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The fall and rise of a trillion-dollar industry
Among the crown jewels of the investment world, hedge funds lost more than $600 billion
in 2008. Still, says industry insider Trevor Ganshaw, a partner at a multi-strategy hedge
fund, these investments continue to offer terrific investing opportunities.
Hedge Funds Humbled explores the seven mistakes that brought hedge funds to their knees—
including excessive leverage, poor risk management, illiquid investments, and fraud. It then
offers an outlook on the future of the hedge fund industry and the opportunities it still has
to offer. Hedge Funds Humbled explains:
Ganshaw offers invaluable advice on how to spot the good funds and identify those with
high fraud potential. He argues that as the hedge fund herd thins out, quality investment
opportunities will increase, and we will see much-needed improvements in risk management
and fund governance.
Relating one of the most dramatic financial stories in recent history, Hedge Funds Humbled
is an eye-opening look at an industry that may have yet to reveal its true potential.
Introduction: The Tale of a Shark 1
1 The True Evil in Hedge Fund Compensation (No, It's Not Greed) 13
2 Excessive Leverage: Gorging at the Buffet 29
3 Narcissistic Risk Management 75
4 Hedge Fund Correlation 95
5 The Hedge Fund Peter Principle 113
6 Capital Instability and Illiquidity: A Toxic Combination 133
7 Fraud 165
Conclusion: The Road to Redemption 215