Customer Reviews: All About Hedge Funds : The Easy Way to Get Started
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VINE VOICEon July 22, 2003
This book presents a fantastic overview of the hedge fund industry. The intended target audience is hedge fund investors, which is reinforced by the author's credentials as an executive in a "Fund of Funds". In addition, the book would be very useful as an interview to financial markets, useful for business students interested in careers in trading or hedge funds.
The book starts with a broad overview of market theory, covering efficient markets, diversification theory and strengths and weaknesses of the "Random Walk" theory. The book then moves to an overview of the various investment tools available to hedge funds, such as going long and short on stock prices and volatility. (If you'd like to know in plain english what being "long volatility" means, this is a good book for you!) The book then covers legal, financial and operational details of running a fund. Lastly, it covers the various types of funds, such as equity funds and event driven funds. The scope of the material covers financial institutions such as investment banks and brokers that support hedge funds.
In summary, this was a very informative introductory text on both hedge funds and markets. It will be very useful to both new investors in hedge funds, as well as students of financial markets. The math is well explained, and there are only a few tough technical sections.
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on March 31, 2003
This book delivered what I was looking for and more. I needed an introduction to hedge funds and the industry and the book does an excellent job of providing this information in complete and concise detail. In addition, the book also gives a good overview of portfolio theory and how it relates to actual practice. There is also a section that describes the prevalent hedge fund strategies with historical performances. I highly recommend this book to those interested in starting their own fund or wishing to work in the industry.
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on November 11, 2003
Not just for people looking for a hedge fund! This book is a great introduction to modern portfolio theory and gives excellent descriptions of most key concepts. If there's a 2nd edition, I hope he will include more clarity and discussion of key terms like Sharpe Ratio (there are 2 definitions in customary usage, it's an important and misunderstood number, and there is no occurrence of "sharpe ratio" in the index), Alpha, Beta, R-squared, etc. Nonetheless, this book is extremely helpful and highly recommended.
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on August 21, 2015
So, you want to manage/run/work at a hedge fund right? well this book wont help you with that at all.
What this book will do is give you a basic understanding of a few hedge fund strategies including Long/Short, market neutral, leveraged.

Another thing I liked is how the author explains how to measure performance, returns, and compensation structure - things that are still relevant today.
However, some of the stuff is kinda old and obsolete and is not relevant in today's hedge fund world.

This book is easy to follow but it does get a little complicated and confusing in the few technical sections.
I am not sure who the intended audience is for this book is but I believe the author is writing for possibly business school students who are not sure what they want to do when they graduate.

I wish the author written another edition and maybe teamed up with another person to help explain and structure the more confusing sections better.
Also, I would like the author to include more about HF operations, legal, marketing, etc -- which are the other big parts of running a hedge fund besides investing

All in all its a decent read but dont expected to become a hedge fund manager after reading this book.
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on September 5, 2003
This book is great!
I'm a Wall Street professional, but wanted to understand more about the hedge fund business. My initial concern was that this book was going to be too basic, but it was not. It provided excellent insights into the function of hedge funds in today's financial world, various types of investment strategies, the tools available to hedge funds and even went into regulatory and tax issues. It answered all the questions I had about hedge funds (and was afraid to ask). Yet while it was not too simplistic for someone already in the financial services world, it was also not too complicated for a layperson. This book will remain a valuable resource for me in the future.
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on January 26, 2007
Page 181 of this 309-page book starts with: "We have spent a lot of time looking at investment issues related to hedge funds: investment objectives, strategies, techniques, and so forth. The next few chapters take a brief look at some of the business and operational issues that arise in the hedge fund world." Finally! Well, page 205 hurries back to "The Menu of Hedge Fund Strategies" about longs and shorts, stocks and bonds and indexes and volatility. Why a publisher would cheat his readers with a title like "All about Hedge Funds" for what is just some investor's handbook is beyond me. Imagine considering serious participation in such fund and the term "Private Placement Memorandum" isn't even mentioned once in this book. Probably the author never heard of it: he intended to write about investing and did, but, discouraged by the crowded market in these books, shuffled in 23 pages about hedge funds so he could rename his book. I fell into the trap, make sure you don't.
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on January 21, 2006
the hedge fund industry is grossly misunderstood by many.

The media villifies it and portrays managers as nefariously corrupt, for-the-rich-only servants.

some of that is true, but most of it is not.

this book takes a healthy and objective look at what, how, and why hedge funds operate.

It's not perfect, but it's as close as you'll get if you're looking for a ton of wealth in a 48 hour reading period.

By the way, this is the main book they use at YALE for their hedge fund MBA class.
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on December 14, 2004
This is an excellent resource for learning all about Hedge Funds and how they work. This book delves deep enough into the various aspects of Hedge Funds to be very instructive but not too analytical. Not a book for dummies and not a PhD in Finance reference, a great resource right in the middle. This book is perfect for those who are looking for a relatively in depth knowledge of Hedge Funds without boring themselves with too many analytical and overly academic concepts and theories.
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VINE VOICEon January 1, 2013
This book provides an overview of the financial industry, focusing specifically on hedge funds. It covers a mix of topics, including what are the various instruments used (stocks, bonds, options, etc), and different approaches (growth, value, long, short). The sections I liked the most covered risk analysis with different portfolio mixes. There are a lot of charts showing different ways to view the market with historical data, and these were useful as well (although, I read it on a Kindle which made it a bit tougher to deal with the charts since it was hard to connect them with the text).

The book doesn't cover 2008 and beyond, which is unfortunate, since the events would make for very different charts and analysis. The author provides a variety of comments on skill and smarts, which to some extent are a bit self serving, but nonetheless not over bearing. The book is fairly factual -- if you want the type of emotional grab you find in a book such as More Money Than God, you won't find it here. Nor is it a book that will do anything should you want to start your own hedge fund -- there is no where near the detail or advice needed. But as an overview of the terms and techniques it is fairly decent.
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on June 11, 2011
This book is more on investing in stocks/bonds/futures/... and not on hedge funds at all. There is a whole lot of material on risk/reward-ratio's, small/large caps, taxes, trading psychology, ... but very little material on hedge funds. If you're interested in reading about investing in general and how stock investing works you might give this one a try, but just don't expect to read all about hedge funds.

If you want a good book on hedge funds:

- Jim Cramer - Confessions of a Street addict
- Barton Biggs - Hedgehogging
- Faber - The Ivy portfolio (it contains just 1 chapter on hedge funds but it will give you more information on hedge funds than this book does)
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