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One of the fastest growing investment sectors ever seen, hedge funds are considered by many to be exotic and inaccessible. This book provides an intensive learning experience, defining hedge funds, explaining hedge fund strategies while offering both qualitative and quantitative tools that investors need to access these types of funds. Topics not usually covered in discussions of hedge funds are included, such as a theoretical discussion of each hedge fund strategy followed by trading examples provided by successful hedge fund managers.

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Most of the recommendations expressed by brokers on shares go from buy to add to hold, and only a few analysts are willing to express a sell, reduce or underperform guidance on a stock. Analysts are constrained by corporate finance relationships or by the need to protect their business relationships with corporate management. This is why brokerage firms tend to be rather biased towards optimism.

According to James Chanos......short selling is very difficult because every day CEOs and investor relators repeat that short sellers were wrong. The barrage directed at short sellers by all those who have a vested interest in shorted companies is an obstacle to theri work.

......a company's growth relies on the sustainability of its current Return On Equity (ROE), which in turn depends on the profitablity generated by reinvested liquidity. If the cash flow reinvested in the company has a return on investment (ROI) greater than its ROE, the company's profitability appears sustainable and growing; otherwise it means that a worsening of the company's profit structure is looming ahead.

......if a manager invests in a similar stock, he gets caught in the so-called value trap. A manager may run the risk of falling in love with investment stories surrounding the positions he has constructed, and may thus make major valuation mistakes. A manager's talent also rests in his humbleness and ability to recognize mistakes promptly.

The strong investments carried out by We...

Generally, the price offered for the shares includes a premium on the market price of the shares before the offer. Following the announcement, the price of the shares of the target company should rise naturally, but it does not immediately reach the price offered by the acquiring company. The percentage difference between the initial price of the offer and the closing share price of the target company the day after the announcement of the acquisition is callled merger arbitrage spread. This spread varies as a function of the risk the deal may fail.

To keep a position delta neutral, when the stock price goes up, also driving up the delta, the fund manager must sell short more shares, whereas when the share price goes down, also pulling down the delta, the fund manager must partly cover his short sales.

Delta hedging can also be interpreted from the point of view of the value of the option embedded in the convertible: if the share price goes up, the embedded option approaches the exercise price, the convertible becomes more sensitive to stock fluctuations and the fund manager must sell short more shares; however, if the share price goes down, the embedded option sheds value and fund manager must buy back shares.

A delta neutral position is long on volatility: it's as if you bought the volatility of the underlying stock. This is what we...

With CDOs, investors can participate in the profitability of the underlying financial assets at varying degrees of risk. For example, let's consider a pool of corporate loans collateralizing a CDO. Despite the time of economic recession, within the corporate loan pool a given percentage of companies will avoid financial problems and will pay down debts. Therefore, a given percentage of the corporate loan pool can be considered at very low risk, and can be assigned an AAA rating. In more favorable economic times for credit, a larger percentage of corporate loans collateralizing the CDO will be paid down. Hence, a given percentage of the corporate loan pool can be considered as having an A rating and so on, down to the risker tranches that have no rating.

......objective is to generate absol...

The agencies issue bonds using the proceeds to purchaee mortgages that banks had previously extended to property owners. Thus commercial banks can secrutize mortgages and sell them to these agencies; once the loan have been sold out, banks have cleaned out their accounts to make room to new mortgages extended to people wiling to buy a home directly.

The agencies pool in a trust the mortgages backed by newly purchased property and issue securities that represent a direct ownership in the trust. Interest payment takes place through the comercial banks that had extended the mortgages to get directly to the trust holders.

The agencies profit from the diffrent return between the mortgages they buy and the bonds they issue and sell to investors. One may wonder about the purpose of all this sop...

书籍介绍

在线阅读本书

One of the fastest growing investment sectors ever seen, hedge funds are considered by many to be exotic and inaccessible. This book provides an intensive learning experience, defining hedge funds, explaining hedge fund strategies while offering both qualitative and quantitative tools that investors need to access these types of funds. Topics not usually covered in discussions of hedge funds are included, such as a theoretical discussion of each hedge fund strategy followed by trading examples provided by successful hedge fund managers.