对冲基金泡影：赚大钱假象与缘何难以置信 The Hedge Fund Mirage

　　编辑推荐
5 D& c3 C7 C) f: T2 N　　If all the money that's ever been invested in hedge funds had been put in treasury bills instead, the results would have been twice as good. This is the assertion that JP Morgan insider Simon Lackroves as he makes the astonishing case that little to no regulation, excessive fees, and a crowded industry has left hedge fund investors with poor returns.
　　内容简介
0 R1 y6 y& k9 l; D) X6 O- G! x* I　　Although some of the greatest fortunes in finance have been earned by hedge fund managers, investors as a group have done quite poorly. High fees, complex legal structures, poor timing and return chasing have led to the following stunning result: 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. Hedge fund investors need to do better than in the past in order to justify their hedge fund investments. This book will highlight 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.
/ z4 P: y" G8 D* K. W　　作者简介
　　Simon Lack's (Westfield, N.J.) entire career has been in trading and hedge fund investing. Following 23 years with JPMorgan, Simon Lack founded SL Advisors, LLC, a Registered Investment Advisor, in 2009. Much of Lack's career with JPMorgan was spent in North American Fixed Income Derivatives and Forward FX trading, a business that he ran successfully through several bank mergers ultimately overseeing 50 professionals and $300 million in annual revenues. Lack sat on JPMorgan's investment committee allocating over $1 billion to hedge fund managers and founded the JPMorgan Incubator Funds, two private equity vehicles that take economic stakes in emerging hedge fund managers. Lack's financial markets experience dates back to 1980 when he began his career on the floor of the London Stock Exchange.
7 Q3 ]5 y2 U! `& F7 ~: E　　目录
) K: i% s6 s; ^4 k　　Cover
　　Title page
7 |5 T. H( t% C2 K0 @$ i) T　　Copyright page
　　Dedication
　　Introduction
4 G% _9 \% T  Z8 p; W　　Acknowledgments
　　Chapter 1 The Truth about Hedge Fund ReturnsHow to Look at Returns
　　Digging into the Numbers
　　The Investor’s View of Returns
　　How the Hedge Fund Industry Grew
　　The Only Thing That Counts Is Total ProfitsHedge Funds Are Not Mutual Funds
　　Summary
　　Chapter 2 The Golden Age of Hedge Funds
　　Hedge Funds as Clients
* N- @. [4 T2 u8 V' C* A　　Building a Hedge Fund Portfolio
　　The Interview Is the Investment Research
0 }8 Z/ s4 R1 s( t4 J% P　　Long Term Capital Management
: u2 u5 i) `7 o% o5 Y　　Too Many Bank Mergers
3 u4 u- |; T+ }) `) P" u3 [　　Summary
　　Chapter 3 The Seeding Business
+ F9 R" v# g6 b% a$ W- v6 T　　How a Venture Capitalist Looks at Hedge FundsFrom Concept to the Real Deal
　　Searching for That Rare Gem
　　Everybody Has a Story
　　Some Things Shouldn’t Be Hedged
) |% |* ]* G) E9 `　　The Hedge Fund as a Business
　　Summary
　　Chapter 4 Where Are the Customers’ Yachts?
% j, A  G0 M: K7 z- d$ J# B　　How Much Profit Is There Really?
: k/ ?: _, _' K# ]  s　　Investors Jump In
6 O# l) [" F" f. H　　Fees on Top of More Fees
$ h6 `/ Q0 i2 V　　Drilling Down by Strategy
　　How to Become Richer Than Your Clients
　　Summary
　　Chapter 5 2008—The Year Hedge Funds Broke Their Promise to InvestorsFinancial Crisis, 1987 Version
7 U* R. I2 W$ n; v+ J　　How 2008 Redefined Risk
　　The Hedge Fund as Hotel California
　　Timing and Tragedy
　　In 2008, Down Was a Long Way
　　Summary
　　Chapter 6 The Unseen Costs of Admission
. }3 o+ r% ?. R8 t5 b& F5 M' E　　How Some Investors Pay for Others
　　My Mid-Market or Yours?
8 E9 s% Q/ f+ k9 a) t　　The Benefits of Keen Eyesight
3 h( m3 \0 F* z/ R; I　　Show Me My Money
　　Summary
　　Chapter 7 The Hidden Costs of Being PartnersLimited Partners, Limited Rights
  a% {! U( V0 u* E0 D; Y8 l　　Friends with no Benefits
9 l) t. u! v$ k# ^2 \5 M　　Watching the Legal Costs
# g4 v( R5 K) `3 y- O& G　　Summary
! D% \1 G1 ]0 C# [  Q　　Chapter 8 Hedge Fund Fraud
　　More Crooks Than You Think
  r* K! D5 ]" W# s5 u! r/ u# g　　Madoff
3 k% W7 o% s& w9 S! G$ J& H　　Know Your Audience
+ n9 [0 I' {, \　　Accounting Arbitrage 101
4 t' f2 S) v  e# W　　Checking the Background Check
　　Politically Connected and Crooked?
2 I  `1 c. a$ E　　Paying Your Bills with Their Money
　　Why It’s Hard to Invest in Russia
- K4 Z1 W# [8 N  }6 Z4 i7 `$ `　　After Hours Due Diligence
: y8 o* L& h/ q- L# H6 E　　Summary
5 a, Y/ Q) n; V# P: b　　Chapter 9 Why Less Can Be More with Hedge FundsThere Are Still Winners
　　Avoid the Crowds
　　Why Size Matters
　　Where Will They Invest All This Money?
. c" p2 [# x  G1 I# N　　Summary
3 C& {) m7 f* b: G* _　　Afterword
; E( d; H/ V2 I$ b　　Bibliography
　　About the Author
　　Index
　　媒体评论
　　"Simon Lack, a hedge fund veteran exposes some unforeseen and uncomfortable truths about the industry in his new book."——Hedge Fund Net, January 2012
$ S' w- @- B7 |9 [! \' M3 v% k　　"...a cautionary tale from one who knows just about all the tricks...an easy, largely fun and certainly instructive read"——Financial World, February 2012
+ ]/ W% Q( C, f* H' M/ h9 e　　"Devastating little book.... His conclusions will make uncomfortable reading for many self-styled 'masters of the universe'.... This book should be required reading for pension fund trustees."——Jonathan Ford, Financial Times, 19th February 2012
, ]2 h2 p: `! K4 j; M* s

游客，如果您要查看本帖隐藏内容请回复

对冲基金泡影：赚大钱假象与缘何难以置信

对冲基金泡影：