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The book on hedge fund basics, completely updated to reflect today’s post-crisis industry
The hedge fund industry has been reeling in the wake of recent Ponzi schemes and insider trading scandals as well as the loss of billions of dollars in assets under management due to fund closures. Getting Started in Hedge Funds, Third Edition focuses on the current state of the industry; how hedge funds did or did not survive the subprime and subsequent credit crisis; and, what the future holds for investors. Getting Started in Hedge Funds, Third Edition also provides readers with a brief overview of the industry's history, and describes the inner-workings of these complex investment vehicles, including how to start a hedge fund, and what new regulations means for managers and investors.
•��� Profiles 10 highly successful hedge fund managers
•��� Addresses the Madoff scandal, as well as other lesser known Ponzi schemes, and analyzes the ripple effect felt throughout the industry as a result of these and other scandals
Despite the performance of some of these funds in the last few years, hedge funds are here to stay. In this Third Edition, Getting Started in Hedge Funds, Strachman provides an updated "how-to" guide for investors interested in hedge funds in this era of "new normal."
- Sales Rank: #124668 in Books
- Published on: 2010-12-07
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x .60" w x 6.20" l, .58 pounds
- Binding: Paperback
- 185 pages
From the Back Cover
an overview of hedge funds,updated to reflect their place in today's post-financial market meltdown economy
GETTING STARTED IN HEDGE FUNDS THIRD EDITION
"Dan has a unique insight and a depth of experience in the hedge fund industry that few can claim. He articulates a clear map as to the history of the business as well as the direction it's heading. It's a great read for anyone looking to enter the business or simply further their knowledge in the area of hedge fund investing."—ROBERT A. SCHAEFFER, Managing Director, HBM GROUP, HBM Fund Services
"Getting Started in Hedge Funds is a must-read for those who are considering operating a hedge fund or for anyone seeking a better understanding of the industry. Dan provides not only the history of the industry with insight from current managers, but also a road map and real-life examples on how to accomplish this goal."—JAY LEVY, CPA, Partner and Financial Services Industry Co-Practice Director
Getting Started in Hedge Funds, Third Edition offers a completely updated guide to hedge funds, focusing on the current state of the industry, why certain hedge funds survived and thrived throughout the crisis and why others didn't, and what it all means for investors. Written by veteran financial insider Daniel Strachman, this revised edition also includes:
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A brief history of hedge funds
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How hedge funds work, including how to start one
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An analysis of the Madoff scandal and the ripple effect it caused throughout the industry
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Profiles of four highly successful hedge fund managers and what new regulations mean for them
About the Author
DANIEL A. STRACHMAN is the director of HEDGEAnswers.com, an online community for understanding hedge funds and investment strategies. A hedge fund industry veteran, he has contributed articles on investment management and strategies to publications such as the New York Post and the Financial Times, and blogs regularly at HEDGEAnswers.com. He is the author of both the first and second editions of Getting Started in Hedge Funds, as well as The Long and Short of Hedge Funds and The Fundamentals of Hedge Fund Management, all published by Wiley. For more information, visit danielstrachman.com
Most helpful customer reviews
6 of 7 people found the following review helpful.
The small interview with Steve Cohen is worth the price of this book
By The Small Stock Trader
This is a nice book about the hedge fund industry. However, what I, a small/indie stock trader and an author myself, liked the most about this book is the small interview with Steve Cohen, the founder of SAC Capital. Steve Cohen has had a major influence on my stock trading philosophy in my beginning years, and I consider him one of the great stock market operators of all time, dispite all the bad media around him, together with Jesse Livermore, Bernard Baruch, Gerald Loeb, Nicolas Darvas, William O'Neil, and Edward Lampert. So, only this small interview with Steve Cohen is already worth the price of the book, as Steve Cohen has given only a very few interviews in his life, and I picked up a few stock market tips of Steve Cohen from this small interview like:
* It is an information business and the only way to succeed is to pay attention to what is going on;
* We don't get married to positions. If things are not working out the way we had hoped, we get out;
* We might be IBM for a number of reasons like the computer sector is strong or the analysts have good expectations;
* Nothing stays the same in this business. You have to constantly adapt and evolve and learn what the new game is and then play accordingly;
* There are more trading opportunities when the markets get a little more volatile;
* This can be an all-consuming job, but it is fun. Everyday there is something new. It is a game. It is like playing a sport everyday.
For the rest part, the book is perhaps more relevant to people who are seriously considering going into the hedge fund business or are just curious about the hedge fund industry: its history, statistics, regulations, etc. However, I also liked the the stories about the unforgiving nature of the markets and how even the brightest minds in the industry like Long Term Capital, Soros, Tiger, Lehman, Bear Stearns, Niederhoffer, etc. have done mistakes and suffered big losses. There were also a few nice insights from/about Jim Rogers, Soros, Steinhardt, Vinik, Wyser-Pratte and other hedge fund managers, and of course Alfred Jones, the founder of the hedge fund industry.
I also liked the author's idea that to be a successful trader one needs to have drive/ambition, self-confidence and humor. As to me, I think there are about 10 things in trading that seprate the best from the rest:
* Passion
* Understanding of psychology
* Focus
* Hard work
* Unique stock trading plan and independent research
* Zen-like simplicity
* Open-minded flexibility
* Patience and timing
* Discipline
* Risk management and courage to take risks
* A little luck
I hope that the above info was a little helpful for you.
Mika
2 of 2 people found the following review helpful.
Non quantitative guide to starting, running, investing in hedge funds
By Gderf
This well written informative book opened my eyes to many aspects of the hedge fund industry, but suffers from some huge omissions. It goes back to how the fund industry was started in 1940s by Alfred Winslow Jones and examines Jone's philosophy. There's interesting anecdotal histories of fund managers like Goldstein, Robertson, Meriwether, Niederhoffer, Vinik, and others, as well as investors George Soros and John Paulson. The book seems ambivalent about ease of starting a hedge fund saying first that little is requirements for starting, but each anecdote of leading managers recounts complaining of difficulty in starting operation.
There is no help on any quantitative aspects of hedging. There's no mention of software apps, not even whether they are supplied by a brokerage house. In the section on hedge fund investing we see the bizarre statement that there is no science to hedge funds, nor to any investment. In fact there's a great deal of science applied. The hedge fund arena appears to be full of "quants." Especially interesting is the case of LTCM. It's recounted by Strachman with no mention of the Black-Scholes method or if it was a factor in the failure of LTCM, or whether it is applied again now that LTCM has recovered from the letdown. Of course science doesn't always work, but ignoring it entirely is a very large omission in this analysis.
The author's emphasis on the need for investor due diligence appears overly optimistic.
Investors do not have the necessary resources for due diligence. Bernie Madoff was honest enough before things got bad and he started cheating progressively more and more. An ordinary Investor would have to be a mind reader to predict who will turn into a swindler. Madoff as well as other fund managers are good at camouflaging results. My understanding is that it was a very experienced examiner who detected anomalies and he was ignored for a long time by the SEC.
1 of 1 people found the following review helpful.
useful overview and primer
By Adrian Reid
I enjoyed the book and took several good points out of it. Readers expecting a detailed rundown of how to start and operate a hedge fund will be disappointed, but readers looking for an explanation of the hedge fund industry, some history and considerations for investing and structuring a fund may find value here.
See all 5 customer reviews...
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