Praise for Hedge Fund Investing, Second Edition
The two main sections [of Hedge Fund Investing], one describing different fund styles and the other discussing how to evaluate a fund before investing, should be essential reading for anyone who wants to invest in, work at or sell hedge funds.
Mark Henricks, Institutional Investor, 06/05/2016
"I had the privilege to work with Kevin when he was the Chief Operating Officer at Larch Lane Advisors, a leading hedge fund seeding firm and investor in new funds. Kevin has a great ability to explain the inner workings of hedge funds from both an operational and investment perspective."
Peter Brady, Director of Sales and Client Service, Lyxor Asset Management, Inc.
"With a timely update to what is becoming a standard in the field, Professor Mirabile again manages to condense his unequaled practical and academic knowledge into a concise, well–organized hornbook accessible to students and investment practitioners alike. Mirabile′s work??is the place to start for those looking to understand, work, or invest in private funds."
John P. Drohan, President, ACI Financial Markets Association
"As a hedge fund manager I look for all of my employees to have the knowledge of the industry that Hedge Fund Investing provides. It is an ideal starting point for anyone who expects to work at or invest with a hedge fund. Kevin Mirabile′s knowledge of hedge funds is unusually valuable because he has worked in all aspects of the business financing, trading, portfolio management, and manager selection. He has seen hedge funds evolve from a cottage industry to a mainstream component of the asset management complex. Kevin is an ideal person to learn the business from."
Kevin Coldiron, Co–Founder, Algert Coldiron Investors, LLC
"Mirabile′s book strikes that rare balance between being informative for practitioners, instructive for educators, and accessible for individual investors. The new version offers worthwhile updates, and readers will find this to be a book they go back to again in the future as a handy refresher.??Worth a spot in any investor′s library."
Jonathan Brolin, Founder and Managing Partner, Edenbrook Capital and Adjunct Professor, Gabelli School of Business, Fordham University
About the Author xv
PART ONE Overview
CHAPTER 1 The Basics of Hedge Fund Investing 3
CHAPTER 2 Hedge Fund Strategies, Performance Measurement, and Risk 21
CHAPTER 3 Who Invests in Hedge Funds and Why? 39
CHAPTER 4 Industry Trends, Flows, and Characteristics 65
PART TWO Understanding the Strategies
CHAPTER 5 Global Macro Investing 87
CHAPTER 6 Equity–Oriented Styles 109
CHAPTER 7 Fixed–Income Oriented Strategies 143
CHAPTER 8 Multistrategy Funds, Funds of Hedge Funds, and Replication Products 173
CHAPTER 9 Portfolio Financing and Secondary Market Trading 191
PART THREE Evaluating Individual Fund Risk and Reward
CHAPTER 10 Measuring Performance and Performance Persistence 213
CHAPTER 11 Impact of Fund Characteristics and Terms on Performance 233
CHAPTER 12 Performing Due Diligence on Specifi c Managers and Funds 247
CHAPTER 13 Evaluating the Roles of Service Providers 271
CHAPTER 14 Observations and Outlook 299
References and Additional Reading 319