The Economist Guide to Hedge Funds - Hardcover

Coggan, Philip

Hardcover

ISBN 10: 1846683823 ISBN 13: 9781846683824

Publisher: Economist Books, 2010

Synopsis

In 1990 hedge funds managed some $39 billion of assets and were almost unknown. By 2008 that figure had grown to almost $2 trillion and hedge funds were being blamed by some for contributing to the credit crunch and demonised by others for their greed. The rise of the industry has created a new bunch of billionaires, who have made themselves rich by managing other people's money. Jim Simons, a mathematician who in a previous generation might have had to make do on an academic's salary, earned a remarkable $2.5 billion in 2008 alone; the top 10 managers that year were paid almost $10 billion between them, with the top three earning over $1 billion each. Nowadays most people have heard the term 'hedge fund' but few are clear about what exactly a hedge fund is or what it does. This guide aims to put them in the picture with the clarity and lively prose that The Economist is famous for. It provides a succinct survey of the industry for all those who think they should know about hedge funds, but do not. It is aimed at all those who might want or have to deal with a hedge fund: private investors, trustees of a pension fund, directors of a listed company, lawyers and accountants who may be interested in working in the industry. It is also aimed at those who happily criticise hedge funds without really knowing what they do.

About this title

Review:

It really is what it says - a quick and easy jargon-free guide to what they are, who they are, what they do and the arguments about whether or not what they do should worry us. If you...want to know more about the organisations that apparently account for about half the trading in the stock market, this is the book for you. (Evening Standard)

...excellent short guide...Coggan has the measure of the debate better than anyone I have read. (Fund Strategy Magazine)

From the Back Cover:

Hedge fund managers are the new "masters of the universe." The best earn more than $1 billion a year and are so sought after that they can afford to turn investor money away. The funds they run have, to some extent, established an alternative financial system, replacing banks as lenders to risky companies, acting as providers of liquidity to markets and insurers of last resort for risks such as hurricanes, and replacing pension funds and mutual funds as the most significant investors in many companies—even in some cases buying companies outright. The revised and updated second edition of this lively guide sheds much needed light on the world of hedge funds by explaining what they are, what they do, who the main players are, the regulations affecting them, the arguments as to whether they are a force for good or bad, and what the future holds for them.

"More people have a view about hedge funds than know about them. Philip Coggan bridges the knowledge gap in this clearly written guide. Every chapter is a goldmine of information and analysis, making it easy to learn about hedge funds. No investor, no investment adviser, no trustee, no dinner–table conversationalist should express opinions on the sector until they have read this book."
—Elroy Dimson, BGI Professor of Investment Management, London Business School

"While much has been written about hedge fund strategies and their (occasionally spectacular) failures, we have not yet seen a general primer to help the investor understand the world of hedge funds. Philip Coggan presents us with exactly that—a well–written, succinct summary of a world we all need to understand better."
—Rob Arnott, Chairman of Research Affiliates and Editor Emeritus of the Financial Analysts Journal

About this edition

• Publisher: Economist Books
• Publication date: 2010
• ISBN 10: 1846683823
• ISBN 13: 9781846683824
• Binding: Hardcover
• Edition number: 2
• Number of pages: 160