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Hedge Fund of Funds Investing: An Investor's Guide Hardcover – January 1, 2004
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"Offers powerful insights into the fast growing word of fund of funds investing and strategies." -- Lawrence Simon, President and CEO, Ivy Asset Management Corporation
- Dan Rauchle
President, Wells Fargo Alternative Asset Management
"A creative and disciplined work that offers powerful insights into the fast-growing world of fund of funds investing and strategies. A quick and informative read for both the HNW and institutional investor."
- Lawrence Simon
President and CEO, Ivy Asset Management Corporation
"Hedge Fund of Funds Investing provides a thorough, well-articulated discussion of the key characteristics and issues associated with investing in a fund of hedge funds. I believe the frank disclosure of both the advantages and disadvantages of these vehicles, as well as the information on selecting a fund of funds, will make this book required reading for individual and institutional investors alike."
- Frank Belvedere, CFA, FCIA
Vice President of Alternative Investments, Montrusco Bolton, Montreal, Canada
This is a great reference for those who are just beginning to invest in hedge funds, as well as those who already have a hedge fund of funds allocation. If you are new to this investment vehicle, the book provides a thorough description of fund of funds and a great framework for conducting the due diligence process. If you are already invested in fund-of-funds, it will prompt you to ask some probing questions at the next meeting with your fund-of-funds manager."
- Cindy Koury
Senior Managing Director, Victory Capital Management
"Hedge fund expert Joe Nicholas dissects the industry's hottest trend, investing in fund of hedge funds, in his new book. It's a must-read for institutional and private investors alike."
- Joe Hershberger
Managing Director, Putnam Lovell NBF Securities Inc.
"Joe does it again! By taking complex and critical issues in hedge funds, he transforms them into the most accessible and readable form. Read it and reap." - P. Morgan Kash
Senior managing director, Paramount Capital, Inc.
Board Member, Hedge Fund Association
"There has been tremendous growth in the fund of hedge fund business with assets doubling in the last year. Joe clearly explains the reasons for this growth as he examines the hedge fund industry and assesses fund of hedge funds as the most effective way to gain exposure to the hedge fund arena. The book is a terrific resource for those considering an investment in hedge funds and/or a fund of hedge funds."
- Patricia Young
Managing Director and CIO, NewMarket Capital Partners, LLC
"Joe Nicholas has created an authoritative and innovative handbook of fund of funds investing that is essential for both financial and nonfinancial decision makers. Building upon his previous writing, he has successfully applied his practical hands-on experience to demystify the hedge fund industry using common sense explanations that do not depend on obscure jargon or understanding."
- Sara Albrecht, CFA
Executive Committee and Trustee, Museum of Contemporary Art, Chicago
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If you are looking for interesting facts, useful findings on the Funds of funds industry performance, look elsewhere. If you are more or less acquainted with hedge funds and are hungry for refreshing ideas, then skip this book. If you are actually looking for a methodology to screen out a fund of funds manager, you might use it. Even then the author couldn't go further than common sense. Sorry, but this is more of booklet than a book.
Nicholas does a great job describing the evolution of FOFs and how they offer strategic, access and diversification advantages over investing in individual Hedge Funds. His descriptions of the FOFs mechanics and their multiple tiered structures illustrate clearly what goes on "under the kimono" of this somewhat secretive area of the alternative investment world. He illuminates how lockups, fees, redemptions and other restraints affect investment and fund selection - all imperatives that many investors may not readily understand.
Most importantly, as Nicholas has superior access to the data obtained through his firm, Hedge Fund Research, he is able to paint a very thorough picture of FOFs return over the years and how manager selection affects those returns. As an investor in hedge funds himself, Mr. Nicholas has developed impressive screening methodologies and describes these in detail in this book, both through direct explanation and case study.
This is a great book for anyone who has even a little uncertainty about the operations and/or the investment selection of FOFs. As a recent Wharton MBA myself, I know that many of these topics are not covered in classical investment training - it's just too recent of a trend. But FOFs are an explosive trend - with nearly 1/3 of all hedge fund investments - and one that all investors need to understand. Mr. Nicholas's book does an outstanding job in providing this background on the fundamentals of FOF investing.