内容简介2 m" J3 j: C2 n4 q# a/ s1 r7 S6 o, V
The Bloomberg Visual Guide to Hedge Funds will provide an overview of how hedge funds operate on a high level, how the industry operates, what types of investors hedge funds work with, including a high level overview of each of the most popular types of hedge fund investment strategies. By speaking and interviewing experts in this field, Richard Wilson will outline the strategies of long and short hedge funds alongside global macro strategies.; N1 p( O; z- e
作者简介
- P2 j4 |! m1 N+ D Richard Wilson (Portland, OR) is a hedge fund consultant and head of the Hedge Fund Group, the largest hedge fund networking group in the industry with 12,500 members. He is also the creator of HedgeFundBlogger.com, one of the most popular hedge fund websites with over 230,000 page views a month in traffic, and FamilyOfficesGroup.com, the most popular Website on the internet about family offices. He writes a daily article on the hedge fund industry for his sites, as well as posting monthly about family offices. Wilson also founded and teaches biannual seminars for the Chartered Hedge Fund Associate (CHA) Designation Program, a professional certification program catering to professionals in the hedge fund industry.4 R% F4 X+ J4 S; H ]+ T
目录5 Q' Y" Q% [- `3 r# `# _! j
Cover Page
. x" M3 d9 N6 E Visual Guide to Hedge Funds2 ^( g+ _9 Y3 Z9 } S
Title Page7 T- a8 g4 p1 b& A) s2 F5 r
Copyright Page
& |6 ^# e c# D2 D Contents
K8 H, T# j! x' u How to Use This Book
: {2 p2 P+ Y' S/ b Introduction
0 f3 |; Y6 ~, L& y* o Chapter 1: Hedge Fund Daily Operations2 e8 i( }& X7 O. w
Hedge Fund Manager
- B5 J/ r0 R! ^& g' P" t: t Portfolio Managers3 e. K3 o) w9 m# w
Traders
4 o" \- q) T, q6 P Risk Management
; t4 { G) P5 H) {- W Chief Financial Officer
: G1 M! T, s" B& ]- L* b! u Controllers
2 c1 r, D+ B2 Y k, i: w( O Settlements
1 a6 ~9 B# M) `3 X& \! O Margin and Collateral3 a$ F# X& u/ D) O# K
Legal
' V& R% D: h8 Q' ]- T" i Compliance
! E4 A& I" |8 ^" J Investor-Relations+ t" a' Y( D! w8 p2 e2 R
Conclusion
5 a# m0 ` F$ u0 K Chapter 2: The Hedge Fund Life Cycle: From Startup to Titan
& z0 h7 N, Q& v. i* G3 g Hedge Fund Startups ($1M to $10M)
6 y3 R: q, b- }& n- _ Emerging Hedge Fund Managers ($10M to $300M)' [' n! Z% v2 E8 f" y1 j
Hedge Fund Shooting Stars ($300M to $1B)
% W) }. c X9 I% Q& d0 S$ x Hedge Fund Titans ($1B+)
% G' M, a! }: Y, N Conclusion
$ R1 I( y7 a8 I$ E Chapter 3: Hedge Fund Investors. e" F% U& a; h
Who Invests in Hedge Funds?( c4 l5 a. ?% l7 R
The Hedge Fund Investor Due-Diligence Process Y" Z- j# j0 }
Hedge Fund Investor FAQs
@' a# v* M& K Chapter 4: Hedge Fund Capital Raising/ [# Y$ C* q v, Z+ v
Daily Process. ~8 n8 Q' r) \7 f+ [! B3 n/ h( Z0 a
Hedge Fund Warfare6 W. J4 C+ ^8 Z. R" s8 M! K1 X$ s
The 1 Percent Rule% P& Y, r( [, x! I0 h* g
Hedge Fund Investor Avatar Focus
2 d. L' [; Y+ v Capital-Raising Channels. z) f4 Z; |9 @+ K) s. |5 F
Emulation before Innovation
: `; J5 c! z B: B6 m Placement Agents and Third-Party Marketers2 Z! [/ e5 n9 E1 P7 E
Hedge Fund Marketing and Capital-Raising FAQs) J2 Q. s( ]' a( H
Conclusion2 ^ w6 E; V. P% W
Chapter 5: Long/Short Equity Strategy
! {- I3 E! I/ g+ V( Q Identifying the Opportunity
& i* J. ]3 J( h7 S; k Discretionary Strategies4 }4 }% ~, l5 H7 p- Y6 G' R5 ~; R
Quantitative Strategies6 r1 y" d4 }& A8 ]; J
How the Long/Short Strategy Works
$ R! u0 q4 r, p. C Access to Long/Short Strategies) @; {" |1 A$ t) C3 e5 O! G V
Fee Structure/ S7 p; ~6 ]# Z6 a
Taxes
; M. _7 d9 W: Y0 L G/ H5 D3 ` Specialization versus Generalization
# P# k) ]9 V( l! }, K Who Runs a Long/Short Hedge Fund?; ?/ v: s# F5 c4 y4 t4 D
Risks3 G0 w" k( o4 _9 x; Z
Conclusion
' G8 S; d5 O5 C; d7 T7 f Chapter 6: Global Macro Strategy
, r7 V G* D; e& | r& U; _$ |# b Discretionary versus Systematic
: ?5 g8 n# G+ g/ k& V Leverage( P' H& C1 k! @. Y6 w
Types of Products- B, U7 E8 N( a* e6 H& y& B
Who Runs a Macro Fund?
