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Absolute Returns: The Risk and Opportunities of Hedge Fund Investing / Edition 1

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"The world of investing floats on a vast sea of words, most of which are obvious, simple-minded, and client'ss, and all of those are dangerous to financial health. The story in this book bears no relation to all that stuff. Ineichen's message is original, powerful, comprehensive, and essential to robust financial health. The literary clarity he blends with his financial wisdom is an additional blessing."
-Peter L. Bernstein, President, Peter L. Bernstein, Inc.,
author of Against the Gods and The Power of Gold

"No one can afford to risk money in hedge funds without reading this comprehensive guide. The details are illuminating, presentation captivating, analysis brilliant and lessons profound. A wonderful contribution to the hedge fund literature."
-Prof. Narayan Y. Naik, Director, Centre for Hedge Fund Research and Education, London Business School

"A good understanding of the working of the hedge fund market and hedge fund strategies is important for every active investor. Ineichen's book does an excellent job tying together historical, empirical, and theoretical analysis in a way readily accessible to practitioners. A more comprehensive examination of the hedge fund market and hedge fund strategies would be hard to find."
-Hans de Ruiter, ABP Investments, Senior Portfolio Manager
Quantitative Equity Strategies

"Hedge funds are not mainstream and this book is not mainstream either. The author challenges traditional investment paradigms and the way investors think about risk. An exciting read and a must for every professional investor."
-Dr. Burkhard Poschadel, Chief Executive Officer, GAM

"Written for the professional investor, Alexander Ineichen's book provides a comprehensive, in-depth analysis of alternative investment strategies. Combining the latest research with his own insights, Ineichen has produced the definitive study of hedge funds and funds of hedge funds."
-Richard Elden, Chairman, Grosvenor Capital Management, L.P.

"Alexander Ineichen's in-depth research findings and analytical insight are brought together in this book which is chock-full of useful statistics on hedge fund strategies. Definitions, examples, return/risk parameters, and key risk factors are provided for each strategy. This comprehensive book is a necessity for every hedge fund investor."
-Lois Peltz, President, Infovest21

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Editorial Reviews

From the Publisher
“…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." (

“…required reading for any investor who wants to understand the absolute returns alternative to conventional wealth management…” (HedgeWorld’s Inside Edge, 31 March 2003)

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Product Details

  • ISBN-13: 9780471251200
  • Publisher: Wiley
  • Publication date: 10/18/2002
  • Series: Wiley Finance Series , #135
  • Edition number: 1
  • Pages: 528
  • Product dimensions: 6.26 (w) x 9.26 (h) x 1.62 (d)

Meet the Author

ALEXANDER M. INEICHEN, CFA, is Managing Director and Head of Equity Derivatives Research at UBS Warburg in London. In October 2000, Ineichen authored In Search of Alpha: Investing in Hedge Funds, which has become the most often printed research publication in the documented history of UBS Warburg. He has also published several papers in peer-refereed financial journals, contributed numerous articles and chapters to financial newspapers, magazines, and books, and regularly speaks about hedge funds and risk at industry conferences.

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Table of Contents



PART ONE: The Hedge Fund Industry.

CHAPTER 1 Introducing Absolute Returns.

Appendix: Risk Illusion.

CHAPTER 2 Myths and Misconceptions.

Appendix: Press Coverage of Hedge Funds.

CHAPTER 3 Difference between Long-Only and Absolute Return Funds.

Appendix: Guatemalan Dentist.

CHAPTER 4 Advantages and Disadvantages of Investing in Hedge Funds.

Appendix: On Market Efficiency and Unorthodox Economics.

PART TWO: Risk and Opportunities of Absolute Return Strategies.

CHAPTER 5 Classification and Performance of Hedge Funds.

CHAPTER 6 Relative-Value and Market-Neutral Strategies.

CHAPTER 7 Event-Driven Strategies.

CHAPTER 8 Opportunistic Absolute Return Strategies.

Appendix: Long/Short Controversy.

PART THREE: The Fund of Hedge Funds Industry.

CHAPTER 9 Industry Overview.

CHAPTER 10 Advantages and Disadvantages of Investing in Funds of Hedge Funds.

CHAPTER 11 The Alpha in Funds of Hedge Funds.

PART FOUR: Going Forward.

CHAPTER 12 Game of Risk or Risky Game?




About the Author.

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  • Anonymous

    Posted May 5, 2004

    Highly Recommended!

    Hedge funds burst into the headlines in the early 1990s, when George Soros became a household name ¿ at least in Europe, where many people blamed him and his hedge fund for wrecking the European exchange rate mechanism. Similarly, a U.S. hedge fund called Long Term Capital Management (LTCM) began with an aura of investing invincibility, only to fail dramatically. Hedge fund investing is sometimes, but not always, high risk and high return. Once limited to a privileged elite group of investors, hedge funds are now opening their rosters to less sophisticated, less wealthy speculators. But hedge funds are not just like any other funds, and anyone contemplating an investment needs a solid, comprehensive guide, such as this book. Author Alexander M. Ineichen, neither a salesman nor an alarmist, pulls no punches when discussing the risks of hedge funds. He is quite straightforward about the sometimes astonishing success of some hedge fund managers, but careful to point out the common misconceptions about them. Without hedging our bets, we find this book a valuable addition to every investor¿s library.

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