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对冲基金泡影:赚大钱假象与缘何难以置信 The Hedge Fund Mirage


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2020-4-15 03:26:44
【资料名称】:The Hedge Fund Mirage    
【资料描述】:

  编辑推荐
  If all the money that's ever been invested in hedge funds had been put in treasury bills instead, the results would have been twice as good. This is the assertion that JP Morgan insider Simon Lackroves as he makes the astonishing case that little to no regulation, excessive fees, and a crowded industry has left hedge fund investors with poor returns.
  内容简介
  Although some of the greatest fortunes in finance have been earned by hedge fund managers, investors as a group have done quite poorly. High fees, complex legal structures, poor timing and return chasing have led to the following stunning result: If all the money that's ever been invested in hedge funds had been in treasury bills, the results would have been twice as good. Hedge fund investors need to do better than in the past in order to justify their hedge fund investments. This book will highlight the many subtle and not-so-subtle ways that the returns and risks are biased in favor of the hedge fund manager, and how investors and allocators can redress the imbalance.
  作者简介
  Simon Lack's (Westfield, N.J.) entire career has been in trading and hedge fund investing. Following 23 years with JPMorgan, Simon Lack founded SL Advisors, LLC, a Registered Investment Advisor, in 2009. Much of Lack's career with JPMorgan was spent in North American Fixed Income Derivatives and Forward FX trading, a business that he ran successfully through several bank mergers ultimately overseeing 50 professionals and $300 million in annual revenues. Lack sat on JPMorgan's investment committee allocating over $1 billion to hedge fund managers and founded the JPMorgan Incubator Funds, two private equity vehicles that take economic stakes in emerging hedge fund managers. Lack's financial markets experience dates back to 1980 when he began his career on the floor of the London Stock Exchange.
  目录
  Cover
  Title page
  Copyright page
  Dedication
  Introduction
  Acknowledgments
  Chapter 1 The Truth about Hedge Fund ReturnsHow to Look at Returns
  Digging into the Numbers
  The Investor’s View of Returns
  How the Hedge Fund Industry Grew
  The Only Thing That Counts Is Total ProfitsHedge Funds Are Not Mutual Funds
  Summary
  Chapter 2 The Golden Age of Hedge Funds
  Hedge Funds as Clients
  Building a Hedge Fund Portfolio
  The Interview Is the Investment Research
  Long Term Capital Management
  Too Many Bank Mergers
  Summary
  Chapter 3 The Seeding Business
  How a Venture Capitalist Looks at Hedge FundsFrom Concept to the Real Deal
  Searching for That Rare Gem
  Everybody Has a Story
  Some Things Shouldn’t Be Hedged
  The Hedge Fund as a Business
  Summary
  Chapter 4 Where Are the Customers’ Yachts?
  How Much Profit Is There Really?
  Investors Jump In
  Fees on Top of More Fees
  Drilling Down by Strategy
  How to Become Richer Than Your Clients
  Summary
  Chapter 5 2008—The Year Hedge Funds Broke Their Promise to InvestorsFinancial Crisis, 1987 Version
  How 2008 Redefined Risk
  The Hedge Fund as Hotel California
  Timing and Tragedy
  In 2008, Down Was a Long Way
  Summary
  Chapter 6 The Unseen Costs of Admission
  How Some Investors Pay for Others
  My Mid-Market or Yours?
  The Benefits of Keen Eyesight
  Show Me My Money
  Summary
  Chapter 7 The Hidden Costs of Being PartnersLimited Partners, Limited Rights
  Friends with no Benefits
  Watching the Legal Costs
  Summary
  Chapter 8 Hedge Fund Fraud
  More Crooks Than You Think
  Madoff
  Know Your Audience
  Accounting Arbitrage 101
  Checking the Background Check
  Politically Connected and Crooked?
  Paying Your Bills with Their Money
  Why It’s Hard to Invest in Russia
  After Hours Due Diligence
  Summary
  Chapter 9 Why Less Can Be More with Hedge FundsThere Are Still Winners
  Avoid the Crowds
  Why Size Matters
  Where Will They Invest All This Money?
  Summary
  Afterword
  Bibliography
  About the Author
  Index
  媒体评论
  "Simon Lack, a hedge fund veteran exposes some unforeseen and uncomfortable truths about the industry in his new book."——Hedge Fund Net, January 2012
  "...a cautionary tale from one who knows just about all the tricks...an easy, largely fun and certainly instructive read"——Financial World, February 2012
  "Devastating little book.... His conclusions will make uncomfortable reading for many self-styled 'masters of the universe'.... This book should be required reading for pension fund trustees."——Jonathan Ford, Financial Times, 19th February 2012




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