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The Hedge Fund Mirage

The Illusion of Big Money and Why It's Too Good to Be True
Lack, Simon, 1962- (Book - 2012 )
Average Rating: 3 stars out of 5.
The Hedge Fund Mirage
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"The dismal truth about hedge funds and how investors can get a greater share of the profitsShocking but true: if all the money that's ever been invested in hedge funds had been in treasury bills, the results would have been twice as good.Although hedge fund managers have earned some great fortunes, investors as a group have done quite poorly, particularly in recent years. Plagued by high fees, complex legal structures, poor disclosure, and return chasing, investors confront surprisingly meager results. Drawing on an insider's view of industry growth during the 1990s, a time when hedge fund investors did well in part because there were relatively few of them, The Hedge Fund Mirage chronicles the early days of hedge fund investing before institutions got into the game and goes on to describe the seeding business, a specialized area in which investors provide venture capital-type funding to promising but undiscovered hedge funds. Today's investors need to do better, and this book highlights the many subtle and not-so-subtle ways that the returns and risks are biased in favor of the hedge fund manager, and how investors and allocators can redress the imbalance. The surprising frequency of fraud, highlighted with several examples that the author was able to avoid through solid due diligence, industry contacts, and some luck Why new and emerging hedge fund managers are where generally better returns are to be found, because most capital invested is steered towards apparently safer but less profitable large, established funds rather than smaller managers that evoke the more profitable 1990s Hedge fund investors have had it hard in recent years, but The Hedge Fund Mirage is here to change that, by turning the tables on conventional wisdom and putting the hedge fund investor back on top"--
Authors: Lack, Simon, 1962-
Statement of Responsibility: Simon Lack
Title: The hedge fund mirage
the illusion of big money and why it's too good to be true
Publisher: Hoboken, N.J. : Wiley, c2012
Edition: 1
Characteristics: xv, 187 p. : ill. ; 24 cm.
Bibliography: Includes bibliographical references and index
Contents: The truth about hedge fund returns
The golden age of hedge funds
The seeding business
Where are the customers' yachts?
2008 : the year the hedge funds broke their promise to investors
The unseen costs of admission
The hidden costs of being partners
Hedge fund fraud
Why less can be more with hedge funds
Summary: "The dismal truth about hedge funds and how investors can get a greater share of the profitsShocking but true: if all the money that's ever been invested in hedge funds had been in treasury bills, the results would have been twice as good.Although hedge fund managers have earned some great fortunes, investors as a group have done quite poorly, particularly in recent years. Plagued by high fees, complex legal structures, poor disclosure, and return chasing, investors confront surprisingly meager results. Drawing on an insider's view of industry growth during the 1990s, a time when hedge fund investors did well in part because there were relatively few of them, The Hedge Fund Mirage chronicles the early days of hedge fund investing before institutions got into the game and goes on to describe the seeding business, a specialized area in which investors provide venture capital-type funding to promising but undiscovered hedge funds. Today's investors need to do better, and this book highlights the many subtle and not-so-subtle ways that the returns and risks are biased in favor of the hedge fund manager, and how investors and allocators can redress the imbalance. The surprising frequency of fraud, highlighted with several examples that the author was able to avoid through solid due diligence, industry contacts, and some luck Why new and emerging hedge fund managers are where generally better returns are to be found, because most capital invested is steered towards apparently safer but less profitable large, established funds rather than smaller managers that evoke the more profitable 1990s Hedge fund investors have had it hard in recent years, but The Hedge Fund Mirage is here to change that, by turning the tables on conventional wisdom and putting the hedge fund investor back on top"--
Subject Headings: Investments Hedge funds
Topical Term: Investments
Hedge funds
LCCN: 2011035473
ISBN: 1118164318
9781118164310
Branch Call Number: 332.6452 L
Research Call Number: *R-SIBL HG4530 .L23 2012
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May 10, 2013
  • StarGladiator rated this: 4 stars out of 5.

An excellent book and while well researched, some details aren't really covered, or the author just wasn't aware of them: that the biggest banks owns the largest hedge funds, that the next set of largest hedge funds are owned directly by the super-richest families; that the provision in the Investment Company Act, that a hedge fund can have an unlimited number of investors, offers incredible potential for financial fraud, and so on. That since the chief purpose of hedge funds is naked short selling, they are a disaster of the global financial system.

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Lack, Simon, 1962-
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