Product Description

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

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

Although hedge fund managers have earned some great fortunes, investors as a group have done quite poorly, particularly in recent years. Plagued by high fees, complex legal structures, poor disclosure, and return chasing, investors confront surprisingly meager results. Drawing on an insider's view of industry growth during the 1990s, a time when hedge fund investors did well in part because there were relatively few of them, The Hedge Fund Mirage chronicles the early days of hedge fund investing before institutions got into the game and goes on to describe the seeding business, a specialized area in which investors provide venture capital-type funding to promising but undiscovered hedge funds. Today's investors need to do better, and this book highlights the many subtle and not-so-subtle ways that the returns and risks are biased in favor of the hedge fund manager, and how investors and allocators can redress the imbalance.

The surprising frequency of fraud, highlighted with several examples that the author was able to avoid through solid due diligence, industry contacts, and some luck

Why new and emerging hedge fund managers are where generally better returns are to be found, because most capital invested is steered towards apparently safer but less profitable large, established funds rather than smaller managers that evoke the more profitable 1990s

Hedge fund investors have had it hard in recent years, but The Hedge Fund Mirage is here to change that, by turning the tables on conventional wisdom and putting the hedge fund investor back on top.

西濛•拉剋（Simon Lack）

在摩根大通（JP Morgan）工作瞭23年，為摩根大通投資委員會的成員，嚮對衝基金經理分配瞭超過10億美元的資金，並創建瞭摩根大通培育基金，該基金作為私募股權投資工具，專門投資新的對衝基金的股權。

拉剋大部分時間都在北美的利率衍生産品和外匯遠期交易部門工作，期間經曆瞭數次銀行間的兼並和多個經濟周期的起伏，並成功管理瞭該項業務。

於2009年自摩根大通退休，現經營SL Advisors投資顧問公司，為他自己和客戶進行策略性投資。