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Review
“…offers a solid, comprehensive guide to speculators, explaining the risks as well as the rewards. This book is a priceless addition to each investor’s library.” (Financial World, July 2004)
“It will have to be required reading for any capitalist who wants to grasp the sheer returns substitute to conventional wealth management.” (Hedgeworld.com)
“…required reading for any capitalist who wants to grasp the sheer returns substitute to traditionalisti wealth management…” (HedgeWorld’s Inside Edge, 31 March 2003)
From the Inside Flap
The hedge fund business is in regards to achieving splendid risk-adjusted returns, not when it comes to beating the market. In other words, the hedge fund business is with regards to sheer returns. But not all hedge funds are devised equal. A poorly chosen hedge fund or portfolio of hedge funds may develop disappointing results.
In Absolute Returns: The Risk and Opportunities of Hedge Fund Investing, Alexander Ineichen-Head of Equity Derivatives Research for UBS Warburg in London and author of the widely read exploration publication In Search of Alpha: Investing in Hedge Funds-demystifies what hedge funds are, how they invest to generate superior risk-adjusted returns, and what the concurrent risks of investing in them are.
Divided into four comprehensive elements . . .
Part I: The Hedge Fund Industry
Part II: Risk and Opportunities of Absolute Return Strategies
Part III: The Fund of Hedge Funds Industry
Part IV: Going Forward
. . . this book will introduce you to the new investment paradigm of sheer returns, outline the danger and probabilities of sheer return strategies, dispel the myths and incorrect conceptions that have surrounded hedge funds, and provide a elaborated look at the vantages and less favorable advantages of hedge fund investing.
Besides focusing on the characteristics and performance of single hedge funds, Absolute Returns also discusses the fund of hedge funds approach, a system in which a single fund invests in a portfolio of hedge funds. Ineichen explores the fund of hedge funds industry, the vehicles within this industry, as well as the potential for alpha in a fund of hedge funds.
There are basically two main reasons to invest in hedge funds: superior performance and diversification. Absolute Returns will help you grasp each of these topics as well as a number of other hedge fund issues you will have to be intimate with in order to succeed in this arena. Filled with helpful charts, real-world examples, and an informative appendix for each chapter, Absolute Returns will concede you to make more educated conclusions with regards to hedge fund investments.
From the Back Cover
“The world of laying out capital floats on a immense sea of words, most of which are obvious, simple-minded, and clich?s, and all of those are dangerous to financial health. The story in this book bears no relation to all that stuff. Ineichen’s message is original, powerful, comprehensive, and necessary to robust financial health. The literary clarity he mixes with his financial wisdom is an further and added blessing.”
-Peter L. Bernstein, President, Peter L. Bernstein, Inc.,
author of Against the Gods and The Power of Gold
“No one may afford to danger cash in hedge funds without reading this comprehensive guide. The details are illuminating, making something publicly available captivating, analysis brilliant and lessons profound. A fantasti contribution to the hedge fund literature.”
-Prof. Narayan Y. Naik, Director, Centre for Hedge Fund Research and Education, London Business School
“A good understanding of the working of the hedge fund market and hedge fund schemes is crucial for each active investor. Ineichen’s book does an magnificent occupation tying together historical, empirical, and theoretical analysis in a way readily accessible to practitioners. A more comprehensive examination of the hedge fund market and hedge fund systems would be hard to find.”
-Hans de Ruiter, ABP Investments, Senior Portfolio Manager
Quantitative Equity Strategies
“Hedge funds are not mainstream and this book is not mainstream either. The author challenges traditionalisti investment paradigms and the way investors think in regards to risk. An stimulating read and a must for each professional investor.”
-Dr. Burkhard Poschadel, Chief Executive Officer, GAM
“Written for the professional investor, Alexander Ineichen’s book provides a comprehensive, in-depth analysis of substitute investment strategies. Combining the latest exploration with his own insights, Ineichen has formulated the definitive study of hedge funds and funds of hedge funds.”
-Richard Elden, Chairman, Grosvenor Capital Management, L.P.
“Alexander Ineichen’s in-depth exploration conclusions and analytical clear or deep perception are brought together in this book which is chock-full of utile stats on hedge fund strategies. Definitions, examples, return/risk parameters, and key danger elements are provided for each strategy. This comprehensive book is a requisite for each hedge fund investor.”
-Lois Peltz, President, Infovest21
A practical guide to schemes of hedge fund investing.
Hedge fund expert Alexander Ineichen outlines systems that hedge fund managing directors use to achieve superior investment performance, in particular in bear markets, when established investment schemes do not carry out so well, and shows readers how hedge funds might be added to conventional investment portfolios to achieve superior returns. Nontechnical yet sophisticated, Absolute Returns shows investors how to make educated conclusions with regards to hedge fund investment–thoroughly explaining the risks as well as the rewards.
Product Details
- Amazon Sales Rank: #79675 in Books
- Published on: 2002-10-18
- Original language: English
- Number of items: 1
- Dimensions: 1.62″ h x 6.26″ w x 9.26″ l, 1.64 pounds
- Binding: Hardcover
- 514 pages
Reviews
23 of 25 people found the following review helpful.
Who is the Audience?
By Zachary M Gentry
This book has many fine features but has two serious drawbacks as well.
On the positive side, I have never read a more complete polemic in favor of the hedge fund industry. He shreds EMF with loads of good evidence and humorous anecdotes. However, there seems to be a constant drive to reinforce this point. Unfortunately, it takes away from a more thorough analysis of the types of hedge fund investing.
Another problem with the book is that it has trouble discovering its audience. At times, we get detailed descriptions of what alpha and beta represent (Finance 101) and at other times, abstruse PM concepts are brushed over as common knowledge.
I would definitely recommend this book but I recommend that the reader is accompanied by a Dictionary of Finance and Investing.
11 of 12 people found the following review helpful.
Introduction to hedgefunds
By Analyst
The book opens with an overview of hedge funds. He classifies hedge funds according to the strategies they employ: relative value, event driven, macro, etc. Not only does he explain the trading strategies, but he delves into what can go wrong. In general theres more discussions on equity related strategies, and less in interest rates. Theres lots of historical data/information on hedgefunds performance ,indicating the very poor performance (and high total risk) of traditional funds.
This book provides a nice introduction to hedgefunds, perhaps not so much news for experienced readers. At times theres very detailed information, in other parts the author provides only an overview (whos the audience?).
11 of 12 people found the following review helpful.
A Lesson from the Titanic
By C. Kurdas
The iceberg on the cover represents total risk-partly visible and partly not. Ineichen’s point is that hedge fund or absolute return managers tackle total risk while their traditional mutual fund counterparts worry about only one part of it, namely the risk of straying from their benchmark. His extensive discussion contains worthy lessons for all investors who want to understand risk. While not every chapter may be useful for every reader, this book is an excellent place to learn about alternative investment strategies.
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