Managing Hedge Fund Managers: Quantitative and Qualitative Performance Measures (Wiley Finance)

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Product Description

Invaluable insight into measuring the performance of today's hedge fund manager

More and more institutional funds and high-net-worth assets are finding their way to hedge funds. This book provides the quantitative and qualitative measures and analysis that investment managers, investment advisors, and fund of fund managers need to allocate and monitor their client's assets properly. It addresses important topics such as Modern Portfolio Theory (MPT) and Post Modern Portfolio Theory (PMPT), choosing managers, watching performance, and researching alternate asset classes. Author Edward Stavetski also includes an appendix showing detailed case studies of hedge funds, and gives readers a road map to monitor their investments.

Edward J. Stavetski (Wayne, PA) is Director of Investment Oversight for Wilmington Family Office, serving ultra high-net-worth families in strategic asset allocation, traditional and alternative investment manager selection, and oversight.

Managing Hedge Fund Managers: Quantitative and Qualitative Performance Measures (Wiley Finance) Review

Maybe it's a pity that Stavetski didn't come out with this book a year or two ago, when the market was much higher. The advice proferred is quite good. Many tips are given on how to assess a hedge fund. You get to understand how to compare the fund's historical performance against that of other funds and asset classes. The most important aspect is how to distinguish the fund's alpha and beta. You are only paying [or rather probably overpaying] for alpha. So if you find that your fund is turning into a closet beta tracker, it's time to dump it, since index funds are much cheaper for the same objective of following beta.

The book just came out this year, 2009. Now there are inevitable lags in publishing, between when the author makes the last changes to the text and when the book rolls off the printing press. In this case, the delay seems to have been a year. For example, Table 5.3 about the Case-Shiller home price index has the last entry being Q1 2008, a full year ago.

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