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E-book
AARP Getting Started in Hedge Funds: From Launching a Hedge Fund to New Regulation, the Use of Leverage, and Top Manager Profiles, 3rd EditionISBN: 978-1-118-24172-1
E-book
185 pages
December 2011
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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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