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【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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