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Description of Absolute Returns

"The world of investing floats on a vast sea of words, most of which are obvious, simple-minded, and clichés, 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 essential to robust financial health. The literary clarity he blends with his financial wisdom is an additional blessing."
- Peter L. Bernstein, President, Peter L. Bernstein, Inc., author of Against the Gods and The Power of Gold

"No one can afford to risk money in hedge funds without reading this comprehensive guide. The details are illuminating, presentation captivating, analysis brilliant and lessons profound. A wonderful 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 strategies is important for every active investor. Ineichen's book does an excellent job 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 strategies 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 traditional investment paradigms and the way investors think about risk. An exciting read and a must for every 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 alternative investment strategies. Combining the latest research with his own insights, Ineichen has produced the definitive study of hedge funds and funds of hedge funds."
- Richard Elden, Chairman, Grosvenor Capital Management, L.P.

"Alexander Ineichen's in-depth research findings and analytical insight are brought together in this book which is chock-full of useful statistics on hedge fund strategies. Definitions, examples, return/risk parameters, and key risk factors are provided for each strategy. This comprehensive book is a necessity for every hedge fund investor."
- Lois Peltz, President, Infovest21

Title Information

ISBN:

9780471251200

Pages:

528 pages

Format:

Hardback

Product Code:

15998

Publisher:

John Wiley & Sons Ltd

Published:

22/11/2002

Edition:

illustrated edition

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About Alexander M. Ineichen

ALEXANDER M. INEICHEN, CFA, is Managing Director and Head of Equity Derivatives Research at UBS Warburg in London. In October 2000, Ineichen authored In Search of Alpha: Investing in Hedge Funds, which has become the most often printed research publication in the documented history of UBS Warburg. He has also published several papers in peer–refereed financial journals, contributed numerous articles and chapters to financial newspapers, magazines, and books, and regularly speaks about hedge funds and risk at industry conferences.

Contents of Absolute Returns

PART ONE: The Hedge Fund Industry

1. Introducing Absolute Returns
Appendix: Risk Illusion

2. Myths and Misconceptions
Appendix: Press Coverage of Hedge Funds

3. Difference between Long-Only and Absolute Return Funds
Appendix: Guatemalan Dentist

4. Advantages and Disadvantages of Investing in Hedge Funds
Appendix: On Market Efficiency and Unorthodox Economics

PART TWO: Risk and Opportunities of Absolute Return Strategies

5. Classification and Performance of Hedge Funds
6. Relative-Value and Market-Neutral Strategies
7. Event-Driven Strategies
8. Opportunistic Absolute Return Strategies
Appendix: Long/Short Controversy

PART THREE: The Fund of Hedge Funds Industry

9. Industry Overview
10. Advantages and Disadvantages of Investing in Funds of Hedge Funds
11. The Alpha in Funds of Hedge Funds

PART FOUR: Going Forward

12. Game of Risk or Risky Game?

Notes
References
Index