Getting Started in Hedge Funds [Paperback]

Daniel A. Strachman (Author)

Book Description

Series: Getting Started In..... | Publication Date: January 21, 2000

"This book should be required reading for anyone who invests in hedge funds." - L. Michael Cacace,Senior Editor, Fortune magazine

A Fascinating and Informative Introduction

"A worthwhile and thoughtful book on what is now considered to be a growth industry." - Michael Steinhardt, Steinhardt Management

"Getting Started in Hedge Funds is a fascinating book about one of Wall Street's most fascinating subjects." - Beth Piskora, New York Post Business Columnist

From the small investor to the professional trader, everyone is fascinated by the world of hedge funds. With its high-profile traders and tales of amazing profits--and frightening losses--hedge fund investing can seem vastly different from more traditional money management. In addition, the lack of accurate press coverage combined with the reticence of most hedge fund managers has made it next to impossible for outsiders to learn the real scoop on hedge funds...until now.

Getting Started in Hedge Funds provides investors with a complete and highly accessible introduction to hedge funds: what they are, how they started, how they work, and who manages them. Written by a financial writer and Wall Streeter who knows this world from the inside, this book:
* Explores the industry in its entirety;-from $2 million to $2 billion operations
* Tells the story of hedge funds from their inception in 1949 to today
* Profiles the strategies of both up-and-coming fund managers and heavyweights like Soros, Robertson, and Steinhardt
* Develops guidelines for choosing a hedge fund using returns, performance, and risk
* Shows smaller investors how to get in on the action

Editorial Reviews

From the Back Cover

"This book should be required reading for anyone who invests in hedge funds." - L. Michael Cacace,Senior Editor, Fortune magazine

A Fascinating and Informative Introduction

"A worthwhile and thoughtful book on what is now considered to be a growth industry." - Michael Steinhardt, Steinhardt Management

"Getting Started in Hedge Funds is a fascinating book about one of Wall Street's most fascinating subjects." - Beth Piskora, New York Post Business Columnist

From the small investor to the professional trader, everyone is fascinated by the world of hedge funds. With its high-profile traders and tales of amazing profits--and frightening losses--hedge fund investing can seem vastly different from more traditional money management. In addition, the lack of accurate press coverage combined with the reticence of most hedge fund managers has made it next to impossible for outsiders to learn the real scoop on hedge funds...until now.

Getting Started in Hedge Funds provides investors with a complete and highly accessible introduction to hedge funds: what they are, how they started, how they work, and who manages them. Written by a financial writer and Wall Streeter who knows this world from the inside, this book:
* Explores the industry in its entirety;-from $2 million to $2 billion operations
* Tells the story of hedge funds from their inception in 1949 to today
* Profiles the strategies of both up-and-coming fund managers and heavyweights like Soros, Robertson, and Steinhardt
* Develops guidelines for choosing a hedge fund using returns, performance, and risk
* Shows smaller investors how to get in on the action

About the Author

DANIEL A. STRACHMAN is Vice President of Product Development at a New York- based money management firm. Before moving to the Street, Strachman was a financial journalist and he continues to write extensively on hedge funds, commercial banking, and trading technology.

Product Details

• Paperback: 224 pages
• Publisher: Wiley; 1 edition (January 21, 2000)
• Language: English
• ISBN-10: 0471316962
• ISBN-13: 978-0471316961
• Product Dimensions: 9.2 x 6.1 x 0.7 inches
• Shipping Weight: 13.4 ounces
• Average Customer Review: 3.2 out of 5 stars  See all reviews (25 customer reviews)
• Amazon Best Sellers Rank: #1,397,194 in Books (See Top 100 in Books)

More About the Author

Daniel Strachman has been working on Wall Street for more than fifteen years in various capacities, including institutional brokerage, money management, and mutual fund and hedge fund product development and marketing. He is an expert in all aspects of retail and institutional distribution for both traditional and alternative investment products and services. Daniel is also fully versed in strategic planning for both investment firms and firms that provide services to the investment community. He has provided consulting services to companies around the world to help make their organizations expand and prosper in both good and bad economic times.

