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Anyone with any experience in the industry or a simple Econ or Finance first year is unlikely to benefit from it. Perhaps High schoolers would find it entertaining.. very disappointed and not even worth the low price.
Impostazione snella ed autorevoli commenti di professionisti del settore. Può aiutare anche i non addetti ai lavori a comprendere il mondo degli Hedge Funds, al di fuori della retorica spinta alla The Wolf of Wall Street. Certo un Hedge Fund, per quanto istituzionale, rappresenta operazioni sofisticate e tecniche affinate di knowhow particolari. Tende a rassicurare il mercato.
I bought the book because of its high ratings and the Wiley Finance logo on the cover, but got very disappointed by the purchase. Anyone with at least a few years of experience in the industry is unlikely to benefit from it, in my opinion. The contents can be summarized in three short sentences:
1. Invest into operations 2. Marketing strategy is super-important (in some places the book goes as far as to suggest that sales trump performance, which, unfortunately, is often true) 3. As a startup manager, you really need outside and expensive help with raising capital
The first two are very simple common sense ideas, whereas the latter feels like a never-ending advertisement, and a cheap one for that matter. Funnily enough, writing a book is one of the recommended marketing tactics suggested by the book.
No Magazine at a bookstore can give you a better window directly into the Hedge Fund industry’s behind the scenes activities. Sustainability there are interviews with people on the other side of the Hedge Fund tunnel that built successful funds, had successful careers, raised capital, went to industry events, and kept their Hedge Fund compliant.
Look Inside The Hedge Fund Book is a 190-page book with 9 chapters including index and glossary. The interviews contained within the book spotlight some of the highest executives and professional in the hedge fund world. The book goes into many different angles a person might enter the industry in. Covering information for administrations and lawyers to execution traders and investors
Without this training manual, the industry set sail without you
I'm looking at this book as someone outside of finance looking to get in.
Pros: Emphasizes creation of marketing materials. Talks about topics to mention specifically in marketing--very helpful. New insight: Focus on selling process, trust, risk management (especially) and infrastructure rather than returns Author has extra videos online that extend book topics, free discounts on related services. Author is well intentioned. Really liked that he included a standard due diligence questionnaire
Cons: Points made are often basic (emphasize unique selling proposition, positive thinking), rather than specific - Leaves out prime brokers & cap intro, soft dollars, legal & compliance issues (3c1vs 3c7, accredited vs qualified, etc.), historic context (Dodd-Frank legislation impact, rise of high frequency) & industry landscape (funds vs fund of funds, institutions vs family offices etc).
Author comes off as obsequious in the interviews when he always agrees with subjects. Too many interviews with service providers, not enough with name brand hedge fund managers. Study questions seem silly for a non-academic book.
The book provides a discussion of various things to consider when starting a hedge fund. While the advice is generally sound, much of it is facile in nature.
Also, and this is the most annoying part of this book, Wilson has simply printed transcripts of interviews he conducted with numerous industry participants. If Wilson truly is an expert, he should take the time to distil the key points from these interviews and then couple them with his own views and write clear compelling chapters. Instead, he devotes pages and pages to interviewee bios, greetings ("Thanks for meeting with me"), and self-congratulatory comments ("That's a great point, Bill! I couldn't agree more").
In a further effort to increase the page count, he also pads it out with useless end of chapter summary questions and a long FAQ section. If those FAQ's are worthy of inclusion in the book, surely it would be useful to weave their content into the relevant chapters rather than simply bolting them on as the final chapter.
In the book, Wilson advises budding hedge fund managers to make sure they've got a killer Powerpoint pitch that is concise. Frankly, he should have taken his own advice and shortened this book to about a 20 page brochure or Powerpoint. But then it would be tough to command 'hardcover' book prices.
The messages delivered in this book is clear. There are many considerations for hedge fund start-ups and those wanting to grow larger and better and this book paves the way for such tiresome endeavors. Spoilers not included, there are certain executions that are necessary to ensure investors' confidence and ease-of-mind. These often forgotten, neglected and forsaken steps are emphasized here and one should never overlook such simple procedures.
The book is written in a casual style of interviews. It is easy to read and comfortable to study. On hindsight, the delivery can be more structured. The links to the videos no longer exist because the book was written in 2010 and some of the links has expired. The videos are supplements to the book that gives it extra value but the value is not accessible and this can be rather frustrating. Still, a good read.