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"Simon Lack, a hedge fund veteran exposes some unforeseen and uncomfortable truths about the industry in his new book." (Hedge Fund Net, January 2012)
"...a cautionary tale from one who knows just about all the tricks...an easy, largely fun and certainly instructive read" (Financial World, February 2012)
"Devastating little book.... His conclusions will make uncomfortable reading for many self-styled 'masters of the universe'.... This book should be required reading for pension fund trustees." (Jonathan Ford, Financial Times, 19th February 2012)
Sure, hedge funds have produced some of the greatest fortunes in recent years, but the shocking reality is that investors would have made more putting their money into treasury bills instead. And while hedge funds have proved to be serious moneymakers for those that manage them, investors themselves rarely reap the benefits. In The Hedge Fund Mirage: The Illusion of Big Money and Why It's Too Good to Be True, hedge fund expert Simon Lack blows the lid off the secret world of this class of investments, teaching you everything you need to know to maximize your own returns.
Drawing on an insider's view of hedge fund growth during the 1990s, a time when investors in the field did well in part because there were relatively few of them, The Hedge Fund Mirage chronicles the history of the hedge fund, highlighting the many subtle and not-so-subtle ways that returns and risks are biased in favor of the fund manager, and how investors and allocators can redress this imbalance. Packed with information about the industry and what's wrong with it, the book steers you away from the traps that befall so many investors. Full of helpful pointers on how to really get the most out of your hedge fund investments, it encourages using new and emerging hedge fund managers whose returns are generally better, negotiating more assertively for stronger investor rights, and warns anyone putting their money in the hands of a manager to demand complete transparency at all times.
Hedge fund investors have had it tough in recent years, but that doesn't mean that there isn't money to be made. As the success of hedge fund managers shows, opportunities are there. The dilemma for investors is figuring out how to identify managers you can trust and learning the techniques to keep more of the money generated using your capital. The Hedge Fund Mirage is here to help, turning the tables on conventional industry wisdom to put you, the investor, back in charge.See all Editorial Reviews
Very interesting book regarding the fallacy of the investment wizards. Interesting to read that the investment banks made money from hedge funds by seeding them for future... Read morePublished 1 month ago by S.T.S
Well done and quite readable. As far as I know, no one has undertaken to write a rebuttal to this excellent book. Read morePublished 12 months ago by Timothy Mcglinn
Enjoyed book immensely Working in the capital markets it has become highly relevant to understand how hedge funds make profits and declare good returns for the fund but not for... Read morePublished 16 months ago by Guy
Lack's book is a good balance between substantive data that gives weight to his observations and anecedotal stories that keep the reader engaged.Published on February 15, 2013 by Salew
Very credible review from an experienced observer. Anyone thinking of investing in hedge funds directly or as an adviser or trustee should read this account.Published on November 28, 2012 by James H. Gately
I read this hoping to see a new, fresh perspective. What a waste. The general thesis is totally flawed and built on anecdotal observations that are completely useless. Read morePublished on October 21, 2012 by William Moore
Certainly better than the drivel Maneet put out for CNBC. There is new information in "Mirage", and explains how much of the hype around hedge funds is just misleading statistics. Read morePublished on August 17, 2012 by auilachs