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The Little Book of Hedge Funds that's big on explanationseven the casual investor can use
An accessible overview of hedge funds, from their historicalorigin, to their perceived effect on the global economy, to whyindividual investors should understand how they work, The LittleBook of Hedge Funds is essential reading for anyone seeking thetools and information needed to invest in this lucrative yetmysterious world. Authored by wealth management expert AnthonyScaramucci, and providing a comprehensive overview of this shadowycorner of high finance, the book is written in a straightforwardand entertaining style. Packed with introspective commentary,highly applicable advice, and engaging anecdotes, this LittleBook:
- Explains why the future of hedge funds lies in their ability toprovide greater transparency and access in order to attractinvestors currently put off because they do not understand how theywork
- Shows that hedge funds have grown in both size and importancein the investment community and why individual investors need to beaware of their activities
- Demystifies hedge fund myths, by analyzing the infamous 2 and20 performance fee and addressing claims that there is an increasedrisk in investing in hedge funds
- Explores a variety of financial instruments—includingleverage, short selling and hedging—that hedge funds use toreduce risk, enhance returns, and minimize correlation with equityand bond markets
Written to provide novice investors, experienced financiers, andfinancial institutions with the tools and information needed toinvest in hedge funds, this book is a must read for anyone withoutstanding questions about this key part of the twenty-firstcentury economy.
About the Author
Anthony Scaramucci is the Founder and Managing Partner of SkyBridge Capital, a global alternative investment and advisory firm. The firm has $5.8 billion in assets under management or advisement as of January 31, 2012. He was the cofounder of Oscar Capital Management, which was sold to Neuberger Berman, LLC in 2001 after building a managed account business and four hedge funds having in aggregate more than $800 million of assets. Upon Neuberger Berman's sale to Lehman Brothers in 2003, he served as a Managing Director in their Investment Management Division. From 1989 to 1996, Mr. Scaramucci worked at Goldman Sachs & Co., where he was appointed a Vice President in Private Wealth Management in 1993.
Mr. Scaramucci is a recipient of the Ernst & Young Entrepreneur Of The Year 2011 New York Award in the Financial Services category and a board member of Warrior Gateway, The Lymphoma Foundation, and The Brain Tumor Foundation. He is also on the Board of Overseers for the School of Arts and Sciences at Tufts University and a member of the NYC Financial Services Advisory Committee and BENS (Business Executives for National Security). Mr. Scaramucci is the author of Goodbye Gordon Gekko: How to Find Your Fortune Without Losing Your Soul and a regular CNBC contributor.
Table of Contents
Introduction: Anatomy of a Hedge Fund: The Password Is . . .xv
Chapter One What Is a Hedge Fund? The Traditional Long-OnlyPortfolio versus the Alternative Hedge Fund Portfolio 1
Chapter Two The Parlor Cars of the Gravy Train: The Long and theShort of It 29
Chapter Three Accessing the Inaccessible: From the Elite to MainStreet 51
Chapter Four Heads We Win; Tails You Lose: Eating Your OwnCooking while Enduring Symmetrical Glories and Punishments 67
Chapter Five The Alpha Game: In Search of El Dorado 81
Chapter Six Ironing Out Inefficiencies: Exploiting the EfficientMarket Theory 97
Chapter Seven A Balancing Act: Outperforming the Market whileTaking Less Risk 117
Chapter Eight If You Can’t Beat ’Em, Join ’Em:Hedge Fund Manager Selection and Due Diligence 143
Chapter Nine The Men Behind the Curtains: Fund of Hedge Funds169
Chapter Ten From Wall Street to Park Avenue: Setting Up Shop atthe Hedge Fund Hotel 193
Conclusion: The Shape of Things to Come 215
Appendix: Due Diligence Questionnaire 223