9 ~" x; p, w- @9 L. J8 y- m Why Invest in a Global Macro Fund?% A, I* H2 h5 h# P9 U! y/ l8 g
Conclusion! n2 y, `9 a" f* v! [# }% e
Chapter 7: Event-Driven Strategy) W% w/ ~- v* s. n: b4 U5 |3 Q
Who Runs an Event-Driven Fund?4 m: C0 n0 b8 B$ d5 f
How to Invest Around Events
! z9 q* p0 p. J" ]: }! @* `8 j Risks5 c0 ]% T$ Z& ]" S1 t: r
Why Invest in an Event-Driven Hedge Fund?1 K% R* ^' w- i9 u% P! m
Conclusion/ D/ Q6 F# {9 X+ i& a8 @
Chapter 8: Fixed-Income Strategy
& V7 @; h0 p& m" q) `# Y% T How Do Fixed-Income Securities Work?( F" z- G( R/ u, y* s
Types of Fixed-Income Products( z; C, {: d! }( _
Corporate Bonds9 L F# q5 o* Z# _7 c
Municipal Bonds
( W' B5 |1 N+ Y) j Arbitrage
+ Q* D7 z2 J; B5 \+ s$ j Who Runs a Fixed-Income Hedge Fund?
, C' a4 `& \; e7 v$ t# W% h Why Invest in a Fixed Income Fund?* O0 e. A/ g, n* n5 H
Industry Insight8 K) A8 ~) _' _+ m5 D" \
Conclusion7 r8 r/ g" o3 u9 ?% ]
Chapter 9: Convertible-Arbitrage Strategy
; ]& ]* |: E! @9 Q( R" Z% \ What is a Convertible Bond?& R o b8 D( _5 X
Strategies4 D3 ?. [' ^* }% |+ v: a
Convertible-Arbitrage Risks# h( }' A9 X7 _$ C
Conclusion
8 h3 [+ U$ U. `# i* M Chapter 10: Quantitative and Algorithmic Trading Strategies
, x, k: S6 N, c5 U4 l' j9 ^ Quantitative Trading* z* D5 C: j6 G$ t# S, }/ L% F
Psychology; p9 l( I5 K6 q5 w( v1 h6 ]
Algorithmic Trading7 w* \5 j3 u9 j+ \5 j0 d3 z, u
High-Frequency Trading6 E# G5 H* k: E8 r' ?- Y# w
Pattern Recognition3 @% g+ G4 s' B
Patterns- f' n8 f1 P9 M. N$ L
Trading Strategies
- i( v% i `. X8 g, X& I. G9 S Industry Insight+ d0 p& W. [& C m3 T
Conclusion, P; D/ W% `( z. y, Y
Chapter 11: Managed Futures9 Q+ M4 O6 D4 k f7 O6 [
Defining Managed Futures* a1 I$ I5 E k/ E: |, v# M- V
Futures Contracts
! u) F8 `' W% V5 B* M Limit Movements
# N4 ~4 n9 D4 T Benefits of Managed Futures
! @: E7 O) w8 g How Leverage Affects Returns
: G1 n7 G% }% V+ n) h& M1 f8 T; U Performance
" t g1 u+ ]. h' J! O. w" `! z Participants
. r1 _% u: L% Z4 R7 w Analyzing Risk: Z. P( u& Y0 l: `( _/ {
Fees
" A; _3 _2 h1 n5 O# `- A5 t Regulation
- G2 j- m, C; \% G/ D Trading Strategies
3 `$ Y$ A0 ]# `4 T& h6 v Industry Insight
1 i0 ?/ d: b E0 n Conclusion2 z- z0 W' U6 _5 z% x5 k
Chapter 12: Credit- and Asset-Based Lending$ c+ K6 R; i% m4 m
Distressed Debt
0 R: G) H w. T5 x# A Evaluating Asset-Based Loans2 K+ N) l, R0 K `. ^
Hedge Fund History/ w7 r8 w# r2 X3 F& [
