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Full Description
Helpful, Accessible Guidance for Budding Hedge Funds
So You Want to Start a Hedge Fund provides critical lessons and thoughtful insights to those trying to decipher the industry, as well as those seeking to invest in the next generation of high performers. This book foregoes the sensational, headline-grabbing stories about the few billionaire hedge fund managers to reach the top of the field. Instead, it focuses on the much more common travails of start-ups and small investment firms. The successes and failures of a talented group of competitive managers—all highly educated and well trained—show what it takes for managers and allocators to succeed. These accounts include lessons on funding, team development, strategy, performance, and allocation.
The hedge fund industry is concentrated in the largest funds, and the big funds are getting bigger. In time, some of these funds will not survive their founders and large sums will get reallocated to a broader selection of different managers. This practical guide outlines the allocation process for fledgling funds, and demonstrates how allocators can avoid pitfalls in their investments. So You Want to Start a Hedge Fund also shows how to:
Develop a sound strategy and raise the money you need
Gain a real-world perspective about how allocators think and act
Structure your team and investment process for success
Recognize the patterns of successful start-ups
The industry is approaching a significant crossroads. Aggregate growth is slowing and competition is shifting away from industry-wide growth, at the expense of traditional asset classes, to market share capture within the industry. So You Want to Start a Hedge Fund provides guidance for the little funds—the potential future leaders of the industry.
Contents
Foreword xi
Acknowledgments xv
Introduction xix
1 The Lessons 1
Lessons for Managers 2
Lessons for Allocators 4
2 So You Want to Start a Hedge Fund? 7
3 Attracting Capital 11
Signals of Success 12
A Classic Chicken-and-Egg Problem 30
Investment Funds are Sold, Not Bought (Just Don't Tell the Buyers) 43
Leveraging the Buzz 49
Riding the Wave 55
Building a Great Business 60
4 Team 65
Your Single Best Investment 66
The Best a Man Can Get 73
The Two-Headed Portfolio Manager Monster 76
Where Do Nice Guys Finish? 83
Turnover: Don't Knock It Till You Try It 86
Pacing Growth 91
5 Investment Strategy 97
Finding True North 97
Best Foot Forward, With Both Feet 100
The Tug of War between Flexibility and Style Drift 106
Stick to Your Knitting 117
Building Blocks of Process 123
6 Investment Performance 129
A Slave to Monthly Numbers 130
Sustaining Performance 134
Reaching for Return 138
The Role of Luck 144
The Best Month in a Manager's Career 150
7 So You Want to Invest in a Start-Up Hedge Fund? 153
Influencing Outcomes 154
Terms 158
Preparing for Bumps in the Road 164
Heed the Stop Sign 167
Crossing the Velvet Rope 173
Making Decisions 177
8 Parting Thoughts 183
Author's Disclaimer 189
About the Author 193
Notes 197
Index 205
