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

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Overview

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 inhedge 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.

Author Biography: 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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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)

Table of Contents

Acknowledgments
Preface
Pt. 1 The Hedge Fund Industry 1
Ch. 1 Introducing Absolute Returns 3
Appendix: Risk Illusion 56
Ch. 2 Myths and Misconceptions 58
Appendix: Press Coverage of Hedge Funds 83
Ch. 3 Difference between Long-Only and Absolute Return Funds 88
Appendix: Guatemalan Dentist 132
Ch. 4 Advantages and Disadvantages of Investing in Hedge Funds 134
Appendix: On Market Efficiency and Unorthodox Economics 159
Pt. 2 Risk and Opportunities of Absolute Return Strategies 177
Ch. 5 Classification and Performance of Hedge Funds 179
Ch. 6 Relative-Value and Market-Neutral Strategies 189
Ch. 7 Event-Driven Strategies 251
Ch. 8 Opportunistic Absolute Return Strategies 286
Appendix: Long/Short Controversy 331
Pt. 3 The Fund of Hedge Funds Industry 369
Ch. 9 Industry Overview 371
Ch. 10 Advantages and Disadvantages of Investing in Funds of Hedge Funds 401
Ch. 11 The Alpha in Funds of Hedge Funds 420
Pt. 4 Going Forward 451
Ch. 12 Game of Risk or Risky Game? 453
Notes 478
References 484
Index 489
About the Author 514
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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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