Hedges on Hedge Funds Chapter 2 ppsx

... are typical directional strategies. 8 HEDGES ON HEDGE FUNDS c01 _hedges. qxd 8/30/04 11:58 AM Page 8 Hedges on Hedge Funds How to Successfully Analyze and Select an Investment JAMES R. HEDGES IV John ... print and electronic products and services for our customers’ professional and personal knowledge and understanding. The Wiley Finance series contai...

Ngày tải lên: 01/06/2014, 09:11

... consideration of the investor’s time horizon, tax considerations, liquidity constraints, regula- The Hedge Fund Alternative 15 c 01 _hedges. qxd 8/30/04 11 :58 AM Page 15 CHAPTER 1 CHAPTER 1 The Hedge ... available. The Hedge Fund Alternative 11 c 01 _hedges. qxd 8/30/04 11 :58 AM Page 11 TABLE P .1 Key Differences in Risk between Hedge Funds and “Traditional” In...

Ngày tải lên: 02/07/2014, 11:20

... U.S. 38 HEDGES ON HEDGE FUNDS c 02 _hedges. qxd 8 /26 /04 2: 45 PM Page 38 26 HEDGES ON HEDGE FUNDS is the principal lesson learned from the Long Term Capital Management (LTCM) debacle of 1998, a lesson ... with basic written information on the fund, including an overview of investment 28 HEDGES ON HEDGE FUNDS c 02 _hedges. qxd 8 /26 /04 2: 45 PM Page 28 CHAP...

Ngày tải lên: 02/07/2014, 11:20

... Failures Operational Risk Only 50% Combination of Operational Issues 49% 6% 6% 38 % 7% FIGURE 3. 3 Breakdown of Fund Failures Attributed to Operational Risk Only by Operational Issue. c 03 _hedges. qxd ... a hedge fund’s back office prior to making an investment. c 03 _hedges. qxd 8/26/04 2:46 PM Page 51 46 HEDGES ON HEDGE FUNDS These problems contributed to substantial investo...

Ngày tải lên: 02/07/2014, 11:20

... process. c 04 _hedges. qxd 8/26/ 04 2 :48 PM Page 64 CHAPTER 4 CHAPTER 4 Best Practices in Hedge Fund Valuation R ecent news reports on hedge fund valuation problems have drawn increased attention to ... debt 6. Nondollar and emerging markets 7. Highly concentrated positions and positions that make up a large proportion of a single issue 58 HEDGES ON HEDGE FUNDS c 0...

Ngày tải lên: 02/07/2014, 11:20

... strong-performing funds. 66 HEDGES ON HEDGE FUNDS 1999 2000 2001 35 30 25 20 15 10 5 0 <5m 5 25m 25 100m 100 50 0m > ;50 0m Number of Funds (%) Size bucket (US$m) FIGURE 5. 1 Size Distribution ... 5. 3. 70 HEDGES ON HEDGE FUNDS 0 0 .5 1 1 .5 Small Funds: $50 m < Medium Funds: $ 150 m < Lar g e Funds: $ 150 m > Monthly Alphas FIGURE 5. 2 Size...

Ngày tải lên: 02/07/2014, 11:20

... position in a program has a price associated with it that, if hit, will result in executing orders to close out the positions. Stop 86 HEDGES ON HEDGE FUNDS c 06 _hedges. qxd 8/ 26/ 04 2:52 PM Page 86 CHAPTER 6 CHAPTER ... tradi- tional securities markets. The commission performs three primary func- tions: (1) contract review, (2) market surveillance, and (3) regulation of f...

Ngày tải lên: 02/07/2014, 11:20

... Cycle 99 c 07 _hedges. qxd 8/30/04 12:08 PM Page 99 CHAPTER 7 CHAPTER 7 Profiting from the Corporate Life Cycle T his chapter will help investors understand the two most common event-driven hedge ... varied. However, investors who are consistently successful in this market tend to exhibit superior skills in certain key areas: 104 HEDGES ON HEDGE FUNDS c 07 _hedges. qx...

Ngày tải lên: 02/07/2014, 11:20

... lever- 1 18 HEDGES ON HEDGE FUNDS c 08 _hedges. qxd 8/ 26/04 2:56 PM Page 1 18 114 HEDGES ON HEDGE FUNDS their first experience as analysts at a proprietary desk of an investment bank or a hedge fund ... 125 c 08 _hedges. qxd 8/ 26/04 2:56 PM Page 125 130 HEDGES ON HEDGE FUNDS TIPS Skilled hedge fund managers can profit under any market condi- tions, and inve...

Ngày tải lên: 02/07/2014, 11:20

... in consumer spending. However, despite these risks, it appears that the economic recovery will be sus- 138 HEDGES ON HEDGE FUNDS c 09 _hedges. qxd 8/30/04 12:10 PM Page 138 142 HEDGES ON HEDGE FUNDS ■ ... concerned. The popular VIX, Chicago 133 c 09 _hedges. qxd 8/30/04 12:10 PM Page 133 136 HEDGES ON HEDGE FUNDS funds, has maintained a less than 15 percent correlati...

Ngày tải lên: 02/07/2014, 11:20

... tech sector, which c10 _hedges. qxd 8/26/04 3:00 PM Page 145 150 HEDGES ON HEDGE FUNDS ■ Compare the returns of technology hedge funds to the returns of the Nasdaq and all hedge funds as part of the ... pursue strong returns regardless of market conditions. Conversely, from 144 HEDGES ON HEDGE FUNDS TABLE 10. 1 Why Invest in a Technology Hedge Fund? Information Tech...

Ngày tải lên: 02/07/2014, 11:20

... ultimately should depend on the underlying rationale/need for restructuring and consolidation in 160 HEDGES ON HEDGE FUNDS c11 _hedges. qxd 8/26/04 3:01 PM Page 160 164 HEDGES ON HEDGE FUNDS TIPS Investors ... Asia. BOX 11. 1 Outlook for European Hedge Funds. c11 _hedges. qxd 8/26/04 3:01 PM Page 163 CHAPTER 11 CHAPTER 11 The Expansion of European Hedge Funds...

Ngày tải lên: 02/07/2014, 11:20

... their choices for 180 HEDGES ON HEDGE FUNDS c12 _hedges. qxd 8/26/04 3:03 PM Page 180 CHAPTER 12 CHAPTER 12 The Dynamic World of Asian Hedge Funds M ost investors in Asian hedge funds appear to be ... local managers in the Asian region. Most notably, the two most important locations for Asian-based hedge funds, Hong Kong and Japan, 168 HEDGES ON HEDGE FUNDS...

Ngày tải lên: 02/07/2014, 11:20

... similarities exist among the 194 HEDGES ON HEDGE FUNDS c13 _hedges. qxd 8/30/04 12:12 PM Page 194 Funds of funds (FOFs): Asian, 174–175, 178 characteristics, 6t–7t glossary definition, 204 overview, ... 212 190 HEDGES ON HEDGE FUNDS HEDGE FUND DATA AND DATABASES In an attempt to monitor hedge fund performance, several hedge fund data vendors collect monthly performan...

Ngày tải lên: 02/07/2014, 11:20

... growth and social development and of infrastruc- ture in poverty reduction, the impact of the PRS on coun- try-level operations and project designs, and the moni- toring and evaluation of the strategy, ... services impacts on poverty reduction in four sec- tors energy, water and sanitation, transportation, and information and communication (Brenneman...

Ngày tải lên: 08/08/2014, 10:23