . . a necessary handbook for money managers and investors alike."
-Peter F. Karpen, Managing Member, Diversified Investment Management, LLC

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Customer Reviews

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Most Helpful Customer Reviews

40 of 43 people found the following review helpful By A Customer on May 27, 2003
Format: Hardcover
A lot of great commentary about the preparation and hard work to build a business, not just trade/manage money. The other reviews listed here correctly point out that this is not another instructional book with investment techniques. This is the ideal book for someone confident enough with their investing strategy be it equities, bonds, limited partnerships, real estate, futures, commodities etc. to grasp business structures, investor/customer expectation, realistic marketing timelines, accounting, and the business aspect of managing a fund. Expect to seek out additional resources to add on McRary's outstanding work. If you are even toying with the idea of starting a mangement company, fund, fund of funds etc. do not proceed without this book.
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32 of 35 people found the following review helpful By A Customer on November 19, 2002
Format: Hardcover
Years ago I swore never to read another book with the words "How To" in the title. I broke that rule and am now very sorry I did. To be fair, there are a couple of good chapters in this book. Chapter 10 on regulation is a nice overview of the subject, and chapter 12 makes a valiant effort, but ultimately fails to make hedge fund taxation lucid. Unfortunately much of the book is unabashed filler. Chapter 11 is titled "Accounting for Hedge Funds", but is instead a 15 page overview of the first week of Freshman level accounting. Chapter 15 takes ten pages to explain the obvious and intuitive parallels of hedge fund cash flows to options. I got about 60 pages of applicable information on the subject out of a 300 page book, and still feel ripped off. Why is it that there are so many terrible books about money management?
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42 of 48 people found the following review helpful By A Customer on February 4, 2003
Format: Hardcover
If you are a professional investor or trader don't buy this book. You won't learn anything particularly useful. The only information that was of any use pertained to the "creation" aspect, but this was too brief to be of any real use. On the "managing" side of things it went into a lot of subjects that were applicable to portfolio management in general rather than exclusively to hedge funds. Anyone who is thinking of setting up a hedge fund will have been running a long only fund or trading a book long enough to know all of this.
Informative and easy to read for the lay person, private investor or student, but of no practical use to anyone who might actually be looking to set up their own fund. Certainly not a professional's guide.
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17 of 19 people found the following review helpful By Michael Mills on June 28, 2005
Format: Hardcover
For those readers interested in running money through a hedge fund this is an okay book. (Note: For those interested in running money through a mutual fund, I recommend Start a Successful Mutual Fund by Melinda Gerber.)

Mr. McCrary's book discusses broad topics about the industry but also covers some things that can be learned better from a specialty book about marketing or business plan writing. It does not mention how hedge funds are getting into private equity, prime brokers, Sarbanes-Oxley, or the Anti-Money Laundering Act. It is also weak on specific details about how to run a fund day-to-day.

In general the book reminded me of a college textbook. It is most valuable to anyone who wants a good beginning knowledge of hedge funds.
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62 of 79 people found the following review helpful By MYD on June 25, 2003
Format: Hardcover
This book only gives a brief overview to the actual nuts and bolts of starting a hedge fund. Instead it spends time explaining various hedge fund strategies, risk-management approaches, and basic entity structures (what is a c-corp? what is an s-corp? what is an llc?).
As someone who has started a fund in the past and is looking to start another, this book was a disappointment. If you are learning the info in this book for the first time, you probably shouldn't be starting a fund in the first place.
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4 of 5 people found the following review helpful By J. J. Fung on September 18, 2006
Format: Hardcover
While I wasn't expecting much, from reading the mediocre reviews posted here, I was surprised to find fairly decent amount of valuable information in the book, albeit for a novice in the hedge fund world.

For instance, the structure of a hedge fund was explained to me by one of the best lawyers who specializes in setting up hedge funds, here on the west coast. The charts that were used in the book mirrored the thoughts of the lawyer.

Within the last 2 years, the industry has changed drastically and quickly that some issues/rules/regulations are outdated. I would recommend this book for the reader who is looking at a hedge fund for the very first time.
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4 of 5 people found the following review helpful By Edward Mcgilly on March 7, 2007
Format: Hardcover
Tells you everything you need to know; however you will still need a good lawyer to set you up properly. I bought the book first, and then still spent tens of thousands of dollars to set up my fund.
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