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The Hedge Fund Mirage

Lack, Simon

67 ratings by Goodreads
ISBN 10: 1118164318 / ISBN 13: 9781118164310
Published by John Wiley & Sons Inc
New Condition: New Hardcover
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2012. 1st Edition. Hardcover. The dismal truth about hedge funds and how investors can get a greater share of the profits Shocking but true: if all the money that's ever been invested in hedge funds had been in treasury bills, the results would have been twice as good. Num Pages: 208 pages, Illustrations. BIC Classification: KFFM. Category: (P) Professional & Vocational. Dimension: 236 x 167 x 20. Weight in Grams: 384. . . . . . Books ship from the US and Ireland. Bookseller Inventory # V9781118164310

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Title: The Hedge Fund Mirage

Publisher: John Wiley & Sons Inc

Binding: Hardcover

Book Condition:New

About this title


The dismal truth about hedge funds and how investors can get a greater share of the profits

Shocking but true: if all the money that's ever been invested in hedge funds had been in treasury bills, the results would have been twice as good.

Although hedge fund managers have earned some great fortunes, investors as a group have done quite poorly, particularly in recent years. Plagued by high fees, complex legal structures, poor disclosure, and return chasing, investors confront surprisingly meager results. Drawing on an insider's view of industry growth during the 1990s, a time when hedge fund investors did well in part because there were relatively few of them, The Hedge Fund Mirage chronicles the early days of hedge fund investing before institutions got into the game and goes on to describe the seeding business, a specialized area in which investors provide venture capital-type funding to promising but undiscovered hedge funds. Today's investors need to do better, and this book highlights the many subtle and not-so-subtle ways that the returns and risks are biased in favor of the hedge fund manager, and how investors and allocators can redress the imbalance.

  • The surprising frequency of fraud, highlighted with several examples that the author was able to avoid through solid due diligence, industry contacts, and some luck
  • Why new and emerging hedge fund managers are where generally better returns are to be found, because most capital invested is steered towards apparently safer but less profitable large, established funds rather than smaller managers that evoke the more profitable 1990s

Hedge fund investors have had it hard in recent years, but The Hedge Fund Mirage is here to change that, by turning the tables on conventional wisdom and putting the hedge fund investor back on top.

From the Back Cover:


"We all know of hedge funds that vaulted to the sky, only to crash to earth. Simon Lack demonstrates, astonishingly, that the industry itself has repeated that dismal story of early promise, followed by an infusion of funds, followed by a numbing reversion to the mean. The upshot: for the average investor in the average fund, hedge funds have proved a false hope. And Lack has the numbers to prove it. Written by a canny industry insider, The Hedge Fund Mirage takes a fresh look at an industry that is too often viewed in reverent and adoring terms. Not least, Lack draws attention to the fact that the average hedge fund manager—in terms of their sky-high fees—has done far better than the average investor. This book will give investors the tools to evaluate whether their own fund is up to the mark."
Roger Lowenstein, author, When Genius Failed

"The Hedge Fund Mirage is required reading for hedge fund investors. Mr. Lack's wealth of experience combined with his deep commitment to candid, even-handed dialogue provides a truly unique and important perspective on the hedge fund industry. In a world where published hedge fund research typically relies on unreliable, difficult to validate data, or second-hand accounts culled from public media, Mr. Lack has created a highly entertaining book with firsthand, insightful analysis that will serve to rapidly move the reader up the learning curve."
Andrew Weisman, Chief Executive Officer, WR Platform Advisors LP

"Simon Lack makes a critically important distinction between time-weighted returns and dollar-weighted returns generally, and specifically how they can differ significantly in the hedge fund space. Based on his extensive experience, the book is a treasure of subtle—as well as not-so-subtle—cautions, considerations, and advice which every hedge fund investor should comprehend."
Michael Hennessy, cofounder, Morgan Creek Capital Management

"Controversial and enlightening, Simon Lack delivers the real deal on alternative asset investing. Caveat emptor to those who fail to read this, whether you're a hedge fund manager, private investor, or journalist."
Lesley Daniels Webster, Principal, Daniels Webster Capital Advisors, retired EVP, JPMorgan Chase

"Simon's wisdom, humor, and authoritative analysis jump boldly off of every page. Anyone who has ever invested in a hedge fund or is thinking about it should read this book."
John Trammell, hedge fund investor, CEO, Cadogan Management

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