The Long and Short Of Hedge Funds: A Complete Guide to Hedge Fund Evaluation and Investing (Wiley Finance)
by: Daniel A. Strachman
The Long and Short Of Hedge Funds: A Complete Guide to Hedge Fund Evaluation and Investing (Wiley Finance)
By Daniel A. Strachman
Publisher: Wiley
Number Of Pages: 226
Publication Date: 2008-12-10
ISBN-10 / ASIN: 0471792187
ISBN-13 / EAN: 9780471792185
Product Description:
An innovative A to Z guide to the world of hedge funds
The Long and Short of Hedge Funds presents readers with a unique look at these investment vehicles, the people who run them, and those who provide services to them. This book is a detailed guide of the industry and offers rare access to hedge fund managers and industry participants. The book provides the reader with a real education about hedge funds, gaining a firm understanding of the industry.
Summary: doesn't question rationale of fund of funds
Rating: 3
The book was written in 2008 shortly after Bear Stearns collapsed, but before the fall of Lehman. It is a safe bet that the author did not anticipate the searing events of later in 2008, that have been the largest financial collapse in the US since the Great Depression.
It's probably so that hedge funds will continue to exist going forward. But the book already reads like it was from another time. As in "funds of funds are one of Wall Street's greatest inventions" [sic]. Yes, the book actually says that. Can you believe it?
The book explains the economics and functioning of fund of funds. But there is no serious quibble about the rationale for the very existence of these entities. Why should investors pay for another layer of fees? When the underlying hedge funds might already charge 2 and 20? The Madoff scandal exposed the sheer incompetence, if not wilful neglect, of some funds of funds, that did no due diligence but just collected a toll.
Summary: OK beginner guide
Rating: 3
On the buy side: the book is fine for the novice who requires a preliminary framework for evaluating HFs. Those, who have spent more than 3 months in this space, will likely not find this book valuable.
On the sell side, for those PMs who are considering launching their own product, the book provides a very basic but concise outline on the required back office and third parties necessary to attract real (institutional) money. It will also prepare them for the basic questions that will be asked during preliminary due diligence.
Summary: The Complete Package
Rating: 5
If you're looking for in-depth information on hedge funds, how to evaluate them, and how and when to invest in them, pick up this book. This book is very complete in covering the subject, with lots of expert interviews, which really capture the essence of this often-misunderstood part of the investing world. Hedge funds got a bad rap in 2008, but this book explains why many investors should still consider them a crucial part of their portfolio strategy.
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