Absolute Returns: The Risk and Opportunities of Hedge Fund by Alexander M. Ineichen PDF

By Alexander M. Ineichen

ISBN-10: 0471251208

ISBN-13: 9780471251200

The realm of making an investment floats on an unlimited sea of phrases, so much of that are visible, simple-minded, and clichés, and all of these are risky to monetary well-being. the tale during this ebook bears no relation to all that stuff. Ineichen’s message is unique, robust, entire, and necessary to powerful monetary healthiness. The literary readability he blends together with his monetary knowledge is an extra blessing. –Peter L. Bernstein, President, Peter L. Bernstein, Inc., writer of opposed to the Gods and the ability of Gold

''No one could come up with the money for to probability funds in hedge cash with no examining this accomplished advisor. the main points are illuminating, presentation desirable, research very good and classes profound. an excellent contribution to the hedge fund literature.'' –Prof. Narayan Y. Naik, Director, Centre for Hedge Fund learn and schooling, London enterprise tuition

''A solid figuring out of the operating of the hedge fund industry and hedge fund innovations is necessary for each lively investor. Ineichen’s publication does a good activity tying jointly old, empirical, and theoretical research in a manner conveniently obtainable to practitioners. A extra complete exam of the hedge fund marketplace and hedge fund options will be challenging to find.'' –Hans de Ruiter, ABP Investments, Senior Portfolio supervisor Quantitative fairness innovations

''Hedge money will not be mainstream and this ebook isn't mainstream both. the writer demanding situations conventional funding paradigms and how traders take into consideration chance. a thrilling learn and a needs to for each specialist investor.'' –Dr. Burkhard Poschadel, leader govt Officer, GAM

''Written for the pro investor, Alexander Ineichen’s ebook offers a complete, in-depth research of other funding thoughts. Combining the newest learn together with his personal insights, Ineichen has produced the definitive learn of hedge money and money of hedge funds.'' –Richard Elden, Chairman, Grosvenor Capital administration, L.P.

''Alexander Ineichen’s in-depth learn findings and analytical perception are introduced jointly during this e-book that is chock-full of priceless records on hedge fund options. Definitions, examples, return/risk parameters, and key probability elements are supplied for every method. This accomplished ebook is a need for each hedge fund investor.'' –Lois Peltz, President, Infovest21

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Extra resources for Absolute Returns: The Risk and Opportunities of Hedge Fund Investing

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Irrespective of the history of hedge funds or whether hedge funds are leading or lagging the establishment, the pursuit of absolute returns is probably as old as civilization and trade itself. However, so is lemming-like trend following. INVESTMENT PHILOSOPHY OF ABSOLUTE RETURN MANAGERS Introduction An absolute return manager is essentially an asset manager without a benchmark or with a benchmark that is the return on the risk-free asset. Benchmarking can be viewed as a method of restricting investment managers so as to limit the potential for surprises, either positive or negative.

Nonetheless, beyond the basic characteristics embodied in this definition, hedge funds commonly share a variety of other structural traits. They are typically organized as limited partnerships or limited liability companies. They are often domiciled offshore, for tax and regulatory reasons. And, unlike traditional funds, they are not as much burdened by regulation. Less regulation means less protection for the investor and more flexibility for the hedge fund manager. Less protection means higher risk for the investor, for which the investor seeks compensation.

To some extent this falling growth rate would be expected as the industry matures. However, intuitively one would not have *Hennessee Group LLC estimates 2001 net inflow at $144 billion and total assets under management at $563 billion at year-end 2001. From Bloomberg News (2002b). 12 Estimated Growth of Hedge Funds Source: Hedge Fund Research, Inc. 2 percent by 2001, since the barriers to entry have vanished, giving an incentive to start a hedge fund. Note that the attrition rate is high and that there could be measurement problems with respect to the number of funds in the industry.

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Absolute Returns: The Risk and Opportunities of Hedge Fund Investing by Alexander M. Ineichen

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