By Alexander M. Ineichen
A realistic advisor to thoughts of hedge fund investing.
Hedge fund specialist Alexander Ineichen outlines ideas that hedge fund managers use to accomplish greater funding functionality, rather in endure markets, while conventional funding ideas don't practice so good, and exhibits readers how hedge money can be further to conventional funding portfolios to accomplish more suitable returns. Nontechnical but subtle, Absolute Returns exhibits traders tips on how to make trained judgements approximately hedge fund investment--thoroughly explaining the dangers in addition to the rewards.
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Extra info for Absolute Returns: The Risk and Opportunities of Hedge Fund Investing
Introducing Absolute Returns 27 language. Terminologies and perceptions can be as different as the strategies. One perception has to do with risk. When a relative return manager speaks of risk he or she normally means active risk. When an absolute return manager speaks of risk he or she usually means total risk, that is, the probability of losing everything and being forced to work for a large organization again. Traditional long-only managers whose benchmark is, for example, the S&P 500 see a “riskless” position as holding all 500 stocks in exact proportion as the index.
1987 1988 1989 16 THE HEDGE FUND INDUSTRY advertising, and instead relied on word-of-mouth references to grow their assets. ) The majority of funds were organized as limited partnerships, allowing only 99 investors. The hedge fund managers, therefore, required high minimum investments. European investors were quick to see the advantages of this new breed of managers, which fueled the development of the more tax-efﬁcient offshore funds. 21 The article, by Julie Rohrer, reported that Robertson’s Tiger Fund had been compounding at 43 percent during its ﬁrst six years, net of expenses and incentive fees.
Absolute return managers do not care if the probability of equities underperforming bonds over a 25-year period is low. 2 Different Approaches to Creating Value Alternative Strategies Long-Only Buy-and-Hold MSCI World $100 125 109 91 Dec. 1998 Dec. 1999 Dec. 2000 Dec. 2001 S&P 500 $100 121 110 97 Nasdaq Composite $100 186 113 89 Nikkei 225 $100 137 100 76 Equity MarketNeutral $100 107 123 131 Return 1999 Return 2000–2001 25% –27 21% –20 86% –52 37% –44 Dec. 2001 vs. peak –28 –23 –58 –73 0 39 30 141 269 0 a Breakeven return a Return required to break even from previous peak.