- Hardcover: 514 pages
- Publisher: Wiley; 1 edition (October 18, 2002)
- Language: English
- ISBN-10: 0471251208
- ISBN-13: 978-0471251200
- Product Dimensions: 6.4 x 1.6 x 9.3 inches
- Shipping Weight: 1.7 pounds (View shipping rates and policies)
- Average Customer Review: 8 customer reviews
- Amazon Best Sellers Rank: #1,922,222 in Books (See Top 100 in Books)
Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your mobile phone number.
Absolute Returns: The Risk and Opportunities of Hedge Fund Investing 1st Edition
Use the Amazon App to scan ISBNs and compare prices.
Fulfillment by Amazon (FBA) is a service we offer sellers that lets them store their products in Amazon's fulfillment centers, and we directly pack, ship, and provide customer service for these products. Something we hope you'll especially enjoy: FBA items qualify for FREE Shipping and Amazon Prime.
If you're a seller, Fulfillment by Amazon can help you increase your sales. We invite you to learn more about Fulfillment by Amazon .
The Amazon Book Review
Author interviews, book reviews, editors picks, and more. Read it now
Frequently bought together
Customers who viewed this item also viewed
Customers who bought this item also bought
“…offers a solid, comprehensive guide to speculators, explaining the risks as well as the rewards. This book is a valuable addition to every investor’s library.” (Financial World, July 2004)
"It should be required reading for any investor who wants to understand the absolute returns alternative to conventional wealth management." (Hedgeworld.com)
“…required reading for any investor who wants to understand the absolute returns alternative to conventional wealth management…” (HedgeWorld’s Inside Edge, 31 March 2003)
From the Inside Flap
The hedge fund business is about achieving excellent risk-adjusted returns, not about beating the market. In other words, the hedge fund business is about absolute returns. But not all hedge funds are created equal. A poorly chosen hedge fund or portfolio of hedge funds can produce disappointing results.
In Absolute Returns: The Risk and Opportunities of Hedge Fund Investing, Alexander Ineichen-Head of Equity Derivatives Research for UBS Warburg in London and author of the widely read research publication In Search of Alpha: Investing in Hedge Funds-demystifies what hedge funds are, how they invest to generate superior risk-adjusted returns, and what the concurrent risks of investing in them are.
Divided into four comprehensive parts . . .
Part I: The Hedge Fund Industry
Part II: Risk and Opportunities of Absolute Return Strategies
Part III: The Fund of Hedge Funds Industry
Part IV: Going Forward
. . . this book will introduce you to the new investment paradigm of absolute returns, outline the risk and opportunities of absolute return strategies, dispel the myths and misconceptions that have surrounded hedge funds, and provide a detailed look at the advantages and disadvantages of hedge fund investing.
Besides focusing on the characteristics and performance of single hedge funds, Absolute Returns also discusses the fund of hedge funds approach, a strategy in which a single fund invests in a portfolio of hedge funds. Ineichen explores the fund of hedge funds industry, the vehicles within this industry, as well as the potential for alpha in a fund of hedge funds.
There are essentially two main reasons to invest in hedge funds: superior performance and diversification. Absolute Returns will help you understand each of these topics as well as a number of other hedge fund issues you must be familiar with in order to succeed in this arena. Filled with helpful charts, real-world examples, and an informative appendix for each chapter, Absolute Returns will allow you to make more educated decisions about hedge fund investments.
Top customer reviews
There was a problem filtering reviews right now. Please try again later.
That having been said, the book goes on and on, repeating the same concept over and over. A hedge fund cannot be judged by a benchmark, because they define risk as total risk. Good. But then how do you define alpha ? What is alpha then really ? The whole concept of alpha says you are doing better than the "average". But we don't want to be measured by an "average". I am doing 100 trades a day and hold positions not more than a week only to be measured against risk free rate. Wow !. What a brilliant logic !
The book keeps repeating and quoting things from academic finance to bolster its case for hedge funds. We all know where relying on academic models brought us in 2008.
The problem with these people who work in banks is that instead of creating real value in the real world, all their time and effort is wasted in this pseudo science of money management. Self promotion has always been a hallmark of financial industry and this book is no exception.
On the positive side, I have never read a more complete polemic in favor of the hedge fund industry. He shreds EMF with loads of good evidence and humorous anecdotes. However, there seems to be a constant drive to reinforce this point. Unfortunately, it takes away from a more thorough analysis of the types of hedge fund investing.
Another problem with the book is that it has trouble discovering its audience. At times, we get detailed descriptions of what alpha and beta represent (Finance 101) and at other times, abstruse PM concepts are brushed over as common knowledge.
I would definitely recommend this book but I recommend that the reader is accompanied by a Dictionary of Finance and Investing.
This book provides a nice introduction to hedgefunds, perhaps not so much news for experienced readers. At times theres very detailed information, in other parts the author provides only an overview (whos the audience?).