Little Book of Hedge Funds What You Need to Know About Hedge Funds, but the Managers Won't Tell You
Produktdetaljer
Biografisk notat
Anthony Scaramucci is the Founder and Managing Partner of SkyBridge Capital, a global alternative investment and advisory firm. The firm has $5.8 billion in assets under management or advisement as of January 31, 2012. He was the cofounder of Oscar Capital Management, which was sold to Neuberger Berman, LLC in 2001 after building a managed account business and four hedge funds having in aggregate more than $800 million of assets. Upon Neuberger Berman's sale to Lehman Brothers in 2003, he served as a Managing Director in their Investment Management Division. From 1989 to 1996, Mr. Scaramucci worked at Goldman Sachs & Co., where he was appointed a Vice President in Private Wealth Management in 1993.
Mr. Scaramucci is a recipient of the Ernst & Young Entrepreneur Of The Year 2011 New York Award in the Financial Services category and a board member of Warrior Gateway, The Lymphoma Foundation, and The Brain Tumor Foundation. He is also on the Board of Overseers for the School of Arts and Sciences at Tufts University and a member of the NYC Financial Services Advisory Committee and BENS (Business Executives for National Security). Mr. Scaramucci is the author of Goodbye Gordon Gekko: How to Find Your Fortune Without Losing Your Soul and a regular CNBC contributor.
<p>Most of the books I've read on investing are about as appealing as chewing on a cinder block. Fortunately, Anthony Scaramucci has written <i>The</i> <i>Little Book of Hedge Funds</i>, an entertaining and informative book without the typical Wall Street bombast, and it's nearly small enough to fit into my back pocket.</p> <p>Scaramucci is a regular contributor to CNBC's Fast Money, so he knows how to deliver a cogent message when he explains "the history and evolution of hedge funds and how they operate." <i>The Little Book of Hedge Funds</i> has everything from interviews with industry giants (Leon Cooperman) to a Due Diligence Questionnaire for potential investors. This is not a book loaded with charts, spreadsheets and algorithms but rather a straightforward anecdotal piece with something for everyone. Whether you're a neophyte who wants to learn the basics, an investment guru who'd like to pick up some gossip -- or more importantly -- someone who is considering investing their savings with a money manager, this is a worthwhile read.</p> <p>There are numerous comedy analogies throughout the book, and I found this one particularly amusing: "Mutual funds are Rodney Dangerfield, while hedge funds are Jon Stewart."</p> <p>I'm not sure how accurate that is, but it kept me reading from cover to cover.</p> <p>URL: http://www.huffingtonpost.com/rob-taub/book-review-the-little-bo_b_1443135.html"</p> <p><b>—The Huffington Post </b><b>By Rob Taub</b> <b>Apr. 23, 2012</b></p>
An accessible overview of hedge funds, from their historical origin, to their perceived effect on the global economy, to why individual investors should understand how they work, The Little Book of Hedge Funds is essential reading for anyone seeking the tools and information needed to invest in this lucrative yet mysterious world. Authored by wealth management expert Anthony Scaramucci, and providing a comprehensive overview of this shadowy corner of high finance, the book is written in a straightforward and entertaining style. Packed with introspective commentary, highly applicable advice, and engaging anecdotes, this Little Book:
- Explains why the future of hedge funds lies in their ability to provide greater transparency and access in order to attract investors currently put off because they do not understand how they work
- Shows that hedge funds have grown in both size and importance in the investment community and why individual investors need to be aware of their activities
- Demystifies hedge fund myths, by analyzing the infamous 2 and 20 performance fee and addressing claims that there is an increased risk in investing in hedge funds
- Explores a variety of financial instruments—including leverage, short selling and hedging—that hedge funds use to reduce risk, enhance returns, and minimize correlation with equity and bond markets
Written to provide novice investors, experienced financiers, and financial institutions with the tools and information needed to invest in hedge funds, this book is a must read for anyone with outstanding questions about this key part of the twenty-first century economy.
