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Hedge
Fund Books - U
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Ugly
Americans
by Ben Mezrich
Average Customer Review:
Price: $7.99
Book
Description
Ugly Americans documents the "Wild East" of the mid-1990s,
where young, brilliant, and hypercompetitive traders became
"hedge fund cowboys," manipulating loopholes in an outdated
and inefficient Asian financial system to rake in millions.
Using a concept called arbitrage, they made their fortunes
mainly on minute shifts in stocks being sold on the Nikkei,
the Japanese stock market, collapsing banks and nearly
bankrupting the Japanese economy in the process. Other
schemes were also concocted, most of which were technically
legal, though certainly unethical. This true story revolves
around "John Malcolm," who, in exchange for anonymity,
agreed to give Ben Mezrich all the access and information he
needed to write this book. As a recent Princeton graduate in
the mid-1990s, Malcolm accepted an undefined job offer from
an American expatriate in Japan to work in the investments
field. Though he had no prior experience, he facilitated 25
million dollars worth of trades on his first day on the job,
and it just got more exciting from there. He soon joined a
small group of expatriates, all in their twenties and mostly
Ivy League graduates, who lived like rock stars, thriving on
the stress and excitement of their jobs to create their own
steroid versions of the American Dream half a world away.
Mezrich tells this riveting story well, incorporating
elements of the culture into his narrative, including the
infamous and pervasive Japanese "Water Trade," or sex
business, romantic intrigue, and even run-ins with the
Yakuza, the Japanese mafia. Though there is little real
analysis of their financial dealings and how they ultimately
changed the rules of finance in Asia, this entertaining page
turner does offer a glimpse into a world little explored in
print until now. |
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Understanding
Partnership Accounting (Second Edition)
by Advent Software
Inc., The Financial Services Industry Group of American
Express Tax, Business Services Inc.
Price: $49.95
Book
Description
Understanding Partnership Accounting (Second Edition) is an
investment partnership accounting guide written by Advent
Software and the Financial Services Industry Group of
American Express Tax and Business Services. The book covers
the accounting and legal services that investment
partnerships require. It also describes how investment
partnerships allocate the results of their investments to
the partners, including tax reallocations for performance
fees, and other tax and reporting issues. |
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U.S. Regulations of Hedge Funds
by Shartsis Friese
Price: $79.95
Book Description
This authoritative resource surveys federal securities laws
and rules applicable to the organization, capitalization and
operations of private U.S. domestic investment partnerships
that invest and trade mainly in the public securities
markets. |
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| HEDGE FUND RISK AND OTHER
DISCLOSURES |
Hedge funds, including fund of funds (“Hedge
Funds”), are unregistered private investment partnerships, funds or
pools that may invest and trade in many different markets,
strategies and instruments (including securities, non-securities and
derivatives) and are NOT subject to the same regulatory requirements
as mutual funds, including mutual fund requirements to provide
certain periodic and standardized pricing and valuation information
to investors. There are substantial risks in investing in Hedge
Funds. Persons interested in investing in Hedge Funds should
carefully note the following:
- Hedge Funds represent speculative investments and involve a
high degree of risk. An investor could lose all or a substantial
portion of his/her investment. Investors must have the financial
ability, sophistication/experience and willingness to bear the
risks of an investment in a Hedge Fund.
- An investment in a Hedge Fund should be discretionary capital
set aside strictly for speculative purposes.
- An investment in a Hedge Fund is not suitable or desirable for
all investors. Only qualified eligible investors may invest in
Hedge Funds.
- Hedge Fund offering documents are not reviewed or approved by
federal or state regulators
- Hedge Funds may be leveraged (including highly leveraged) and
a Hedge Fund’s performance may be volatile
- An investment in a Hedge Fund may be illiquid and there may be
significant restrictions on transferring interests in a Hedge
Fund. There is no secondary market for an investor’s investment in
a Hedge Fund and none is expected to develop.
- A Hedge Fund may have little or no operating history or
performance and may use hypothetical or pro forma performance
which may not reflect actual trading done by the manager or
advisor and should be reviewed carefully. Investors should not
place undue reliance on hypothetical or pro forma performance.
- A Hedge Fund’s manager or advisor has total trading authority
over the Hedge Fund.
- A Hedge Fund may use a single advisor or employ a single
strategy, which could mean a lack of diversification and higher
risk.
- A Hedge Fund (for example, a fund of funds) and its managers
or advisors may rely on the trading expertise and experience of
third-party managers or advisors, the identity of which may not be
disclosed to investors
- A Hedge Fund may involve a complex tax structure, which should
be reviewed carefully.
- A Hedge Fund may involve structures or strategies that may
cause delays in important tax information being sent to investors.
- A Hedge Fund may provide no transparency regarding its
underlying investments (including sub-funds in a fund of funds
structure) to investors. If this is the case, there will be no way
for an investor to monitor the specific investments made by the
Hedge Fund or, in a fund of funds structure, to know whether the
sub-fund investments are consistent with the Hedge Fund’s
investment strategy or risk levels.
- A Hedge Fund may execute a substantial portion of trades on
foreign exchanges or over-the-counter markets, which could mean
higher risk.
- A Hedge Fund’s fees and expenses-which may be substantial
regardless of any positive return- will offset the Hedge Fund’s
trading profits. In a fund of funds or similar structure, fees are
generally charged at the fund as well as the sub-fund levels;
therefore fees charged investors will be higher that those charged
if the investor invested directly in the sub-fund(s).
- Hedge Funds are not required to provide periodic pricing or
valuation information to investors.
- Hedge Funds and their managers/advisors may be subject to
various conflicts of interest.
The above general
summary is not a complete list of the risks and other important
disclosures involved in investing in Hedge Funds and, with respect
to any particular Hedge Fund, is subject to the more complete and
specific disclosures contained in such Hedge Fund’s respective
offering documents. Before making any investment, an investor should
thoroughly review a Hedge Fund’s offering documents with the
investor’s financial, legal and tax advisor to determine whether an
investment in the Hedge Fund is suitable for the investor in light
of the investor’s investment objectives, financial circumstances and
tax situation.
All performance information is believed
to be net of applicable fees unless otherwise specifically noted. No
representation is made that any fund will or is likely to achieve
its objectives or that any investor will or is likely to achieve
results comparable to those shown or will make any profit at all or
will be able to avoid incurring substantial losses. Past performance
is not necessarily indicative, and is no guarantee, of future
results.
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appropriateness or suitability of an investment, or intended to be
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security or an endorsement or inducement to invest with any fund or
fund manager. No such offer or solicitation may be made prior to the
delivery of appropriate offering documents to qualified investors.
Before making any investment, you should thoroughly review the
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you (and they) deem appropriate. We do not provide investment advice
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The information on this Site is as of the date(s) indicated,
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returns, valuations, fund targets and strategies, has been supplied
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Any indices and other financial benchmarks
shown are provided for illustrative purposes only, are unmanaged,
reflect reinvestment of income and dividends and do not reflect the
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substantially fewer securities than are contained in an index.
Indices also may contain securities or types of securities that are
not comparable to those traded by a hedge fund. Therefore, a hedge
fund’s performance may differ substantially from the performance of
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upon as an accurate measure of comparison.
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