Second Lien' L6 m, H% V7 x/ Q+ N8 q5 ] C
Risks
4 F8 @ a9 n: T* K- o0 R. y0 w" |# o, \0 a How an ABL Strategy Works
" [0 ?' Y! t( u2 |" N Closing an Asset-Based Loan Deal1 g7 h8 L8 \# [9 b
Industry Insight. M2 B. @- E7 ~5 P4 ]& K9 K5 w
Conclusion9 v: U* N9 _4 s" \; c$ E
Chapter 13: Multi-Strategy Hedge Funds5 K3 C9 P: ^- N
History of Multi-Strategy Funds
3 ]7 g O7 ?: l: e4 F Benefits+ _& w5 O; ]6 U2 C Z/ w1 E
Risks" W1 }2 y' i7 e! y2 y" p7 @4 {
Benchmarks
; E, D4 P) k2 Y% D Fees
# d& P# L( G6 @3 q Liquidity
3 E3 \2 ]4 Q. X# N Strategies, o' C* I8 h9 L* ?3 m3 G) Y- W
Why Invest in a Multi-Strategy Fund?
' k0 t ^& ~ @' B Multi-Strategy Compared to Fund of Funds+ P2 ^& q9 \4 i Z. T5 u% r/ m
Conclusion
% ]. y" K3 D1 O" @7 Q) q) ` Notes. M5 f4 ^) V7 `8 k
Chapter 14: Fund of Hedge Funds5 _: i7 g Q( N+ s
What Is a Fund of Hedge Funds?- \& Y+ q+ C: a" x$ M$ }+ p& ]4 x9 D
Fund Structure
& X) O. v. Z6 o' }+ u5 `9 c Fund-of-Funds Operations
$ L1 }' p8 g8 H, R) s% a6 L8 O Strategies
8 r' v' o% d, l. j( q0 \1 |0 H Fee Structure' e4 V! k8 g* O& d/ M U
Active Portfolio Management and Monitoring+ \. S3 K/ b( M3 t$ F0 I" @2 p1 [7 }
Improved Communication with Managers9 Y* I: ]. g$ W0 c R! I2 c
Lower Barriers to Entry
k8 \: ]4 i# p1 }& z4 v% B X Additional Layer of Due Diligence. u9 K Z8 c6 j
Diversifying within the Hedge Fund Sector7 r" _0 s5 C5 }/ \) r! J% e
Economies of Scale
9 I) _+ w3 A T! \ Disadvantages
* j( y$ Q5 h9 ?: ` h" ]4 z( H7 q The Current State of Funds of Hedge Funds7 a7 A% ?. c9 d0 K9 X3 `
Industry Insight; D9 ?; y# P, [. o8 p( t
Conclusion
, s9 h& i$ ^7 B% c Appendix A: Bloomberg Functionality Cheat Sheet$ |+ ]: }" T% K. x6 `
Appendix B: Answers to Test-Yourself Quizzes
* g; F8 c0 H; T6 L, b Chapter 1
7 Y9 |7 J" p$ e* ` Chapter 2
6 M" s# L2 U3 X7 H6 E% n: q Chapter 3( P* S. |+ S Q# Z6 T. U! b" }
Chapter 4( r1 ?7 x( Z! ?
Chapter 58 x! [+ C; L9 _7 l( e
Chapter 68 P. B/ v. T5 _8 v" j% K
Chapter 7* N- a2 C+ i& b. R2 n) A' o3 v- s8 n
Chapter 8
; Q/ A( O; N; Z3 I. Z' j Chapter 9
5 T' d+ `( C0 D% [ Chapter 10
( ]' h' s+ g* U- E Chapter 11. h' ^( _ A- t9 J9 B8 r
Chapter 12! v+ B2 u+ g9 Y2 }1 |1 V
Chapter 132 y" Y0 y! ^0 Z4 O
Chapter 14
$ \* w; \" b. w' k& R References
0 M Z, n, i, d- p) P0 j About the Author
: ~ E+ b; P3 Q: `# o( ^, p! o Index
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