Foreword xi
Introduction: Anatomy of a Hedge Fund: The Password Is xv
Chapter One What Is a Hedge Fund? The Traditional Long-Only Portfolio versus the Alternative Hedge Fund Portfolio 1
Chapter Two The Parlor Cars of the Gravy Train: The Long and the Short of It 29
Chapter Three Accessing the Inaccessible: From the Elite to Main Street 51
Chapter Four Heads We Win; Tails You Lose: Eating Your Own Cooking while Enduring Symmetrical Glories and Punishments 67
Chapter Five The Alpha Game: In Search of El Dorado 81
Chapter Six Ironing Out Inefficiencies: Exploiting the Efficient Market Theory 97
Chapter Seven A Balancing Act: Outperforming the Market while Taking Less Risk 117
Chapter Eight If You Can’t Beat ’Em, Join ’Em: Hedge Fund Manager Selection and Due Diligence 143
Chapter Nine The Men Behind the Curtains: Fund of Hedge Funds 169
Chapter Ten From Wall Street to Park Avenue: Setting Up Shop at the Hedge Fund Hotel 193
Conclusion: The Shape of Things to Come 215
Appendix: Due Diligence Questionnaire 223
Notes 229
Acknowledgments 233
Praise For The Little Book of Hedge Funds
"Anthony Scaramucci appears to do the unthinkable—invite people into the historically mysterious, inaccessible, and complicated world of hedge funds.Full of great insights, laugh-out-loud anecdotes, and firsthand accounts from hedge funds legends, Scaramucci gives us a jargon-free, clearly written, and easy-to-understand comprehensive guide into the industry."
—Gary Kaminsky, Capital Markets Editor, CNBC
"Don't let the title of the book fool you. Anthony Scaramucci has packed his latest book with everything you could possibly need to know about the secretive and often misunderstood hedge fund industry. From his extensive experience at Goldman Sachs, to his perch atop SkyBridge Capital, Anthony provides the reader with insight that up until now has been the domain of a privileged few. In succinct and plain English, Scaramucci explains the history of the hedge fund industry and its effect on the global markets. Anthony takes all the 'Wall Street jargon' and defines it in a fashion that won't make your eyes glaze over. If you have ever wondered what goes on behind the doors of some of the biggest hedge funds the world has ever known, this book is for you!"
—Guy Adami, Managing Director, optionMONSTER,original member of CNBC's Fast Money
Hedge funds. Everyone's talking about them, but what are theyreallyand why should they matter to you? Presenting an accessible overview of these often discussed but rarely understood investment opportunities, The Little Book of Hedge Funds covers everything from their origins to their perceived effect on the global economy, and most important, why it's worth your while to understand how they work.
Essential reading for anyone looking to invest in this lucrative yet mysterious world, this book provides the tools and information guaranteed to illuminate the ways in which hedge funds have grown in both size and importance in the investment community. And why their future lies in their ability to provide greater transparency to those investors currently staying away because they don't understand how they work.
Written in a straightforward but entertaining style that makes getting a grip on the subject matter a breeze, this book examines hedge funds from all angles. Exploring everything from the financial techniquesincluding leverage, short selling, and hedgingthat hedge fund managers use to reduce risk, enhance returns, and minimize correlation with equity and bond markets to the myriad investing strategies (including their strengths and weaknesses) that they employ, this book has you covered. And most important, it lays to rest the prevailing misconception that investing in hedge funds is somehow riskier than putting your money into other asset classes.
Filled with insightful commentary, actionable advice, and engaging anecdotes, The Little Book of Hedge Funds provides novice investors, experienced financiers, and financial institutions with the must-have tools and information needed to conquer the investment vehicle that everyone is talking about.
Produktdetaljer
Biografisk notat
Anthony Scaramucci is the Founder and Managing Partner of SkyBridge Capital, a global alternative investment and advisory firm. The firm has $5.8 billion in assets under management or advisement as of January 31, 2012. He was the cofounder of Oscar Capital Management, which was sold to Neuberger Berman, LLC in 2001 after building a managed account business and four hedge funds having in aggregate more than $800 million of assets. Upon Neuberger Berman's sale to Lehman Brothers in 2003, he served as a Managing Director in their Investment Management Division. From 1989 to 1996, Mr. Scaramucci worked at Goldman Sachs & Co., where he was appointed a Vice President in Private Wealth Management in 1993.
Mr. Scaramucci is a recipient of the Ernst & Young Entrepreneur Of The Year 2011 New York Award in the Financial Services category and a board member of Warrior Gateway, The Lymphoma Foundation, and The Brain Tumor Foundation. He is also on the Board of Overseers for the School of Arts and Sciences at Tufts University and a member of the NYC Financial Services Advisory Committee and BENS (Business Executives for National Security). Mr. Scaramucci is the author of Goodbye Gordon Gekko: How to Find Your Fortune Without Losing Your Soul and a regular CNBC contributor.