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THE FUTURE OF HEDGE FUND INVESTING: A REGULATORY AND STRUCTURAL SOLUTION FOR A FALLEN INDUSTRY
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A detailed look at how to fix the hedge fund industry
The Future of Hedge Fund Investing spells out in refreshingly stark terms exactly how the industry let down its clients, and the changes needed to restore their confidence. Written by Monty Agarwal, the founder of Predator Capital Management, this insider's guide gives a full assessment of the business, including the advantages of hedge funds, their pitfalls, and, most importantly, how to avoid these missteps.
The book begins by describing the hedge fund universe, which includes funds and fund of funds; fund regulators, major investors, and middlemen; and fee structures, incentives, and typical investment strategies. From here, Agarwal explores possible solutions and fixes as he touches upon several important issues within this field.
Examines hedge funds' role in the 2008 market crisis and what can be learned from it
Discusses the structural changes for fund of funds in areas including trading, diversification, risk management, and due diligence
Provides guidance for investors to follow when interviewing hedge fund managers
Whether you're a financial professional, a potential investor, or simply an interested reader, The Future of Hedge Fund Investing gives you a clear look at the state of hedge funds today as well as a picture of what the future may hold for them.
The Future of Hedge Fund Investing spells out in refreshingly stark terms exactly how the industry let down its clients, and the changes needed to restore their confidence. Written by Monty Agarwal, the founder of Predator Capital Management, this insider's guide gives a full assessment of the business, including the advantages of hedge funds, their pitfalls, and, most importantly, how to avoid these missteps.
The book begins by describing the hedge fund universe, which includes funds and fund of funds; fund regulators, major investors, and middlemen; and fee structures, incentives, and typical investment strategies. From here, Agarwal explores possible solutions and fixes as he touches upon several important issues within this field.
Examines hedge funds' role in the 2008 market crisis and what can be learned from it
Discusses the structural changes for fund of funds in areas including trading, diversification, risk management, and due diligence
Provides guidance for investors to follow when interviewing hedge fund managers
Whether you're a financial professional, a potential investor, or simply an interested reader, The Future of Hedge Fund Investing gives you a clear look at the state of hedge funds today as well as a picture of what the future may hold for them.
作者簡介
Monty Agarwal worked as an interest rate and currency trader on Wall Street between 1995 and 2003. From 2003 to 2008, he was a portfolio manager in the hedge fund industry. Agarwal founded Predator Capital Management, which had $500 million under management, where he was the portfolio manager of an Asia-focused interest rate and currency market strategy. Agarwal also served as a portfolio manager for III Funds. He holds a bachelor's degree in computer science and engineering from the University of Pennsylvania and an MBA, with a concentration in finance and business economics, from the University of Chicago Booth School of Business. Visit www.MACMLLC.com to learn more about the services Agarwal provides to the hedge fund investor community.
目次
Foreword.
Introduction.
Chapter 1 Recent Hedge Fund Scandals.
Palm Beach, Florida.
KL Financial, March 2005.
Amaranth Advisors, September 2006.
Bernie Madoff, December 2008.
Lesson # 1: Relationships Do Not Trump Due Diligence.
Lesson # 2: Investing in Hedge Funds: Hire Experts.
Lesson # 3: “We Did Not Know What We Were Investing In,” Is Not An Excuse.
Conclusion: So Called Experts, Fund of Funds, Have Failed.
Chapter 2 The Players.
Flow of Capital in the Hedge Fund Industry.
Chapter 3 Hedge Funds.
Incentives and the Disincentives of the Hedge Fund Fee Structure.
Education of the Future Hedge Fund Manager.
Training Grounds of the Hedge Fund Manager.
The Chart Readers.
The Quants.
The Global Macro Trader.
From a Moth to a Butterfly.
Andrew Lahde's Goodbye Letter.
Chapter 4 Hedge Fund Strategies.
Long Short Equity.
Event Driven.
Global Macro.
Fixed Income Arbitrage.
Relative Value Arbitrage.
Effect of 2008 on these Strategies and Looking Forward.
Chapter 5 Hedge Fund Service Providers & Regulators.
Building a Business.
Chapter 6 Funds of Hedge Funds.
Philosophy and Services.
Failure of Fiduciary Duties.
Statistical Bucketing by Strategy.
Due Diligence and the Analyst.
What's in a Name.
The AIMA Due Diligence Questionnaire.
Where are the Experienced Professionals?
The (Lack of) Ongoing Due Diligence.
Multi-Strategy Hedge Funds.
Chapter 7 An Expert Failure.
Uselessness of Historical Data Crunching.
Quest for Steady Returns—Systematic Destruction of Alpha.
Bucketing by Asset Class and Geography – A Flawed Concept.
Alpha versus Beta—Trader Generates Alpha, not The Strategy.
Specialized Strategies.
10% to 20% Allocation Rule.
Managing a Hedge Fund Manager.
Bookrunner Versus a Proprietary Trader.
So-Called Hedge Fund Experts.
Hedge Funds – House of Second or Third Chances?
Why Does a Losing Hedge Fund Manager Shut down His Fund?
Why Does the Industry Keep Funding a Failed Trader?
Conclusion.
Chapter 8 Remodeling the Funds of Hedge Funds.
Traders Managing Trading Investments.
