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All About Hedge Funds, Fully Revised Second Edition (All About… (McGraw-Hill))

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All About Hedge Funds, Fully Revised Second Edition

EVERYTHING YOU NEED TO KNOW TO FIND BIG PROFITS IN HEDGE FUNDS

All About Hedge Funds, Second Edition, is an easy-to-understand introduction to using hedge funds in any investing strategy.

Hedge fund founder and longtime expert on the subject Ezra Zask examines where the industry stands today and where it is headed to help you determine how best to use hedge funds in your own portfolio.

All About Hedge Funds provides:

  • A detailed history of the hedge fund industry
  • Criticism–fair and unfair–of hedge funds
  • Hedge fund investing strategies
  • Information on using hedge funds to allocate your portfolio

This edition of All About Hedge Funds is based on the first edition by Robert Jaeger, which was published in 2003.

The book seems up to date. Of course, I am not that knowledgeable about hedge funds, and it was published in 2012, only two years ago.

The treatment seems to be fairly comprehensive. The discussion is obviously a summary and overview, and lacks depth.

The book discusses the CAPM and the efficient market hypothesis. It then goes on to say that the EMH has been refuted by behavioral economics.

It mentions the work of Andrew Lo and Robert Shiller. All through the book talks about how institutional investors have come over to investing in hedge funds.

The issue for institutional investors is not so much the absolute returns that hedge funds are known for.

Rather, institutions may be more interested diversification and returns that are uncorrelated with the market, and protection against market shocks.

The book was a nice introduction to hedge funds. The primary idea that I came away with is that hedge funds are able to take both long and short positions in market securities.

Whereas, mutual funds are primarily long-only investors. Hedge funds, of course, are not subject to all the regulations and reporting requirements that constrain mutual funds.

“Every investor stands to benefit from Zask’s long experience and winning narrative.” — Donald H. Putnam, Managing Partner, Grail Partners LLC

“An easy-to-understand history lesson and guide to the often misunderstood world of hedge funds . . . a no-nonsense explanation of the industry written so that just about anyone can understand it. I highly recommend it.” — Mitch Ackles, President of The Hedge Fund Association

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