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those of pension funds and endowments. This chapter describes the most
important groups of hedge fund investors.
Chapter 4--Hedge Fund Investment Techniques
Certain investment techniques have been developed in broker-dealers or
private equity funds and fit well into hedge funds. This chapter describes
investment techniques outside the domain of the traditional portfolio man-
ager.
Chapter 5--Hedge Fund Business Models
Hedge funds and hedge fund managers are organized as corporations,
partnerships, and limited liability corporations to get maximum tax advan-
tages and limited liability for investors. Offshore funds combine several
structures to comply with U.S. and offshore regulations.
Chapter 6--Hedge Fund Leverage
This chapter describes the many techniques used by hedge funds that allow
a hedge fund to carry positions larger than the hedge fund capital. The
chapter also describes how hedge funds can create short positions to imple-
ment trading strategies and control risk.
Chapter 7--Performance Measurement
Hedge fund investors closely monitor hedge fund performance. Investors
have developed a collection of tools to measure performance and risk.
Hedge funds share some of these tools with traditional asset managers, but
they also have methods designed for leveraged portfolios.
Chapter 8--Hedge Fund Legislation and Regulation and Regulation
Anyone who thinks a hedge fund is not affected by rules and regulations
hasn't read a risk disclosure document. Although most securities laws con-
tain exemptions that allow hedge funds to escape some of the burdens of
regulation, the exemptions create complications as well.
Chapter 9--Accounting
This chapter describes the accounting requirements unique to hedge funds.
Hedge funds pose all the challenges typical of portfolio accounting. Hedge
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