Differentiate Between Alpha and Beta Strategies.
Bucketing Based on Trader Methodology.
Appropriate Risk Template by Strategy.
Manager Stop loss and Linked Redemptions.
Not 10% Majority Every Time.
On-Going Due Diligence – It is Not Just About Returns.
Chapter 9 Correct Risk Due Diligence.
Position Concentration? So What.
Management of Stop Loss Limits – The Be-All and End-All.
Over-Leverage and Illiquidity.
Hedging – Will the Market Let You Short?
Chapter 10 Interviewing a Hedge Fund Manager.
Relationship.
Strategy Related Questions.
What Qualifies You to Execute This Strategy?
Work Experience.
Risk Appetite.
Thinker, Adapter, Entrepreneur?
Discipline and Character.
Chapter 11 Hedge Fund Industry’s Role in 2008 Market Crisis.
Borrowers, Bankers and Investors.
Don't Blame the Products, Blame the Users.
Failed Due Diligence on Part of Investors.
Failure of Fiduciary Responsibilities by Brokers and Lies by Borrowers.
No Hedge Fund Has Been Bailed Out.
Systemic Risk and Derivative Transactions.
Regulating Hedge Funds.
Chapter 12 The End.
Robert Allen Stanford's Ponzi Scheme.
Hedge Fund Industry Offers More Disclosure.
Similar Problems with the Pension Funds, Endowments, SWFs.
Bibliography.
Index.
Introduction.
Chapter 1 Recent Hedge Fund Scandals.
Palm Beach, Florida.
KL Financial, March 2005.
Amaranth Advisors, September 2006.
Bernie Madoff, December 2008.
Lesson # 1: Relationships Do Not Trump Due Diligence.
Lesson # 2: Investing in Hedge Funds: Hire Experts.
Lesson # 3: “We Did Not Know What We Were Investing In,” Is Not An Excuse.
Conclusion: So Called Experts, Fund of Funds, Have Failed.
Chapter 2 The Players.
Flow of Capital in the Hedge Fund Industry.
Chapter 3 Hedge Funds.
Incentives and the Disincentives of the Hedge Fund Fee Structure.
Education of the Future Hedge Fund Manager.
Training Grounds of the Hedge Fund Manager.
The Chart Readers.
The Quants.
The Global Macro Trader.
From a Moth to a Butterfly.
Andrew Lahde's Goodbye Letter.
Chapter 4 Hedge Fund Strategies.
Long Short Equity.
Event Driven.
Global Macro.
Fixed Income Arbitrage.
Relative Value Arbitrage.
Effect of 2008 on these Strategies and Looking Forward.
Chapter 5 Hedge Fund Service Providers & Regulators.
Building a Business.
Chapter 6 Funds of Hedge Funds.
Philosophy and Services.
Failure of Fiduciary Duties.
Statistical Bucketing by Strategy.
Due Diligence and the Analyst.
What's in a Name.
The AIMA Due Diligence Questionnaire.
Where are the Experienced Professionals?
The (Lack of) Ongoing Due Diligence.
Multi-Strategy Hedge Funds.
Chapter 7 An Expert Failure.
Uselessness of Historical Data Crunching.
Quest for Steady Returns—Systematic Destruction of Alpha.
Bucketing by Asset Class and Geography – A Flawed Concept.
Alpha versus Beta—Trader Generates Alpha, not The Strategy.
Specialized Strategies.
10% to 20% Allocation Rule.
Managing a Hedge Fund Manager.
Bookrunner Versus a Proprietary Trader.
So-Called Hedge Fund Experts.
Hedge Funds – House of Second or Third Chances?
Why Does a Losing Hedge Fund Manager Shut down His Fund?
Why Does the Industry Keep Funding a Failed Trader?
Conclusion.
Chapter 8 Remodeling the Funds of Hedge Funds.
Traders Managing Trading Investments.
Differentiate Between Alpha and Beta Strategies.
Bucketing Based on Trader Methodology.
Appropriate Risk Template by Strategy.
Manager Stop loss and Linked Redemptions.
Not 10% Majority Every Time.
On-Going Due Diligence – It is Not Just About Returns.
Chapter 9 Correct Risk Due Diligence.
Position Concentration? So What.
Management of Stop Loss Limits – The Be-All and End-All.
Over-Leverage and Illiquidity.
Hedging – Will the Market Let You Short?
Chapter 10 Interviewing a Hedge Fund Manager.
Relationship.
Strategy Related Questions.
What Qualifies You to Execute This Strategy?
Work Experience.
Risk Appetite.
Thinker, Adapter, Entrepreneur?
Discipline and Character.
Chapter 11 Hedge Fund Industry’s Role in 2008 Market Crisis.
Borrowers, Bankers and Investors.
Don't Blame the Products, Blame the Users.
Failed Due Diligence on Part of Investors.
Failure of Fiduciary Responsibilities by Brokers and Lies by Borrowers.
No Hedge Fund Has Been Bailed Out.
Systemic Risk and Derivative Transactions.
Regulating Hedge Funds.
Chapter 12 The End.
Robert Allen Stanford's Ponzi Scheme.
Hedge Fund Industry Offers More Disclosure.
Similar Problems with the Pension Funds, Endowments, SWFs.
Bibliography.
Index.
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