Investment Strategies of Hedge Funds

ISBN-10: 0470026278
ISBN-13: 9780470026274
Edition: 2006
List price: $130.00 Buy it from $33.99
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Description: Since the first hedge fund was launched in 1949 by Alfred Winslow Jones, the industry has grown impressively. In 2005 it reached the record size of 1.3 trillion dollars and 8000 hedge funds. Responsible for a big slice of the daily trading volumes  More...

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Book details

List price: $130.00
Copyright year: 2006
Publisher: John Wiley & Sons, Incorporated
Publication date: 8/21/2006
Binding: Hardcover
Pages: 336
Size: 7.00" wide x 9.75" long x 0.75" tall
Weight: 1.738
Language: English

Since the first hedge fund was launched in 1949 by Alfred Winslow Jones, the industry has grown impressively. In 2005 it reached the record size of 1.3 trillion dollars and 8000 hedge funds. Responsible for a big slice of the daily trading volumes of financial markets, hedge funds are among the top clients for brokers, given the level of trading fees they generate. The hedge fund world is a very heterogeneous one: there are hedge funds that encompass only a few people and those with trading floors bigger than soccer fields. The hedge fund world seems to be the place where the ability to generate positive uncorrelated returns resides, even though performances are not publicly disclosed. And still, this remarkable phenomenon is surrounded by an aura of mystery. Using real-life examples and case studies, this book provides an intensive learning experience, and helps readers understand the investment strategies of hedge funds showing them how they can invest to make money in an uncorrelated way with financial markets.

Foreword
Preface
Acknowledgements
About the Author
A Few Initial Remarks
What is a hedge fund?
History of hedge funds
Proprietary trading
The growth of the hedge fund industry
Main characteristics of the current industry
Capacity
Commissions
Industry performance overview
The hedge fund manager
Alpha and beta
Investment strategies
Explorers and frontiers
SEC's vigilance
Considerations on performance sustainability
Capacity and performance sustainability
Ability or chance?
The importance of avoiding losses
Decreasing returns with longer investment horizons
Business case: A hedge fund start-up
Arbitrage
The transaction costs barrier
ADR arbitrage
Arbitrage between off-the-run and on-the-run thirty-year Treasury Bonds
Short Selling
A brief history of short selling
What is short selling?
A simplified example of short selling on US markets
Who lends securities for short selling?
Regulations governing short selling
The risks of short selling
Short interest and short interest ratio
Wall Street's alter ego
Stock picking in short selling
The art of contrary thinking
Measuring the strategy's historical performance
Conclusions
Long/Short Equity
History of the first hedge fund
Market exposure
Management styles
Specialized long/short equity funds
Share class arbitrage
Pairs trading
Covered call and covered put options sale
Strategy's historical performance analysis
Equity market neutral
Merger Arbitrage
A brief history of M&A
Strategy description
Risk associated with the outcome of an extraordinary corporate event
Types of mergers and acquisitions
Risk management
Strategy's historical performance analysis
Conclusions
Convertible Bond Arbitrage
Why issue a convertible bond?
A brief history of convertible bonds
The convertible bond market
Definitions
Quantitative models to value convertible bonds
Implied volatility and historical volatility
Convertible bond arbitrage
Mandatory convertibles
Strategy's historical performance analysis
Risk control
Conclusions
Fixed Income Arbitrage
Issuance driven arbitrage or snap trade
Yield curve arbitrage
Intermarket spread trading
Futures basis trading or basis trading
Swap spread trading
Capital structure arbitrage
Long/short credit or credit pair trading
Carry trade
Break-even inflation trades
Cross-currency relative value trade
Treasuries over eurodollars (TED) spread or international credit spread
Leveraged loans
Strategy's historical performance analysis
Conclusions
Strategies on CDOs
A brief history of CDOs
Hedge fund investment strategies
Conclusions
Mortgage-Backed Securities Arbitrage
A brief history of mortgage-backed securities
Originators of mortgage-backed securities
The industry

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