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Hedge Fund Investing: A Practical Approach to Understanding Investor Motivation, Manager Profits, and Fund Performance, 2nd Edition


Praise for Hedge Fund Investing, Second Edition

“The two main sections [of Hedge Fund Investing], one describing different fund styles and the other discussing how to evaluate a fund before investing, should be essential reading for anyone who wants to invest in, work at or sell hedge funds.”
--Mark Henricks, Institutional Investor, 06/05/2016

"I had the privilege to work with Kevin when he was the Chief Operating Officer at Larch Lane Advisors, a leading hedge fund seeding firm and investor in new funds. Kevin has a great ability to explain the inner workings of hedge funds from both an operational and investment perspective."
--Peter Brady, Director of Sales and Client Service, Lyxor Asset Management, Inc.

"With a timely update to what is becoming a standard in the field, Professor Mirabile again manages to condense his unequaled practical and academic knowledge into a concise, well-organized hornbook accessible to students and investment practitioners alike. Mirabile's work??is the place to start for those looking to understand, work, or invest in private funds."
--John P. Drohan, President, ACI Financial Markets Association

"As a hedge fund manager I look for all of my employees to have the knowledge of the industry that Hedge Fund Investing provides. It is an ideal starting point for anyone who expects to work at or invest with a hedge fund. Kevin Mirabile's knowledge of hedge funds is unusually valuable because he has worked in all aspects of the business--financing, trading, portfolio management, and manager selection. He has seen hedge funds evolve from a cottage industry to a mainstream component of the asset management complex. Kevin is an ideal person to learn the business from."
--Kevin Coldiron, Co-Founder, Algert Coldiron Investors, LLC

"Mirabile's book strikes that rare balance between being informative for practitioners, instructive for educators, and accessible for individual investors. The new version offers worthwhile updates, and readers will find this to be a book they go back to again in the future as a handy refresher.??Worth a spot in any investor's library."
--Jonathan Brolin, Founder and Managing Partner, Edenbrook Capital and Adjunct Professor, Gabelli School of Business, Fordham University

KEVIN R. MIRABILE is a clinical assistant professor of finance and business economics at Fordham University's Gabelli School of Business, where he teaches courses on finance, alternative investing, and hedge funds. During his more than thirty years in financial services, he has held senior executive positions at Larch Lane Advisors, Morgan Stanley, Daiwa Securities, and Barclays Capital. He is a Certified Public Accountant, a member of the Hedge Fund Association's Education Committee, and a member of the Greenwich Roundtable's Founders Council. He also holds a bachelor's degree from S.U.N.Y. Albany, a master's degree in international banking and finance from Boston University, and a doctorate in finance and economics from Pace University.

Preface ix

Acknowledgments xiii

About the Author xv

PART ONE Overview

CHAPTER 1 The Basics of Hedge Fund Investing 3

CHAPTER 2 Hedge Fund Strategies, Performance Measurement, and Risk 21

CHAPTER 3 Who Invests in Hedge Funds and Why? 39

CHAPTER 4 Industry Trends, Flows, and Characteristics 65

PART TWO Understanding the Strategies

CHAPTER 5 Global Macro Investing 87

CHAPTER 6 Equity-Oriented Styles 109

CHAPTER 7 Fixed-Income-Oriented Strategies 143

CHAPTER 8 Multistrategy Funds, Funds of Hedge Funds, and Replication Products 173

CHAPTER 9 Portfolio Financing and Secondary Market Trading 191

PART THREE Evaluating Individual Fund Risk and Reward

CHAPTER 10 Measuring Performance and Performance Persistence 213

CHAPTER 11 Impact of Fund Characteristics and Terms on Performance 233

CHAPTER 12 Performing Due Diligence on Specifi c Managers and Funds 247

CHAPTER 13 Evaluating the Roles of Service Providers 271

CHAPTER 14 Observations and Outlook 299

Glossary 309

References and Additional Reading 319

Index 335