Absolute Returns: The Risk and Opportunities of Hedge Fund Investing

The world of investing floats on a vast sea of words, most of which are obvious, simple–minded, and clichés, and all of those are dangerous to financial health. The story in this book bears no relation to all that stuff. Ineichen′s message is original, powerful, comprehensive, and essential to robust financial health. The literary clarity he blends with his financial wisdom is an additional blessing."
–Peter L. Bernstein, President, Peter L. Bernstein, Inc.,
author of Against the Gods and The Power of Gold
"No one can afford to risk money in hedge funds without reading this comprehensive guide. The details are illuminating, presentation captivating, analysis brilliant and lessons profound. A wonderful contribution to the hedge fund literature."
–Prof. Narayan Y. Naik, Director, Centre for Hedge Fund Research and Education, London Business School
"A good understanding of the working of the hedge fund market and hedge fund strategies is important for every active investor. Ineichen′s book does an excellent job tying together historical, empirical, and theoretical analysis in a way readily accessible to practitioners. A more comprehensive examination of the hedge fund market and hedge fund strategies would be hard to find."
–Hans de Ruiter, ABP Investments, Senior Portfolio Manager
Quantitative Equity Strategies
"Hedge funds are not mainstream and this book is not mainstream either. The author challenges traditional investment paradigms and the way investors think about risk. An exciting read and a must for every professional investor."
–Dr. Burkhard Poschadel, Chief Executive Officer, GAM
"Written for the professional investor, Alexander Ineichen′s book provides a comprehensive, in–depth analysis of alternative investment strategies. Combining the latest research with his own insights, Ineichen has produced the definitive study of hedge funds and funds of hedge funds."
– ;Richard Elden, Chairman, Grosvenor Capital Management, L.P.
"Alexander Ineichen′s in–depth research findings and analytical insight are brought together in this book which is chock–full of useful statistics on hedge fund strategies. Definitions, examples, return/risk parameters, and key risk factors are provided for each strategy. This comprehensive book is a necessity for every hedge fund investor."
–Lois Peltz, President, Infovest21

Spis treści:
Acknowledgments.
Preface.
PART ONE: The Hedge Fund Industry.
CHAPTER 1 Introducing Absolute Returns.
Appendix: Risk Illusion.
CHAPTER 2 Myths and Misconceptions.
Appendix: Press Coverage of Hedge Funds.
CHAPTER 3 Difference between Long–Only and Absolute Return Funds.
Appendix: Guatemalan Dentist.
CHAPTER 4 Advantages and Disadvantages of Investing in Hedge Funds.
Appendix: On Market Efficiency and Unorthodox Economics.
PART TWO: Risk and Opportunities of Absolute Return Strategies.
CHAPTER 5 Classification and Performance of Hedge Funds.
CHAPTER 6 Relative–Value and Market–Neutral Strategies.
CHAPTER 7 Event–Driven Strategies.
CHAPTER 8 Opportunistic Absolute Return Strategies.
Appendix: Long/Short Controversy.
PART THREE: The Fund of Hedge Funds Industry.
CHAPTER 9 Industry Overview.
CHAPTER 10 Advantages and Disadvantages of Investing in Funds of Hedge Funds.
CHAPTER 11 The Alpha in Funds of Hedge Funds.
PART FOUR: Going Forward.
CHAPTER 12 Game of Risk or Risky Game?
Notes.
References.
Index.
About the Author.

Nota biograficzna:
ALEXANDER M. INEICHEN, CFA, is Managing Director and Head of Equity Derivatives Research at UBS Warburg in London. In October 2000, Ineichen authored In Search of Alpha: Investing in Hedge Funds, which has become the most often printed research publication in the documented history of UBS Warburg. He has also published sever al papers in peer–refereed financial journals, contributed numerous articles and chapters to financial newspapers, magazines, and books, and regularly speaks about hedge funds and risk at industry conferences.

Okładka tylna:
"The world of investing floats on a vast sea of words, most of which are obvious, simple–minded, and clichés, and all of those are dangerous to financial health. The story in this book bears no relation to all that stuff. Ineichen′s message is original, powerful, comprehensive, and essential to robust financial health. The literary clarity he blends with his financial wisdom is an additional blessing."
–Peter L. Bernstein, President, Peter L. Bernstein, Inc.,
author of Against the Gods and The Power of Gold
"No one can afford to risk money in hedge funds without reading this comprehensive guide. The details are illuminating, presentation captivating, analysis brilliant and lessons profound. A wonderful contribution to the hedge fund literature."
–Prof. Narayan Y. Naik, Director, Centre for Hedge Fund Research and Education, London Business School
"A good understanding of the working of the hedge fund market and hedge fund strategies is important for every active investor. Ineichen′s book does an excellent job tying together historical, empirical, and theoretical analysis in a way readily accessible to practitioners. A more comprehensive examination of the hedge fund market and hedge fund strategies would be hard to find."
–Hans de Ruiter, ABP Investments, Senior Portfolio Manager
Quantitative Equity Strategies
"Hedge funds are not mainstream and this book is not mainstream either. The author challenges traditional investment paradigms and the way investors think about risk. An exciting read and a must for every professional investor."
–Dr. Burkhard Poschadel, Chief Executive Officer, GAM
"Written for the professional investor, Alexander Inei chen′s book provides a comprehensive, in–depth analysis of alternative investment strategies. Combining the latest research with his own insights, Ineichen has produced the definitive study of hedge funds and funds of hedge funds."
–Richard Elden, Chairman, Grosvenor Capital Management, L.P.
"Alexander Ineichen′s in–depth research findings and analytical insight are brought together in this book which is chock–full of useful statistics on hedge fund strategies. Definitions, examples, return/risk parameters, and key risk factors are provided for each strategy. This comprehensive book is a necessity for every hedge fund investor."
–Lois Peltz, President, Infovest21