By Darrell Jobman
As a pretty refined person investor, i used to be hoping for a few extra insights over what i already understand re: convertibles, metals, hedge cash, and so on. --the successes and screw ups of this e-book are mostly part particular: for instance, the chapters on strength, Distressed Securities and Hedge cash have been insightful and priceless, while the chapters on Gold and Microcaps have been infrequently worthy studying (i.e. no insights whatsoever). quite often, Tremont Advisors did a very good task of their sections, and the remaining (except the only on power) have been woefully inadequate.
It turns out this booklet used to be written with a target market of unsophisticated / non-critical high-net worthy participants in mind...how lots of them are available in the market, hmmm?
Proceed with warning.
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Extra resources for The Handbook of Alternative Investments
Equity group (January 1990 to March 1999). fund manager usually charges a management fee of 1 percent to 3 percent plus 20 percent of the profits. Hedge funds are able to command aboveaverage fees because they have historically provided superior risk-adjusted returns and they have very limited capacity. This is simply a case of supply and demand; the relatively small number of superior hedge fund managers are in such demand that they are under no business-related pressure to acquiesce to the institutional investors by dropping their fees.
Hedge funds are paid—and have the incentive—to trade and invest when others cannot, will not, or need to be on the other side. NOTES See essay towards solving a problem in the doctrine of chances, Philosophical Transactions of the Royal Society of London, 1764. 1 CHAPTER 3 Managed Futures By Thomas Schneeweis As was apparent in the last major market downturn at the end of 2000, managed futures are negatively correlated with the S&P 500 Index in its poorest months but are positively correlated in its best months.
In these situations, a mismatch of both expertise and objectives can be exploited to the benefit of the hedge fund manager. For example, managers specializing in distressed securities develop tremendous expertise pertaining to a relatively small universe of companies. A given manager has the opportunity to learn more about a particular company than all but a handful of individuals. Further, activity in the securities of distressed companies (typically companies in Chapter 11) usually precludes involvement from large public investment funds.