Top Hedge Fund Investors: Stories, Strategies, and Advice

Overview

Throughout the recent financial crisis, many hedge funds sufferedmassive losses and were often blamed for the extreme marketupheavals. Performance soon rebounded and approachedrecord-breaking heights. In the wake of these events, hedge fundsremain a source of fascination for the media, legislators, andinvestors.

Historically portrayed as risky investments run by swashbucklingmanagers—and reserved only for the very wealthy—hedgefunds are simply an investment vehicle designed to ...

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Overview

Throughout the recent financial crisis, many hedge funds sufferedmassive losses and were often blamed for the extreme marketupheavals. Performance soon rebounded and approachedrecord-breaking heights. In the wake of these events, hedge fundsremain a source of fascination for the media, legislators, andinvestors.

Historically portrayed as risky investments run by swashbucklingmanagers—and reserved only for the very wealthy—hedgefunds are simply an investment vehicle designed to generatesuperior returns and reduce an investor's overall portfolio risk.Although many individual funds have underperformed or collapsed,hedge funds as a whole have proved resilient and achieved theirobjectives.

Investing in hedge funds requires sophisticated knowledge,understanding, skill, access, and experience. Individual andinstitutional investors, whether they are hedge fund novices orexperts, can find these attributes in the stories of the successfulhedge fund investors profiled in Top Hedge FundInvestors.

This accessible resource chronicles the challenges and rewardsthese investors face in selecting hedge fund managers, managingrisk, and constructing portfolios. Through revealing conversations,leading hedge fund investors—with hundreds of billions ofdollars in hedge funds—share their philosophies, strategies,and advice. Page by page, this timely guide:

  • Profiles a variety of different investors from the pioneers inhedge fund investing to managers for high-net-worth individuals andfund of funds investors
  • Discusses winners and losers in the recent market decline,problematic hedge fund strategies, and how recent events willchange hedge funds forever
  • Provides lessons, insights, and advice beneficial to all hedgefund investors
  • And much more

Engaging and informative, Top Hedge Fund Investors willprove valuable to anyone involved in placing money with hedgefunds, as well as hedge funds that seek to better understand theirclients.

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What People Are Saying

From the Publisher
"In Top Hedge Fund Investors, Rittereiser and Kochard have put to rest any lingering doubts that hedge funds have become an essential component of successful investment programs. When a collection of extraordinarily talented individuals, like those profiled in this book, dedicate their lives to a common discipline, we can be sure that these strategies have reached a permanent level of prominence in the investment world. Top Hedge Fund Investors profiles men and women with passion, courage, intellect, tenacity, inquisitiveness and resiliency, who have helped establish a standard of excellence in hedge fund investing that all those who read this book will benefit from emulating. We are all richer for the authors' efforts to bring together this outstanding volume of Stories, Strategy and Advice from some of the best hedge fund investors in the business."
Mark W. Yusko, CEO & Chief Investment Officer, Morgan Creek Capital Management

"Top Hedge Fund Investors offers a refreshing perspective and unique insight into the shrouded world of hedge funds. We get a glimpse beyond the numbers and gain an insider's view of this complex industry. As one who has been with this business for nearly thirty years, I can attest that this book rings true."
Lawrence P. Chiarello, Partner, SkyView Investment Advisors LLC

"Great subject, terrific insights from top allocators to hedge funds. Eldon, Meyer and Hodge show how to avoid making unforced errors when investing. They and the other Investors make this the best book I have seen on selecting money managers."
Douglas Sperry Makepeace, President, Sperry Fund Management LLC, New York City

"An insightful tour of the Hedge Fund World, with some of the most experienced guides that demystify a lot of the wrong ideas people have of this industry and its players."
Michel Amsellem, Member of the Advisory board Banque Heritage

"Given the importance that 'hedge funds' have gained in financial markets it behooves all investors, not just professionals, to understand the underlying principles used by prominent hedge fund investors. Top Hedge Fund Investors provides an interesting description of the investment philosophy of some of the leading practitioners of this relatively unknown segment of the financial markets, and how they have organized their firms."
Charles Falcon, Retired Corporate Finance Executive

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Product Details

  • ISBN-13: 9780470501290
  • Publisher: Wiley
  • Publication date: 7/13/2010
  • Series: Wiley Finance Series, #543
  • Edition number: 1
  • Pages: 240
  • Sales rank: 1,299,291
  • Product dimensions: 5.90 (w) x 9.10 (h) x 1.00 (d)

Meet the Author

CATHLEEN M. RITTEREISER is the coauthor of Foundation andEndowment Investing (Wiley) and informs and educatesinstitutional investors as a writer, speaker, and consultant. Analternative investments marketing executive with over twenty years'experience, Rittereiser has held positions with leading financialfirms, including Symphony Asset Management and Merrill Lynch. Shereceived a BA from Franklin & Marshall College and an MBA fromNew York University's Stern School of Business.

LAWRENCE E. KOCHARD, PhD, CFA, is Chief InvestmentOfficer of the Georgetown University endowment and teaches at theMcDonough School of Business at Georgetown. He is a leader in thefoundation and endowment investing community and coauthor ofFoundation and Endowment Investing (Wiley). Previously,Kochard was managing director of equity and hedge fund investmentsfor the Virginia Retirement System, an adjunct finance professor atthe University of Virginia, and a vice president with GoldmanSachs. He holds an MA and PhD in economics from the University ofVirginia and is a CFA.

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Table of Contents

Preface

Acknowledgments

About the Authors

PART ONE Evolution of the Hedge Fund Industry and Investing 1

Chapter 1 The Truth about Hedge Funds: From Misunderstood Investment Vehicle to Household Word 3

Chapter 2 The Investment Process: Best Practices of Successful Hedge Fund Investors 15

Chapter 3 The Hedge Fund Investment Landscape: A Snapshot in Time 25

PART TWO Top Hedge Fund Investors: Stories and Strategies 31

Chapter 4 Author of the Hedge Fund Investing Story: Richard Elden, Founder and Former Chairman, Grosvenor Capital Management 33

Chapter 5 The Predictive Value of Performance: Frank Meyer, Founder and Former Chairman, Glenwood Capital Investments 47

Chapter 6 The Best Qualities of Limestone: James R. Hodge, President and Chief Investment Officer, Permal Asset Management Inc 69

Chapter 7 An Asymmetrical Talent: Mark J.P. Anson, Managing Partner and Chair of the Investment Committee, Oak Hill Investment Management 83

Chapter 8 Early Endowment CIO and Entrepreneur: Louis W. Moelchert, Jr., Managing Partner, Private Advisors, LLC 103

Chapter 9 An Ambassador of the Highest Standard: Christopher Fawcett, Co-Founder, Senior Partner, Fauchier Partners 117

Chapter 10 A Risk Management Mastermind: Deepak Gurnanl, Head of Hedge Funds, Investcorp 137

Chapter 11 A Driver of Returns: Kathryn A. Hall, Chairman, Chief Executive Officer, and Chief Investment Officer, Hall Capital Partners 155

Chapter 12 A Better Way: Ted Seldes, Co-Founder, Protege Partners 173

Chapter 13 The Quality of the People: A Review and Preview 199

Notes 211

Index 215

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