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More About This Title Hedge Fund Investing: A Practical Approach to Understanding Investor Motivation, Manager Profits, and Fund Performance
English
A new updated set of end of chapter problems and test bank questions is now available for the first edition. This material now includes a selection of supplemental problems and test bank questions specifically related to portfolio financing tools and techniques.
Hedge funds are an essential part of the alternative investing arena, and will continue to be so for the foreseeable future. It's important that those investing, or thinking about investing, with hedge funds know exactly what they are about. That's why Kevin Mirabile—a financial professional with over twenty years of business development, regulatory, financing, trading, and sales experience in the hedge fund sector—has created Understanding Hedge Fund Investing.
Page-by-page, this reliable resource offers valuable insights into one of the most competitive parts of the investment world. Along the way, you'll become familiar with the evolution of hedge funds and their structure as well as discover what types of individuals and institutions invest using hedge funds. Mirable also takes the time to examine the risks of investing in hedge funds and talks about hedge fund financial statements and taxation.
Provides complete coverage of this important investment vehicle, from its different types of investing strategies and styles to what it takes to be a hedge fund managerMultiple-choice questions follow each chapter to assess your comprehension of the topics coveredA companion Website contains portfolio models that can be uploaded for use as well as supplementary material that allows you to learn in a hands-on fashion long after closing the bookHedge funds offer investors opportunities that aren't usually found elsewhere. But to benefit from them, you first must understand them. This book has the information you need to succeed at this difficult endeavor.
English
KEVIN R. MIRABILE has been Chief Operating Officer of Larch Lane Advisors. He has over twenty years of business development, regulatory, financing, trading, and sales experience in the hedge fund sector. Mirabile was previously COO of Orca Asset Management, a principal at Morgan Stanley, president of the Morgan Stanley Trust Company, an executive vice president at Daiwa Securities, and a managing director and operating committee member of Barclays Capital. He is a CPA, a member of the AICPA, the International Association of Financial Engineers, the Greenwich Roundtable's Founders Council, and is a Professor of Finance and Business Economics at Fordham University's Gabelli School of Business. Mirabile received his BS in accounting from SUNY, Albany, and his MS in banking and finance from Boston University.
English
Preface vii
Acknowledgments ix
PART ONE Overview 1
CHAPTER 1 The Basics of Hedge Fund Investing 3
CHAPTER 2 Who Invests in Hedge Funds and Why? 37
CHAPTER 3 Industry Trends, Flows, and Characteristics 69
PART TWO Understanding the Strategies 89
CHAPTER 4 Global Macro Investing 91
CHAPTER 5 Long and Short Equity Strategies 115
CHAPTER 6 Fixed Income Relative Value and Credit Arbitrage Strategies 165
CHAPTER 7 Convertible Arbitrage Strategies 193
CHAPTER 8 Multistrategy Funds and Funds of Hedge Funds 211
PART THREE Evaluating Factors Influencing Individual Fund Risk and Reward 231
CHAPTER 9 Measuring Performance and Performance Persistence 233
CHAPTER 10 Impact of Fund Characteristics and Terms on Performance 255
CHAPTER 11 Performing Due Diligence on Specific Managers and Funds 271
CHAPTER 12 Evaluating the Roles of Service Providers 297
Conclusion 327
Glossary 329
Index 337
