The dismal truth about hedge funds and how investors can get a
greater share of the profits
Shocking but true: 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.
Although hedge fund managers have earned some great fortunes,
investors as a group have done quite poorly, particularly in recent
years. Plagued by high fees, complex legal structures, poor
disclosure, and return chasing, investors confront surprisingly
meager results. Drawing on an insider's view of industry growth
during the 1990s, a time when hedge fund investors did well in part
because there were relatively few of them, "The Hedge Fund Mirage"
chronicles the early days of hedge fund investing before
institutions got into the game and goes on to describe the seeding
business, a specialized area in which investors provide venture
capital-type funding to promising but undiscovered hedge funds.
Today's investors need to do better, and this book highlights 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.The surprising frequency of
fraud, highlighted with several examples that the author was able
to avoid through solid due diligence, industry contacts, and some
luckWhy new and emerging hedge fund managers are where generally
better returns are to be found, because most capital invested is
steered towards apparently safer but less profitable large,
established funds rather than smaller managers that evoke the more
profitable 1990s
Hedge fund investors have had it hard in recent years, but "The
Hedge Fund Mirage" is here to change that, by turning the tables on
conventional wisdom and putting the hedge fund investor back on
top.
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