Hedge fund course phần 1 docx

... ОГЛАВЛЕНИЕ 1 Игра умов 1 2 Первые шаги 23 3 Технический Анализ 10 1 59 4 Технический Анализ 10 2 83 5 Миф ы , риски и награда 10 3 6 Внутридневная динамика 13 3 7 Сделка шаг за шагом 16 3 8 То ... шаг за шагом 16 3 8 То рговля NASDAQ 18 1 9 Посл е звонка 2 01 ИСТОЧНИКИ 217 ЭКОНОМИЧЕСКИЙ КАЛЕНДАРЬ 219 СЛОВАРЬ 227 Полезные вебсайты 243 xi 1 Игра умов Сначала...

Ngày tải lên: 07/08/2014, 01:22

... Nashville, TN, USA. 19 88 19 89 19 90 19 91 1992 19 93 19 94 19 95 19 96 19 97 19 98 19 99 2000 20 01 2002 2003 $12 0 $10 0 $80 $60 $40 $20 $0 $30.59 $35 .19 $33.89 $39. 61 $42 .13 $50.34 $46 .10 $46 .17 $ 51. 18 $53.64 $53.34 $77.42 $80.00 $85. 71 $86.67 $10 1.23 FIGURE ... 4,700 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, 000 0 19 88 19 89 19 90 19 91 1992...

Ngày tải lên: 14/08/2014, 05:20

... traditional portfolio manage- 50 HEDGE FUND COURSE ccc_mccrary_ch 03_ 35-58.qxd 10/6/04 1:41 PM Page 50 Fund of Funds The fund of funds is a hedge fund that invests in other hedge funds. These portfolios ... individual fund fees and fund of funds man- agement fee). Fund A Fund B Fund C Fund D 1.00% 6.25% –2.25% 3. 12% 2.50% –4.24% 6.15% 2.40% 3. 45% 2.25% 3. 22%...

Ngày tải lên: 14/08/2014, 05:20

... 4,700 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, 000 0 19 88 19 89 19 90 19 91 1992 19 93 19 94 19 95 19 96 19 97 19 98 19 99 2000 20 01 2002 2003 8 ,10 0 7,500 7,000 6,500 6,200 5,830 5,500 5 ,10 0 4 ,10 0 3, 417 2,848 2,373 1, 977 1, 648 1, 373 ccc_mccrary_ch 01_ 1 -18 .qxd ... 19 94 19 95 19 96 19 97 19 98 19 99 2000 20 01 2002 2003 $1...

Ngày tải lên: 14/08/2014, 09:21

... fund = 20 % ρ A,B = Correlation between the stock portfolio and the hedge fund σσσσ σσσρσ Portfolio A A A B A,B B B AA A BABA,B BB =+ + =+ + = ì ììììì+ ì = wwww www w 22 22 22 22 22 22 2 2 90 20 90 ... broken out in Figure 2. 1 and 2. 2. 22 HEDGE FUND COURSE FIGURE 2. 2 Hedge Fund Allocations by Style, December 31, 20 03 Source: Tass Research. 50.00% 45.00% 40.0...

Ngày tải lên: 14/08/2014, 09:21

... creates? 3. 9 Suppose a fund of funds invests equally in four hedge funds. The re- Types of Hedge Fund Investors 55 ccc_mccrary_ch 03_ 35-58.qxd 10/6/04 1:41 PM Page 55 Foundations as Hedge Fund Investors A ... annual rate is allocated over a 36 0-day year: $900,000 ì 5% ì 184 /36 0 = $ 23, 000 2. As in note 1: $1,000,000 ì 3% ì 184 /36 0 = $15 ,33 3 3. Michelle Pacelle, Hedg...

Ngày tải lên: 14/08/2014, 09:21

... domicile for an offshore fund? 5.17 What is the key advantage of administering a hedge fund offshore? 84 HEDGE FUND COURSE ccc_mccrary_ch05_73-86.qxd 10/6/ 04 1 :42 PM Page 84 containing this asset ... Re- 1 04 HEDGE FUND COURSE ccc_mccrary_ch06_87-106.qxd 10/6/ 04 1 :43 PM Page 1 04 Because futures margin is considerably less than the value of the assets underlying t...

Ngày tải lên: 14/08/2014, 09:21

... of such outcomes. 4 118 HEDGE FUND COURSE FIGURE 7.1 Normal Distributions 4 .50 0 4.000 3 .50 0 3.000 2 .50 0 2.000 1 .50 0 1.000 0 .50 0 0.000 –100% – 75% 50 % – 25% 0% 25% 50 % 75% 100% Probability Return Portfolio ... =+ ì+ ì+ + =+ =+ ì= 1 3 65 1 3 65 1 3 65 1 3 65 1 3 65 1 10 3 65 100 110 51 56 3 65 3 65 rrrr r K % $$. Future Value Princ...

Ngày tải lên: 14/08/2014, 09:21

... important to preserve 164 HEDGE FUND COURSE ccc_mccrary_ch10_157-174.qxd 10 /6/ 04 1:44 PM Page 164 half the month. On May 31, if the fund still carries the position, it recog- nizes $ 26, 087 7 in income, ... future. 140 HEDGE FUND COURSE ccc_mccrary_ch09_135-1 56. qxd 10 /6/ 04 1:44 PM Page 140 futures broker (unless, of course, the broker seizes the positions to satisfy...

Ngày tải lên: 14/08/2014, 09:21

... are individual hedge funds. By accepting investments from a fund of funds man- ager, the hedge fund manager is allowing the fund of funds manager to mar- ket the hedge fund to investors. Of course, the fund ... funds. Sometimes, a fund of funds manager can develop a relationship with a hedge fund that closely links the fund of funds to individual hedge fund. Many...

Ngày tải lên: 14/08/2014, 09:21

... 1 ,81 4,769 10 1,790 ,84 8 2,593,742 1,956,245 11 1 ,89 8,299 2 ,85 3,117 2,111 ,87 0 12 2,012,196 3,1 38, 4 28 2, 283 ,057 13 2,132,9 28 3,452,271 2,471,363 14 2,260,904 3,797,4 98 2,6 78, 499 15 2,396,5 58 4,177,2 48 2,906,349 16 ... 1,1 98, 600 4 1,262,477 1,464,100 1,2 78, 460 5 1,3 38, 226 1,610,510 1,366,306 6 1,4 18, 519 1,771,561 1,462,937 7 1,503,630 1,9 48, 717 1,569,230 8 1,...

Ngày tải lên: 14/08/2014, 09:21

... although hedge fund styles are more persistent (see S. J. Brown, W. N. Goetzmann, and R. G. Ibbotson, “Offshore Hedge Funds: Survival and Performance, 198 9– 199 5,” NBER Working Paper Series, 199 7). ... likely to crash than other hedge funds and other hedge fund strategies. CHAPTER 5 Hedge Fund Business Models 5.1 A C corporation seems like a logical choice for a U.S. hedg...

Ngày tải lên: 14/08/2014, 09:21

... B shares, 64 Classification(s) currency hedge funds, 29–30 equity hedge funds, 23–26 fixed income hedge funds, 26–29 funds of funds, 30 global macro hedge funds, 29 importance of, 19–20 inconsistency ... ì (1 + 10% ) 10 = $5,187,485. The after-tax return on the hedge fund is 10% ì (100 % 35%) = 6.5%. The hedge fund outside the insurance policy would ac- cumulate $2 million...

Ngày tải lên: 14/08/2014, 09:21