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Hedge
Fund Books - W
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When Genius
Failed
by Roger Lowenstein
Average Customer Review:
12 used & new
from
$13.99
Book Description
On September 23, 1998, the boardroom of the New York Fed was
a tense place. Around the table sat the heads of every major
Wall Street bank, the chairman of the New York Stock
Exchange, and representatives from numerous European banks,
each of whom had been summoned to discuss a highly unusual
prospect: rescuing what had, until then, been the envy of
them all, the extraordinarily successful bond-trading firm
of Long-Term Capital Management. Roger Lowenstein's When
Genius Failed is the gripping story of the Fed's
unprecedented move, the incredible heights reached by LTCM,
and the firm's eventual dramatic demise.
Lowenstein, a financial journalist and author of Buffett:
The Making of an American Capitalist, examines the
personalities, academic experts, and professional
relationships at LTCM and uncovers the layers of numbers
behind its roller-coaster ride with the precision of a
skilled surgeon. The fund's enigmatic founder, John
Meriwether, spent almost 20 years at Salomon Brothers, where
he formed its renowned Arbitrage Group by hiring academia's
top financial economists. Though Meriwether left Salomon
under a cloud of the SEC's wrath, he leapt into his next
venture with ease and enticed most of his former Salomon
hires--and eventually even David Mullins, the former vice
chairman of the U.S. Federal Reserve--to join him in
starting a hedge fund that would beat all hedge funds. |
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The World of Hedge Funds
by H. Gifford Fong
Average Customer Review:
Price: $64.00
Book Description
The World of Hedge Funds is a compendium of distinguished
papers focusing on the cutting-edge analysis of hedge funds.
This area is arguably the fastest growing source of funds in
the investment management arena. It represents an exciting
opportunity for the investor and manager in terms of the
range of return and risk available. A source of rigorous
analysis is therefore both sought after as well as needed.
This book aims to fill this gap by presenting an eclectic
collection of papers contributed by influential academics
and practitioners covering the characteristics and problems
of hedge funds. |
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What Wall
Street Doesn't Want You to Know
by Larry E. Swedroe
Average Customer Review:
Price:
$6.49
Book
Description
Why do so many actively managed funds underperform? Why do
passively managed funds provide superior returns, especially
after taxes? What are the true interests of fund managers
and the financial press? Most important, what strategy is in
your best interest?
What Wall Street Doesn't Want You to Know answers all these
questions and more, giving you the inside information you
need to become a successful investor who plays the winner's
game-creating wealth-instead of the loser's game Wall Street
wants you to play, of trying to pick stocks and time the
market. In his revolutionary new guide, investment
professional Larry Swedroe explains why active managers have
rarely been able to add value to your portfolio over time.
He dispenses with traditional Wall Street wisdom and experts
and shows you how to invest the way really smart money
invests today.
What Wall Street Doesn't Want You to Know tells you exactly
what Wall Street doesn't want you to know: how to avoid the
pitfalls of short-term thinking and to invest so that you
can create more wealth-much more wealth-over the long term. |
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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.
The information on the Site is intended for
informational, educational and research purposes only. Nothing on
this Site is intended to be, nor should it be construed or used as,
financial, legal, tax or investment advice, be an opinion of the
appropriateness or suitability of an investment, or intended to be
an offer, or the solicitation of any offer, to buy or sell any
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
particular fund’s confidential offering documents with your
financial, legal and tax advisor and conduct such due diligence as
you (and they) deem appropriate. We do not provide investment advice
and no information or material on the Site is to be relied upon for
the purpose of making investment or other decisions. Accordingly, we
assume no responsibility or liability for a ny investment decisions
or advice, treatment, or services rendered by any investor or any
person or entity mentioned, featured on or linked to the Site.
The information on this Site is as of the date(s) indicated,
is not a complete description of any fund, and is subject to the
more complete disclosures and terms and conditions contained in a
particular fund's offering documents, which may be obtained directly
from the fund. Certain of the information, including investment
returns, valuations, fund targets and strategies, has been supplied
by the funds or their agents, and other third parties, and although
believed to be reliable, has not been independently verified and its
completeness and accuracy cannot be guaranteed. No warranty, express
or implied, representation or guarantee is made as to the accuracy,
validity, timeliness, completeness or suitability of this
information.
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
impact of advisory fees. Investors cannot invest directly in an
index. Comparisons to indexes have limitations because indexes have
volatility and other material characteristics that may differ from a
particular hedge fund. For example, a hedge fund may typically hold
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
an index. Because of these differences, indexes should not be relied
upon as an accurate measure of comparison.
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