CiNii 図書 - Managing a hedge fund : a complete guide to trading, business strategies, operations, and regulations

This is the practitioner's guidebook to operating and profiting from a successful hedge fund. Hedge funds have become one of the most-discussed yet misunderstood players in today's investment marketplace. They have also become one of the most potentially rewarding, both for investors and successful fund managers. "Managing a Hedge Fund" explores the numerous vital issues in launching and managing a hedge fund, and is the one book guaranteed to help both investors and professional money managers demystify the inner workings of this increasingly popular vehicle."Finally, a thorough and understandable book on hedge funds. Black has written a book that makes the arcane world of hedge funds far easier to understand. It is one resource that you will want to keep close to your desk." - John Mauldin, President, Millennium Wave Investment and author, "Bull's Eye Investing". "As an academic and as a practitioner specializing in hedge funds, this book finds just the right blend of real world insight and quantitative analysis. I strongly recommend it to any individual looking for a clear and insightful reference to the area of hedge funds." - Dr.Thomas Schneeweis, director, Center for International Securities and Derivatives Markets, Professor of Finance, University of Massachusetts, and editor, "Journal of Alternative Investments". "An important read. Keith H. Black combines his real-world trading experience and academic background to create a clearly written and comprehensive guide to starting, managing and investing in a hedge fund." - Tim Biggam, Chief Option Strategist, Man Financial, and head trader, Hardel Relative Value Fund. "An immensely helpful reference. Professor Black has done an admirable job of condensing an entire graduate level course into a single, easy to read reference work." - Gerald W. Laurain, CFA, Senior Vice President, Director of Alternative Investments, LaSalle Bank Wealth Management.Hedge funds have emerged from the shadows of Wall Street to become one of today's fastest-growing investment classes, accounting for 25 percent of trading volume on the NYSE. But the rules and regulations for their operation often remain shrouded in mystery. "Managing a Hedge Fund" provides current and prospective fund managers with the knowledge and tools they need to understand and control the unique world of hedge fund operation. Broad in coverage where most hedge fund books are narrowly focused, it draws on and summarizes salient research from all areas of the investment field, providing professionals with the one-stop hedge fund reference that is currently as sorely needed as it is difficult to find.Whether you are currently a hedge fund professional or simply looking for a comprehensive and authoritative reference on the current knowledge in this fascinating area, "Managing a Hedge Fund" will provide you with the answers you need on topics, including: requirements for starting and operating a hedge fund - regulatory issues, investor requirements, risk evaluation and management, and more; measurement of a wide range of risks, including liquidity, counterparty, operational, market, legal, transparency, and model risk; strategies for operating the numerous types of hedge funds, including equity, fixed income, MBS, global macro, distressed, and more. More than just focusing solely on the operational aspects of hedge funds, "Managing a Hedge Fund" also provides a dynamic picture of the history and current state of the industry.From the beginnings of their widespread popularity in the 1980s to the mistakes that led to the collapse of Long Term Capital Management to high-profile personalities like George Soros, author Keith Black pulls back the curtains to provide a compellingly honest and detailed portrait of an industry still in its relative infancy, yet growing in importance and impact with each passing year. While it is true that hedge fund investing is not for everyone, it is also true that the universe of hedge fund investors has undergone incredible growth - growth that shows no signs of slowing down. "Managing a Hedge Fund" introduces you to the techniques and strategies that constitute today's hedge fund state of the art, and provides you with an intriguing glimpse of where this exciting industry is headed.

Acknowledgments viiPreface ixChapter 1Introduction to Hedge Funds 1Chapter 2Portfolio Effects of Hedge Fund Investments 31Chapter 3Measuring Hedge Fund Performance 43Chapter 4Hedge Fund Risk Management and Due Diligence 65Chapter 5Cases in Risk Management 95Chapter 6Starting and Managing a Hedge Fund 109Chapter 7Understanding U.S. Hedge Fund Regulations 117Chapter 8Offshore Hedge Funds and Structured Products 125Chapter 9Equity Hedge Fund Strategies 143Chapter 10The Building Blocks of Fixed-Income Trading 167Chapter 11Fixed-Income Hedge Fund Strategies 179Chapter 12Mortgage-Backed Securities Hedge Fund Strategies 193Chapter 13Global Macro Hedge Fund Strategies 201Chapter 14Managed Futures Funds 219Chapter 15Risk Arbitrage Hedge Fund Strategies 245Chapter 16Distressed Investing and Event-Driven Hedge Fund Strategies 259Chapter 17Convertible Bond Arbitrage and Relative-ValueHedge Fund Strategies 277Chapter 18Mutual Fund Market-Timing Strategies 295Chapter 19Funds of Funds 305Glossary 323Bibliography 327Index 331

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Managing a hedge fund : a complete guide to trading, business strategies, operations, and regulations

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