Anonymous
Posted September 24, 2005
For those readers interested in running money through a hedge fund this is an okay book. (Note: For those interested in running money through a mutual fund, I recommend Start a Successful Mutual Fund by Melinda Gerber.) Mr. McCrary's book discusses broad topics about the industry but also covers some things that can be learned better from a specialty book about marketing or business plan writing. It does not mention how hedge funds are getting into private equity, prime brokers, Sarbanes-Oxley, or the Anti-Money Laundering Act. It is also weak on specific details about how to run a fund day-to-day. In general the book reminded me of a college textbook. It is most valuable to anyone who wants a good beginning knowledge of hedge funds.
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More About This Textbook
Overview
Praise for How to Create & Manage a Hedge Fund
A Professional's Guide
"True to its title, McCrary provides a clearly written and complete overview of the issues associated with starting and running a hedge fund. And for those outside the hedge fund world, the book's successful marriage of finance theory and market practice with the author's own vast experience makes for an enjoyable and thoroughly informative read."
-Christopher L. Culp, Managing Director, CP Risk Management LLC, and Adjunct Associate Professor of Finance, Graduate School of Business, The University of Chicago
"McCrary has drawn from his experience on Wall Street, LaSalle Street, and at the academy in crafting this encyclopedia for hedge fund managers and advisors. Covering the field in plainspoken business prose, he demystifies the secretive world of collective private investment. Whether you earn your living in finance or law, in accounting or marketing, if the subject is hedge funds, you must read this book."
-Patrick Daugherty, Partner, Foley & Lardner
"Building on his broad experience in the securities and derivatives markets, McCrary offers a well-researched guide to starting and running a hedge fund business . . . he tackles everything from the mundane, like regulations and accounting, to the complex, like investment techniques and risk management, in an articulate and insightful manner . . . a necessary handbook for money managers and investors alike."
-Peter F. Karpen, Managing Member, Diversified Investment Management, LLC
Product Details
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Meet the Author
STUART A. McCRARY is a principal with Chicago Partners LLC and specializes in options, mortgage-backed securities, derivatives, and hedge funds. As president of Frontier Asset Management, McCrary created and managed his own hedge fund before joining Chicago Partners. He has also worked as a senior options trader at Fenchurch Capital Management, as vice president in the mortgage department and in proprietary trading at First Boston Corporation, and as a portfolio manager with Comerica Bank. He has taught graduate-level courses in creating and managing a hedge fund at the Kellstadt Graduate School of Business at DePaul University and courses in financial engineering at the Stuart School of Business at the Illinois Institute of Technology. He received his BA and MBA from Northwestern University.
Table of Contents
Preface.
Disclaimer.
CHAPTER 1: Introduction to Hedge Funds.
CHAPTER 2: Building a Valuable Business.
CHAPTER 3: Types of Hedge Funds.
CHAPTER 4: Types of Hedge Fund Investors.
CHAPTER 5: Hedge Fund Investment Techniques.
CHAPTER 6: Hedge Fund Business Models.
CHAPTER 7: Creating Leverage.
CHAPTER 8: Hedge Fund Business Plans.
CHAPTER 9: Performance Measurement for Hedge Funds.
CHAPTER 10: Legislation and Regulations Affecting Hedge Funds.
CHAPTER 11: Accounting for Hedge Funds.
CHAPTER 12: Tax Reporting for Hedge Funds.
CHAPTER 13: Risk Management for Hedge Funds.
CHAPTER 14: Marketing Hedge Funds.
CHAPTER 15: Derivatives and Hedge Funds.
CHAPTER 16: Lessons Learned from the Hedge Fund Industry.
Glossary.
Bibliography.
Index.