Guide to Hedge Funds: What They Are, What They Do, Their Risks, Their Advantages (2nd ed) PDF
Preview Guide to Hedge Funds: What They Are, What They Do, Their Risks, Their Advantages (2nd ed)
ffffiirrss..iinndddd vvii 1166//0099//1100 77::3300 PPMM GUIDE TO HEDGE FUNDS Second Edition ffffiirrss..iinndddd ii 1166//0099//1100 77::3300 PPMM OTHER ECONOMIST BOOKS Guide to Analysing Companies Guide to Business Modelling Guide to Business Planning Guide to Economic Indicators Guide to the European Union Guide to Financial Management Guide to Financial Markets Guide to Investment Strategy Guide to Management Ideas and Gurus Guide to Organisation Design Guide to Project Management Guide to Supply Chain Management Numbers Guide Style Guide Book of Obituaries Brands and Branding Business Consulting Buying Professional Services The City Coaching and Mentoring Corporate Culture Dealing with Financial Risk Doing Business in China Economics Emerging Markets The Future of Technology Headhunters and How to Use Them Mapping the Markets Marketing Successful Strategy Execution The World of Business Board Directors: an A–Z Guide Economics: an A–Z Guide Investment: an A–Z Guide Negotiation: an A–Z Guide Pocket World in Figures ffffiirrss..iinndddd iiii 1166//0099//1100 77::3300 PPMM GUIDE TO HEDGE FUNDS What they are, what they do, their risks, their advantages Second Edition Philip Coggan John Wiley & Sons, Inc. ffffiirrss..iinndddd iiiiii 1166//0099//1100 77::3300 PPMM Copyright © 2011 by The Economist Newspaper Ltd. All rights reserved. Text Copyright © 2011 by Philip Coggan. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. Published in Great Britain and the rest of the world by Profi le Books Ltd No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. 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ISBN 978-0-470-92655-0 Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 ffffiirrss..iinndddd iivv 1166//0099//1100 77::3300 PPMM To Robin Coggan (1918–88), who taught me that there was always more to learn ffffiirrss..iinndddd vv 1166//0099//1100 77::3300 PPMM ffffiirrss..iinndddd vvii 1166//0099//1100 77::3300 PPMM Contents Acknowledgements viii Introduction 1 1 Hedge fund taxonomy 16 2 The players 35 3 Funds-of-funds 55 4 Hedge fund regulation 64 5 Hedge funds: for and against 81 6 The future of hedge funds 94 References 114 Appendices 1 Glossary 121 2 Hedge fund facts and fi gures 134 Index 141 ffttoocc..iinndddd vviiii 1155//0099//1100 1122::1199 PPMM Acknowledgements Writing a book on this subject is rather like painting the Forth Road Bridge. As soon as you have fi nished, you probably need to start again. The industry is growing and changing so rapidly that it is possible to give only a snapshot of its state at the time of writing. I was greatly helped by many people within and without the industry, most of whom are individually name checked in the book. All quotes are taken from direct conversations with the author, except where identifi ed. One or two sources have asked to be anonymous. Special thanks are required for those who gave extra help, notably Robb Corrigan, Peter Harrison, Dan Higgins, Narayan Naik and David Smith. I would also like to thank my colleagues John Prideaux and Arun Rao for their comments after reading parts of the manuscript. Thanks also to Stephen Brough of Profi le Books for the original idea and to Penny Williams for her assiduous editing. Finally, the greatest credit must go to Sandie for her constant love and support and her astute reading of the chapters. If there are too many parentheses, it is no fault of hers. Philip Coggan May 2010 viii ffllaasstt..iinndddd vviiiiii 1155//0099//1100 1122::1188 PPMM
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