Alternative Assets and Strategic Allocation: Rethinking the Institutional Approach

Acknowledgments.

Introduction.

What Is Alternative about Alternative Investments?

The Plan of This Book.

PART ONE: Analytic Tools.

1 Risk and Return.

2 Return Enhancement.

3 Some Features of the Quantitative Toolkit.

4 Risk Estimation.

PART TWO: Some Examples.

5 Long/Short Equity.

6 Direct Lending.

7 Merger Arbitrage.

8 High-Frequency Trading.

9 Holding Private Assets for Their Cash Flows.

10 Fixed-Income Arbitrage.

11 Event-Driven Investment.

PART THREE: Position Management.

12 Investment Strategies in Practice.

13 Optionality.

14 Trade Capacity.

15 Institutional Liquidity.

16 Tactical Allocation.

17 Portfolio Liquidity.

18 Alternative Investments and Information Theory.

PART FOUR: Portfolio Construction.

19 Classification of Investments.

20 Diversification among Strategies.

21 Multi-Dimensional Risk.

22 Filling Out the Allocation.

23 Time and Tide.

24 Managing the Allocation Decision.

25 Concluding Remarks.

Bibliography.

Index.