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Diversification Related Books
See also:
Diversification Related News,
Diversification Related Scholarly Papers,
or
Diversification Home Page.
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The Handbook of Alternative
Assets
by Mark J. P. Anson
Average Customer Review:
Price: $44.07
Book
Description
This book discusses and describes four types of alternative
assets: hedge funds, private equity, credit derivatives, and
commodity futures. Hedge funds and private equity are the
best known of the alternative assets, but certainly not the
only alternative assets available. The author explores each
one of these alternative asset classes in detail, providing
practicaal advice along with useful research.
Book Info
Offers a comprehensive examination of the four major classes
as presented in the 'Handbook of Alternative Assets'. Merges
data and strategies scattered in numerous volumes into one
handy guide for the serious investor. Discusses hedge funds,
private equity, credit derivatives, and commodity and
managed futures.
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Hedge Fund of
Funds Investing
by Joseph G. Nicholas
Average Customer Review:
Price: $40.95
Book
Description
The hedge fund industry continues to grow by leaps and
bounds, and within this universe, the "fund of funds" is the
new star. Comprised of multiple-manager portfolios bundled
together as a single multi-hedge fund product, this
risk-balancing vehicle has emerged as the instrument of
choice for the astute investment professional.
Hedge Fund of Funds Investing walks you through the steps
for creating, combining, and managing investments with
multiple hedge funds as a fund of funds. Leading hedge fund
authority Joseph Nicholas explains the building blocks of a
fund of funds and how they can be incorporated into a
traditional portfolio to achieve investment objectives and
build diversification. In addition, he teaches how to
evaluate risks, estimate potential returns, and choose
statistical measurement methods. This book provides the key
that opens the door to this fast-growing investment
phenomenon.
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The Intelligent Asset
Allocator
by William J. Bernstein
Average Customer Review:
Price: $19.77
Amazon Editorial Review
A practicing neurologist in remote coastal Oregon, Bernstein
comes to the problems of saving and investing not from a
broker's perspective, but as someone who had to figure this
out himself, from first principles up.
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Investment Management:
Portfolio Diversification, Risk, and Timing Fact and Fiction
by Robert L. Hagin
Price: $42.37
Book Description
A new look at the important issue of investment management
in the 21st century Written for professional and private
investors-as well as fiduciaries who rely on investment
professionals-this book presents the content of an advanced
investment-management course in an easy-to-read,
question-and-answer format. Robert L. Hagin (Haverford, PA)
is a 30-year investment management veteran who recently
retired as Executive Director for Morgan Stanley Investment
Management.
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Portfolio Selection
by Harry M. Markowitz
Average Customer Review:
Price: $71.05
Book Description
Embracing finance, economics, operations research, and
computers, this book applies modern techniques of analysis
and computation to find combinations of securities that best
meet the needs of private or institutional investors.
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Wine Investment for Portfolio
Diversification
by Michael Broadbent
(Foreword), Mahesh Kumar
Price: $29.70
Book Description
After a long and beguiling climb, the stock market dive of
2000-2002 put phrases like "irrational exuberance" and
"speculative bubble" back into common usage and was a
stinging reminder of the importance of portfolio
diversification.
Financial wizard Mahesh Kumar shows how to guard against the
inherent riskiness of the stock market while still reaping
the benefits of a profitable portfolio in his new book Wine
Investment for Portfolio Diversification: How Collecting
Fine Wines Can Yield Greater Returns than Stocks and Bonds.
It’s a thorough piece of academic analysis, which combines
the Nobel Prize winning Markowits Theory and Kumar’s Fine
Wine Fifty Index and empirically proves that Fine Wine is
one of the best diversification tools available (whether
you’re high-finance or a modest personal investor). Fine
Wine is "uncorrelated" with stocks and bonds; that is, they
aren’t affected by the same types of risk. Moreover, Kumar
points out that Fine Wine has a HIGHER expected return
relative to its overall contribution of risk. "Smart
investors are those who recognize large shifts in the
economy early on and invest for the long term," he writes.
"In the ‘70s, gold investors thrived; in the ‘80s it was the
real estate owner’s turn. In the ‘90s the action shifted to
stocks. What will this decade bring? Alternative investments
(Fine Wine, Fine Art or Antiques) will make a breakthrough,
and compensate investors for their disappointing equity,
bond and cash portfolio returns."
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See also:
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Diversification Related Scholarly Papers,
or
Diversification Home Page.
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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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