HEDGE FOUND HANDBOOK LAVINIO Księgarnia

The Hedge Fund Handbook

The Money Manager's Guide to Hedge Funds

What They Are, How They Operate, and Why They Belong in Any Well-Diversified Professional Portfolio

The successes of hedge funds-sophisticated investments which claim to offer their investors above-average returns and greater safety than many other types of managed investments-have become legendary, but so have their losses. Eye-popping gains by George Soros and Julian Robertson have competed in the headlines of the financial press with catastrophic losses by famed fund managers Victor Niederhoffer and John Merriwether. But are qualified investors missing out on the development of one of today's most important financial innovations because of poor information and a misunderstanding of these vehicles?

The Hedge Fund Handbook sheds much-needed light on the dynamics of hedge fund behavior, providing new tools and frameworks for understanding what hedge funds are and how they operate. Filled with techniques and strategies used by a successful hedge fund manager to evaluate his colleagues, this timely book gives potential hedge fund investors an insider's perspective as they leam to:

Master the hedge fund basics-everything from what happens when you buy to when and how to sell

Accurately evaluate a hedge fund manager's performance and style

Use accessible math to calculate a hedge fund's chances for success

Find funds and managers that can generate exceptional returns for proportionally lower risk

Some hedge funds can offer investors great opportunities. However, these vehicles, if not understood or analyzed in an effective manner, can harm the wealth of unprepared investors. Let the insights of a successful hedge fund manager improve your ability to identify and select those hedge funds that can truly provide superior, consistent risk-adjusted returns.

From just 70 funds in 1990 to approximately 50,000 (and counting) a decade later-and with up to $15 trillion currently under management-hedge funds have become a major force in the global investment market. In addition, powerful hedge fund managers like George Soros and Julian Robertson have become oft-quoted, investment-world icons.

But what exactly is a hedge fund? How can qualified investors and professional money managers use them to increase investment returns without assuming undue risks? Where can you find the correct fund manager for your needs as an investor? And most important, how can you make hedge funds work for you?

The Hedge Fund Handbook answers all these questions and more. Extensive details, charts, graphs, and case studies both real and hypothetical provide a striking and effective new method for accurately analyzing the risk and return characteristics of any hedge fund and, more crucially, its manager. This book illustrates how the manager's skill in exploiting financial markets is the key component of a hedge fund's ability to generate consistent performance and attractive risk-adjusted returns.

Pilled with page after page of ready tools for effectively evaluating both the benefits and risks of a hedge fund, this uniquely action-oriented book will give the reader a step-by-step blueprint needed to:

Read between the lines of the fund's prospectus

Obtain information necessary to analyze and categorize hedge funds

Understand the difference between historic and pro-forma figures

Understand the risk-versus-retum trade-off inherent in any hedge fund's operations

Identify hedge funds that provide the most effective risk-adjusted returns

Seamlessly integrate hedge funds into a professionally managed portfolio

Use simple math to estimate the effectiveness of a hedge fund manager

Detect leverage and its impact on a fund's performance

Use rolling window techniques to capture the feel and dynamics of a hedge fund's behavior

Traditional methods of analysis have proved inadequate in evaluating and monitoring hedge funds. The Hedge Fund Handbook outlines market-tested, innovative techniques-beyond average returns and standard deviation-for measuring fund return and risk. It presents ratios and indexes to calculate the true results of a manager's performance, and the likelihood of that success continuing over time. It also presents more effective portfolio allocation methods for use with hedge funds.

For qualified investors and professional money managers under constant pressure to deliver above-average performance, hedge funds are ideal. But as with anything in life, this increased opportunity brings increased risk. Let The Hedge Fund Handbook show you how to measure and manage hedge fund risk and dramatically improve investment performance by making intelligent and informed decisions on one of today's most promising investment vehicles.

About the Author

Stefano Lavinio is founder and managing director of Lara Capital Management, a money management and hedge fund firm with more than $250 million under management. A twenty-year veteran of the international financial markets, Lavinio currently manages a series of investment programs and hedge funds, including an international fixed income arbitrage fund that has been consistently rated among the top performers for the last four years. He is a popular speaker at seminars and conferences in both Europe and the United States, is a graduate of the Bocconi University in Milan, Italy, and also holds degrees in economics from Columbia University in New York City.

192pp

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