Absolute Returns: The Risk and Opportunities of Hedge Fund Investing
Author: Alexander M. Ineichen, Alexander Ineichen
List Price: $69.95
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ISBN: 0471251208
Publisher: John Wiley & Sons (18 October, 2002)
Sales Rank: 6,958
Average Customer Rating: 4.83 out of 5
Customer Reviews
Rating: 5 out of 5
A Lesson from the Titanic
The iceberg on the cover represents total risk-partly visible and partly not. Ineichen's point is that hedge fund or absolute return managers tackle total risk while their traditional mutual fund counterparts worry about only one part of it, namely the risk of straying from their benchmark. His extensive discussion contains worthy lessons for all investors who want to understand risk. While not every chapter may be useful for every reader, this book is an excellent place to learn about alternative investment strategies.
Rating: 4 out of 5
Who is the Audience?
This book has many fine features but has two serious drawbacks as well. On the positive side, I have never read a more complete polemic in favor of the hedge fund industry. He shreds EMF with loads of good evidence and humorous anecdotes. However, there seems to be a constant drive to reinforce this point. Unfortunately, it takes away from a more thorough analysis of the types of hedge fund investing.
Another problem with the book is that it has trouble discovering its audience. At times, we get detailed descriptions of what alpha and beta represent (Finance 101) and at other times, abstruse PM concepts are brushed over as common knowledge.
I would definitely recommend this book but I recommend that the reader is accompanied by a Dictionary of Finance and Investing.
Rating: 5 out of 5
Essential Hedge Fund Guide
This is an excellent introduction for potential investors to assess risk and reward. For more on new hedge fund products, hedge fund leverage, and off-balance sheet risk, I also highly recommend Tavakoli's "Credit Derivatives" 2nd Edition.
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Book Index