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40 of 43 people found the following review helpful
5.0 out of 5 stars Must have resource
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,...
Published on May 27, 2003

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32 of 35 people found the following review helpful
2.0 out of 5 stars 60 Pages of Applicable Information
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...
Published on November 19, 2002


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40 of 43 people found the following review helpful
5.0 out of 5 stars Must have resource, May 27, 2003
By A Customer
This review is from: How to Create and Manage a Hedge Fund: A Professional's Guide (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
2.0 out of 5 stars 60 Pages of Applicable Information, November 19, 2002
By A Customer
This review is from: How to Create and Manage a Hedge Fund: A Professional's Guide (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
2.0 out of 5 stars Doesn't do what it says on the can, February 4, 2003
By A Customer
This review is from: How to Create and Manage a Hedge Fund: A Professional's Guide (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
3.0 out of 5 stars Another college textbook, June 28, 2005
This review is from: How to Create and Manage a Hedge Fund: A Professional's Guide (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
2.0 out of 5 stars Dissapointing, June 25, 2003
By 
MYD "mydemaray" (Chicago, IL United States) - See all my reviews
This review is from: How to Create and Manage a Hedge Fund: A Professional's Guide (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
3.0 out of 5 stars Appropriate for beginners, September 18, 2006
This review is from: How to Create and Manage a Hedge Fund: A Professional's Guide (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
3.0 out of 5 stars Still need a lawyer, March 7, 2007
By 
Edward Mcgilly (New York, NY United States) - See all my reviews
(REAL NAME)   
This review is from: How to Create and Manage a Hedge Fund: A Professional's Guide (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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3.0 out of 5 stars A bit dated, but okay, March 1, 2014
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This review is from: How to Create and Manage a Hedge Fund: A Professional's Guide (Hardcover)
It is difficult to place a generalist text in the context of "value." If you know something about the financial services industry, particularly the "buy side" and understand some of the ins and outs of financial management, then this book is a logical extension of that foundation of professional knowledge and experience, but is by no means a replacement for sound legal and custodial advice.

Because of its generalist nature, therefore, it lacks specifics on how you should structure your firm. Cayman Islands versus Luxembourg? A lot of hand waving. Tax regimes and custodians? Keep in mind these are important. Caution on solicitation of funds? Laws vary, be careful. Etc.

So the text is not through, or a "how to" with tear-out forms that you mil off to authorities and "poof" you've got a hedge fund, but it does outline the chores from idea to launch and some flavor of day-to-day operations. With always the caution "your own experience may vary."

But frankly, this one is worth a read compared to a lot of the junk that is out there. But don't stop here.
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4.0 out of 5 stars A very Informative book., November 16, 2012
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This review is from: How to Create and Manage a Hedge Fund: A Professional's Guide (Hardcover)
I needed this book to learn how to put a business team together and develop a business model for the fund I wanted to create. This book was one key piece to getting that done. A worthwhile read.
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16 of 26 people found the following review helpful
4.0 out of 5 stars Criticisms don't make sence to me...., September 4, 2003
By A Customer
This review is from: How to Create and Manage a Hedge Fund: A Professional's Guide (Hardcover)
While admittedly there is a lot of fluff in this book - ie explaining strategy and instruments, there is a lot of valuable advise on creating the structure of the company and constructing a business plan.
If your looking for someone to tell you how to trade in the financial markets you probably shouldn't be starting a fund.
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How to Create and Manage a Hedge Fund: A Professional's Guide
How to Create and Manage a Hedge Fund: A Professional's Guide by Stuart A. McCrary (Hardcover - August 15, 2002)
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