AARP Getting Started in Hedge FundsFrom Launching a Hedge Fund to New Regulation, the Use of Leverage, and Top Manager Profiles
Getting Started In....., Band 98 3. Aufl.
AARP Digital Editions offer you practical tips, proven solutions, and expert guidance. The hedge fund industry has been reeling in the wake of recent Ponzi schemes and insider trading scandals as well as the loss of billions of dollars in assets under management due to fund closures. Getting Started in Hedge Funds, Third Edition focuses on the current state of the industry; how hedge funds did or did not survive the subprime and subsequent credit crisis; and, what the future holds for investors. Getting Started in Hedge Funds, Third Edition also provides readers with a brief overview of the industry's history, and describes the inner-workings of these complex investment vehicles, including how to start a hedge fund, and what new regulations means for managers and investors. Profiles 10 highly successful hedge fund managers Addresses the Madoff scandal, as well as other lesser known Ponzi schemes, and analyzes the ripple effect felt throughout the industry as a result of these and other scandals Despite the performance of some of these funds in the last few years, hedge funds are here to stay. In this Third Edition, Getting Started in Hedge Funds, Strachman provides an updated "how-to" guide for investors interested in hedge funds in this era of "new normal."
Acknowledgments viii Introduction Why Hedge Funds Now and Forever? xi Chapter 1 Hedge Fund Basics 1 The Near Collapse of Long-Term Capital Management 4 The Credit Crisis and Hedge Funds 13 A Brief History of Hedge Funds 17 The Current State of the Hedge Fund Industry 21 Alfred Winslow Jones—The Original Hedge Fund Manager 24 Chapter 2 How Hedge Funds Operate 33 Starting a Hedge Fund 36 Hedge Fund Regulations and Structures 53 How Hedge Funds Use Leverage 62 Patriarchs of the Hedge Fund World 62 Hedge Funds Take All the Heat 66 George Soros—The World's Greatest Investor 68 Chapter 3 The Managers 71 Guy Wyser-Pratte—Wyser-Pratte 74 Bill Michaelcheck—Mariner Investment Group 80 Nancy Havens—Havens Advisors LLC 85 Steve Cohen—SAC Capital 89 Chapter 4 Hedge Fund Investing 95 The Role of an Investment Adviser 98 An Institutional Investor 99 Third-Party Marketers 103 An Individual Investor 105 A Consulting Firm 108 A Manager of Managers 111 Conclusion 117 Appendix A Hedge Fund Strategies 121 Appendix B Example of Material Included in an Onshore Document 125 Overview 125 Important General Considerations 128 Summary of Offering and Partnership Terms 130 Management 146 Appendix C Example of Material Included in a Cayman-Based Fund for Tax-Exempt Investors 149 Part 1: Establishing an Offshore Fund Domiciled in the Cayman Islands 149 Part 2: Summary of Key Disclosures for Cayman Islands Offering Document 154 Glossary 161 Notes 171 About the Author 175 Index 177
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