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Synopsis

In Asymmetric Returns, financial expert Alexander Ineichenelevates the critical discussion about alpha versus beta andabsolute returns versus relative returns. He argues thatcontrolling downside volatility is a key element in assetmanagement if sustainable positive compounding of capital andfinancial survival are major objectives. Achieving sustainablepositive absolute returns are the result of taking and managingrisk wisely, that is, an active risk management process where riskis defined in absolute terms and changes in the market place areaccounted for. The result of an active risk management process-whensuccessful-is an asymmetric return profile, that is, more andhigher returns on the upside and fewer and lower returns on thedownside. Ineichen claims that achieving Asymmetric Returnsis the future of active asset management.

Alexander M. Ineichen, CFA, CAIA, is Managing Director andSenior Investment Officer for the Alternative Investment Solutionsteam, a key provider within Alternative and QuantitativeInvestments, itself a business within UBS Global Asset Management.He is also on the Board of Directors of the Chartered AlternativeInvestment Analyst Association (CAIAA). Ineichen is the author ofthe two UBS research publications In Search ofAlpha—Investing in Hedge Funds (October 2000) and TheSearch for Alpha Continues—Do Fund of Hedge Funds AddValue? (September 2001). As of 2006 these two reports were themost often printed research papers in the documented history ofUBS. He is also author of the widely popular AbsoluteReturns—The Risk and Opportunities of Hedge FundInvesting, also published by John Wiley & Sons.

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