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

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The hedge fund business is about achieving excellent risk-adjustedreturns, not about beating the market. In other words, the hedgefund business is about absolute returns. But not all hedge fundsare created equal. A poorly chosen hedge fund or portfolio of hedgefunds can produce disappointing results.

In Absolute Returns: The Risk and Opportunities of Hedge FundInvesting, Alexander Ineichen-Head of Equity Derivatives Researchfor UBS Warburg in London and author of the widely read researchpublication In Search of Alpha: Investing in HedgeFunds-demystifies what hedge funds are, how they invest to generatesuperior risk-adjusted returns, and what the concurrent risks ofinvesting 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 paradigmof absolute returns, outline the risk and opportunities of absolutereturn strategies, dispel the myths and misconceptions that havesurrounded hedge funds, and provide a detailed look at theadvantages and disadvantages of hedge fund investing.

Besides focusing on the characteristics and performance of singlehedge funds, Absolute Returns also discusses the fund of hedgefunds approach, a strategy in which a single fund invests in aportfolio of hedge funds. Ineichen explores the fund of hedge fundsindustry, the vehicles within this industry, as well as thepotential 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 willhelp you understand each of these topics as well as a number ofother hedge fund issues you must be familiar with in order tosucceed in this arena. Filled with helpful charts, real-worldexamples, and an informative appendix for each chapter, AbsoluteReturns will allow you to make more educated decisions about hedgefund investments.

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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 avaluable addition to every investor’s library.”(Financial World, July 2004)

"It should be required reading for any investor who wants tounderstand the absolute returns alternative to conventional wealthmanagement." (Hedgeworld.com)

“…required reading for any investor who wants tounderstand the absolute returns alternative to conventional wealthmanagement…” (HedgeWorld’s Inside Edge, 31 March2003)

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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
  • Sales rank: 1,532,152
  • 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 ReturnFunds.

Appendix: Guatemalan Dentist.

CHAPTER 4 Advantages and Disadvantages of Investing in HedgeFunds.

Appendix: On Market Efficiency and Unorthodox Economics.

PART TWO: Risk and Opportunities of Absolute ReturnStrategies.

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 ofHedge 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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