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Handbook of Alternative Assets, 2nd Edition

Handbook of Alternative Assets, 2nd Edition

Mark J. P. Anson

ISBN: 978-0-471-98020-9 September 2006 720 Pages


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Since the first edition of the Handbook of Alternative Assets was published, significant events-from the popping of the technology bubble and massive accounting scandals to recessions and bear markets-have shifted the financial landscape. These changes have provided author Mark J. P. Anson with an excellent opportunity to examine alternative assets during a different part of the economic cycle than previously observed in the first edition.

Fully revised and updated to reflect today's financial realities, the Handbook of Alternative Assets, Second Edition covers the five major classes of alternative assets-hedge funds, commodity and managed futures, private equity, credit derivatives, and corporate governance-and outlines the strategies you can use to efficiently incorporate these assets into any portfolio. Throughout the book, new chapters have been added, different data sources accessed, and new conclusions reached.

Designed as both an introduction to the world of alternative assets and as a reference for the active investor, the Handbook of Alternative Assets, Second Edition will help you match alternative assets with your various investment goals.

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Preface ix

About the Author xi

PART ONE Overview of Alternative Assets 1

CHAPTER 1 What Is an Alternative Asset Class? 3

CHAPTER 2 Why Alternative Assets Are Important: Beta Drivers and Alpha Drivers 15

PART TWO Hedge Funds 29

CHAPTER 3 Introduction to Hedge Funds 31

CHAPTER 4 Establishing a Hedge Fund Investment Program 71

CHAPTER 5 Due Diligence for Hedge Fund Managers 97

CHAPTER 6 Risk Management Part I: Hedge Fund Return Distributions 135

CHAPTER 7 Risk Management Part II: Additional Hedge Fund Risks 169

CHAPTER 8 Regulation of Hedge Funds 203

CHAPTER 9 Hedge Fund Benchmarks and Asset Allocation 229

CHAPTER 10 Hedge Fund Incentive Fees and the “Free Option” 251

CHAPTER 11 Top Ten Hedge Fund Quotes 265

PART THREE Commodities and Managed Futures 275

CHAPTER 12 Introduction to Commodities 277

CHAPTER 13 Investing in Commodity Futures 305

CHAPTER 14 Commodity Futures in a Portfolio Context 333

CHAPTER 15 Managed Futures 353

PART FOUR Private Equity 377

CHAPTER 16 Introduction to Venture Capital 379

CHAPTER 17 Introduction to Leveraged Buyouts 419

CHAPTER 18 Debt as Private Equity Part I: Mezzanine Debt 455

CHAPTER 19 Debt as Private Equity Part II: Distressed Debt 477

CHAPTER 20 The Economics of Private Equity 501

CHAPTER 21 Performance Measurement for Private Equity 523

CHAPTER 22 Trends in Private Equity 553

PART FIVE Credit Derivatives 577

CHAPTER 23 Introduction to Credit Derivatives 579

CHAPTER 24 Collateralized Debt Obligations 609

CHAPTER 25 Collateralized Fund Obligations: Intersection of Credit Derivative Market and Hedge Fund World 653

PART SIX Corporate Governance 667

CHAPTER 26 Corporate Governance as an Alternative Investment Strategy 669

Index 695