Daniel is the author of six books on investment strategy, the hedge fund industry, and investment managers. His articles have appeared in The Financial Times, The Boston Globe, Interview Magazine, The New York Post and American Banker. He is often quoted and appears in the news media and is a lecturer at the New York Society of Securities Analysts and is a former adjunct professor at New York University's school of Continuing Education. Mr. Strachman graduated from Clark University with a Bachelor of Arts. Email him at [e-mail]

Customer Reviews

Most Helpful Customer Reviews

17 of 17 people found the following review helpful:

2.0 out of 5 stars Basic Industry colour...and not much else, January 22, 2004

By 

Goetz (Singapore) - See all my reviews

This review is from: Getting Started in Hedge Funds (Paperback)

The book is a very basic overview of hedge fund industry developments. It is important to note that the history stops at 1999 and that there have been a number of significant industry developments since then. As other reviewers have correctly pointed out, the most interesting aspect of the book is the short articles from fund managers who have started their own funds with as little as $1 million in assets under management.
For those seeking a greater insight into the risk management techniques employed by hedge funds, or the basic "How to's" of starting a fund....this is not the book for you.

23 of 25 people found the following review helpful:

5.0 out of 5 stars Good stuff, February 22, 2000

By A Customer

This review is from: Getting Started in Hedge Funds (Paperback)

This book is a highly readable and interesting introduction to hedge funds. The author has taken on a monumental task -- trying to make understanding hedge funds accessible. Maybe it shouldn't be so hard to do that -- but to my knowledge this is the first book that really puts hedge funds into context.

While it is a relatively quick and enjoyable read, the book covers a lot of important ground -- the history of hedge funds, how hedge funds work and a series of in-depth profiles of hedge fund managers at work. These profiles illustrate how truly diverse these investment vehicles are.

The profile of Alfred Winslow Jones, credited as the founder of hedge funds, is particularly interesting. The recap of the events at Long-Term Capital and other big funds that posted big losses, are concisely presented.

Strachman makes it clear that anyone considering investing in hedge funds must do a lot of homework. This book will help investors formulate the right questions to ask.

At the same time, it is accessible enough for any investor who wants to know more about hedge funds.

21 of 23 people found the following review helpful:

3.0 out of 5 stars Good basic book but lacks any depth for non-beginners, December 6, 2001

By 

"philbudwick" (Washington, D.C.) - See all my reviews

This review is from: Getting Started in Hedge Funds (Paperback)

I bought this book because of my desire to learn more about hedge funds. I thought there would be more detail about the functions and trading strategies and styles of the managers. I also thought there would be more detail as to what is required to start your own hedge fund. The book instead paints an overview of these areas and never delves beneath the surface.

The author is a journalist and it is evident in his writing style. Lots of quotes from hedge fund managers and anecdotes as though they came from short articles but not a lot of facts. Some parts look like cut and pastes of a series of articles he had written and were put together. I even found some pages where the same statement was made twice, thus enforcing my belief that different pieces were cut and paste together. (Editor's fault for not catching it)

Redeeming quality of the book is the fact that it does have direct information from hedge fund managers not usually availabel since the author was able to talk to many who never usually talk to the press. The stories do let the reader inside what hedge funds are and how they operate. Maybe too much focus on Long-Term Capital Management and Soros, who in my mind are the unique large hedge funds that do not reflect the average hedge fund that operates today. The gem of the book is the profile of 10 hedge fund operators. Very interesting to see the different personalities and backgrounds and paths each took to managing their own hedge funds.

If you want a nice overview or starter book in hedge funds, then for the price, this book does deliver and provides a great foundation. If you already are familiar with hedge funds and want more detail, I suggest you do your own research on the net where I found detailed papers put out by hedge fund associations on proper operation of hedge funds and detailed breakdowns of different types and managing styles. I printed them out for free and find more information then in the book I paid for.