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of the hedge fund management business. The course book format is written
at a more technical level than most books. Although no specific prior
knowledge of statistics, accounting, or finance is required, the reader will
find that a background in these fields will be helpful.
This book is written for students in a classroom or students in their
own self-study program. It could be the basis for a class in a graduate busi-
ness school or the curriculum of training programs created for new em-
ployees in banks and brokerage firms. This book is also perfect for
someone who works for a hedge fund or hopes to get a job with a hedge
fund and needs to learn the essential facts about this important industry.
Finally, lawyers and accountants who serve the hedge fund industry can
learn about the business of their hedge fund customers.
The course book format is designed to let readers quickly learn as
much or as little as they require. Readers can read chapters in any order
and may skip chapters or parts of chapters. Short chapters describe the es-
sential facts on a particular topic. Questions follow each chapter, and an-
swers are at the back of the book. The questions are not designed to test
the reader's understanding of the reading. Instead, the questions and an-
swers delve more deeply into the topics reviewed in the text. The question
sections contain most of the quantitative material of the book, so readers
comfortable with the mathematics should be careful not to skip this valu-
able bonus material.
TOPICS INCLUDED
Chapter 1--Introduction
The first chapter provides a primer on the hedge fund industry. It explains
how a hedge fund differs from other investment products, the growth of
the industry, and basic vocabulary and operation of hedge funds.
Chapter 2--Types of Hedge Funds
Most of the thousands of hedge funds resemble one of a handful of strate-
gies. This chapter describes the most popular strategies that comprise most
of the hedge fund assets under management.
Chapter 3--Types of Hedge Fund Investors
Although individuals began investing in hedge funds before most types of
institutional investors, today nearly all types of investors invest in hedge
funds. The needs and wants of individual investors differ greatly from
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