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So much valuable experience and common sense packed into 200 odd pages.
I have been an equity investor for over 20 years and in hedge funds for twelve. How I wish I and my partners had been able to tap into this wealth of experience and practical lessons before now.
The chapter breakdown with lessons for investors and allocators serves to drive home very clear recommendations and tips to take what is a very hit and miss driven industry into a manageable strategy. Case studies and examples are excellent.
A definite must read for allocators and hedge fund investors alike.
If you are looking to start a new investment firm, this is a must read!
It postulates a well-balanced and holistic view of how asset allocators make their decisions. The author brings a wealth of knowledge and experience; he writes with humility and is also very good at explaining complicated principles in simple words.
The book is short and is full of valuable content - it is one of those that people often wish someone had told them about before they started a business.
I have a feeling that if you are not looking (or ready) for the information covered here, you might find it difficult to follow; however, if you are hungry for action and busy starting your firm, reading it might be your perfect next step.
I thought it was excellent. It's not easy to distill the many moving parts of the asset management business, in particular the difficulties of the start-up phase of the hedge fund industry. I liked the way Ted tackles issues through both the allocator and the HF manager prisms, making for a more rounded appraisal of the many issues involved in bringing capital to new managers and building durable businesses in a competitive field. Luck still seems to play a large part in determining success - performance, personalities, and strategy sentiment all need to intersect!
The Ted's book is great overview of challenges which await for new hedge fund manages and their clients(allocators). I'd recommend it to people who already have some exposure to hedge fund business and with entrepreneurship. It gave me a great overview of expectations of hedge fund business. In essence there are not great difference between setting up business or hedge fund, but Ted has pointed out in this publication which are those extra ones.
Having just finished this book, I find ted's writing and content thoughtful, well-distilled and clearly possessing expert knowledge and experience in the space. If the lessons here can help a reader avoid any of the myriad of mistakes that are inevitable, the book is worth the time to read it many times over.
A friend recommended this book, and it's a must-read for anyone who is considering starting a hedge fund or taking on any type of role that involves investing in hedge funds (particularly in new funds/managers). The book is refreshingly short (only 187 small pages), tight, and easily digestible. My 2 favorite things in the book are (1) the practical advice, and (2) the case study vignettes the author weaves in throughout to make that advice come to life. To give you a sense for the type of advice you'll find, here's one example. I would have thought that the best strategy for a new manager was to deploy his/her capital slowly and carefully on the best ideas so as to develop a track record that leads to additional capital. However, this book shows the fallacy in that approach and why it's much better to deploy the capital quickly instead of waiting for the perfect ideas.
This is a very practical guide to the business of allocating assets to hedge funds, and to their management. It is not a book about picking assets for investment, or portfolio management. One are which is missing is the cost- the cost of regulatory compliance, fee structure, and break-even assets.