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Synopsis

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

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

Although hedge fund managers have earned some great fortunes,investors as a group have done quite poorly, particularly in recentyears. Plagued by high fees, complex legal structures, poordisclosure, and return chasing, investors confront surprisinglymeager results. Drawing on an insider's view of industry growthduring the 1990s, a time when hedge fund investors did well in partbecause there were relatively few of them, The Hedge FundMirage chronicles the early days of hedge fund investing beforeinstitutions got into the game and goes on to describe the seedingbusiness, a specialized area in which investors provide venturecapital-type funding to promising but undiscovered hedge funds.Today's investors need to do better, and this book highlights themany subtle and not-so-subtle ways that the returns and risks arebiased in favor of the hedge fund manager, and how investors andallocators can redress the imbalance.

  • The surprising frequency of fraud, highlighted with severalexamples that the author was able to avoid through solid duediligence, industry contacts, and some luck
  • Why new and emerging hedge fund managers are where generallybetter returns are to be found, because most capital invested issteered towards apparently safer but less profitable large,established funds rather than smaller managers that evoke the moreprofitable 1990s

Hedge fund investors have had it hard in recent years, butThe Hedge Fund Mirage is here to change that, by turning thetables on conventional wisdom and putting the hedge fund investorback on top.

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