Hedge Funds, Humbled: The 7 Mistakes That Brought Hedge Funds to Their Knees and How They Will Rise Again

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9780071637121: Hedge Funds, Humbled: The 7 Mistakes That Brought Hedge Funds to Their Knees and How They Will Rise Again

The fall and rise of a trillion-dollar industry

Just three years ago, hedge funds were at the top of the investment world. Years of unparalleled growth had pushed assets to nearly $3 trillion. Leverage was used so aggressively that total long and short investments approached an astonishing $10 trillion. Thousands of new funds had sprouted in every corner of the market, and managers, enjoying an almost unimaginable pool of fees, were dubbed the new “masters of the universe.”

Then came 2008.The industry suffered its worst performance ever, losing $600 billion or roughly 20% in a single year. Multibilliondollar hedge funds collapsed overnight, epic frauds were revealed, and assets plummeted as spooked investors scrambled to get their money back.

The near collapse of the industry is one of the most dramatic stories of the global economic meltdown. It’s also among the most instructive— because hedge funds are still alive and, if managed wisely, will emerge stronger than ever in the coming years.

In Hedge Funds Humbled, industry insider Trevor Ganshaw provides a detailed primer of the industry and explains how the people who earned more than $100 billion in fees during their short but happy heyday planted the seeds of their own destruction. He paints a vivid picture of how the industry leaders’ major mistakes destroyed hundreds of billions of investor capital; Ganshaw calls them the “seven deadly sins” of the hedge fund industry:

  • Out-of-control leverage
  • Inadequate risk management
  • Flawed fee structures
  • Overcrowded strategies
  • The Peter Principle of too much capital
  • Capital instability
  • Fraud, enabled by lax controls

Ganshaw examines the future of the industry and shows investors what to look for and what to avoid. There’s still money to be made in hedge funds and, in his estimation, the industry is poised for a comeback. “As all good hedge fund managers know, greed is good,” he writes. “Humility, it seems, may now be an essential part of keeping it that way.”

More dramatic than fiction, Hedge Funds Humbled is a timely work that provides a critical look at an industry gone bad—and an optimistic look at its future.

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From the Back Cover:

The fall and rise of a trillion-dollar industry

Among the crown jewels of the investment world, hedge funds lost more than $600 billion in 2008. Still, says industry insider Trevor Ganshaw, a partner at a multi-strategy hedge fund, these investments continue to offer terrific investing opportunities.

Hedge Funds Humbled explores the seven mistakes that brought hedge funds to their knees— including excessive leverage, poor risk management, illiquid investments, and fraud. It then offers an outlook on the future of the hedge fund industry and the opportunities it still has to offer. Hedge Funds Humbled explains:

  • How The hedge fund industry operates
  • Why it was nearly destroyed almost overnight
  • What potential investors should look for to make profits— and avoid disaster

Ganshaw offers invaluable advice on how to spot the good funds and identify those with high fraud potential. He argues that as the hedge fund herd thins out, quality investment opportunities will increase, and we will see much-needed improvements in risk management and fund governance.

Relating one of the most dramatic financial stories in recent history, Hedge Funds Humbled is an eye-opening look at an industry that may have yet to reveal its true potential.

About the Author:

Trevor Ganshaw is a partner at a multistrategy hedge fund in New York City. His articles have been published in the Journal of Applied Corporate Finance.

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Book Description McGraw-Hill Education - Europe, United States, 2010. Hardback. Book Condition: New. 232 x 152 mm. Language: English . Brand New Book ***** Print on Demand *****. The fall and rise of a trillion-dollar industry Just three years ago, hedge funds were at thetop of the investment world. Years of unparalleledgrowth had pushed assets to nearly$3 trillion. Leverage was used so aggressivelythat total long and short investments approachedan astonishing $10 trillion. Thousandsof new funds had sprouted in every corner ofthe market, and managers, enjoying an almostunimaginable pool of fees, were dubbed thenew masters of the universe. Then came 2008.The industry suffered itsworst performance ever, losing $600 billionor roughly 20 in a single year. Multibilliondollarhedge funds collapsed overnight, epicfrauds were revealed, and assets plummetedas spooked investors scrambled to get theirmoney back. The near collapse of the industry is one of themost dramatic stories of the global economicmeltdown. It s also among the most instructive-because hedge funds are still alive and,if managed wisely, will emerge stronger thanever in the coming years. In Hedge Funds Humbled, industry insiderTrevor Ganshaw provides a detailed primerof the industry and explains how the peoplewho earned more than $100 billion in feesduring their short but happy heyday plantedthe seeds of their own destruction. He paintsa vivid picture of how the industry leaders major mistakes destroyed hundreds of billionsof investor capital; Ganshaw calls them the seven deadly sins of the hedge fund industry: Out-of-control leverage Inadequate risk management Flawed fee structures Overcrowded strategies The Peter Principle oftoo much capital Capital instability Fraud, enabled by lax controls Ganshaw examines the future of the industryand shows investors what to look for and whatto avoid. There s still money to be made inhedge funds and, in his estimation, the industryis poised for a comeback. As all goodhedge fund managers know, greed is good, he writes. Humility, it seems, may now be anessential part of keeping it that way. More dramatic than fiction, Hedge FundsHumbled is a timely work that provides a criticallook at an industry gone bad-and an optimisticlook at its future. Bookseller Inventory # APC9780071637121

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Book Description McGraw-Hill Education - Europe, United States, 2010. Hardback. Book Condition: New. 232 x 152 mm. Language: English . Brand New Book ***** Print on Demand *****.The fall and rise of a trillion-dollar industry Just three years ago, hedge funds were at thetop of the investment world. Years of unparalleledgrowth had pushed assets to nearly$3 trillion. Leverage was used so aggressivelythat total long and short investments approachedan astonishing $10 trillion. Thousandsof new funds had sprouted in every corner ofthe market, and managers, enjoying an almostunimaginable pool of fees, were dubbed thenew masters of the universe. Then came 2008.The industry suffered itsworst performance ever, losing $600 billionor roughly 20 in a single year. Multibilliondollarhedge funds collapsed overnight, epicfrauds were revealed, and assets plummetedas spooked investors scrambled to get theirmoney back. The near collapse of the industry is one of themost dramatic stories of the global economicmeltdown. It s also among the most instructive-because hedge funds are still alive and,if managed wisely, will emerge stronger thanever in the coming years. In Hedge Funds Humbled, industry insiderTrevor Ganshaw provides a detailed primerof the industry and explains how the peoplewho earned more than $100 billion in feesduring their short but happy heyday plantedthe seeds of their own destruction. He paintsa vivid picture of how the industry leaders major mistakes destroyed hundreds of billionsof investor capital; Ganshaw calls them the seven deadly sins of the hedge fund industry: Out-of-control leverage Inadequate risk management Flawed fee structures Overcrowded strategies The Peter Principle oftoo much capital Capital instability Fraud, enabled by lax controls Ganshaw examines the future of the industryand shows investors what to look for and whatto avoid. There s still money to be made inhedge funds and, in his estimation, the industryis poised for a comeback. As all goodhedge fund managers know, greed is good, he writes. Humility, it seems, may now be anessential part of keeping it that way. More dramatic than fiction, Hedge FundsHumbled is a timely work that provides a criticallook at an industry gone bad-and an optimisticlook at its future. Bookseller Inventory # APC9780071637121

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Book Description McGraw-Hill. Hardcover. Book Condition: New. Hardcover. 240 pages. Dimensions: 9.1in. x 6.0in. x 1.0in.The fall and rise of a trillion-dollar industry Just three years ago, hedge funds were at the top of the investment world. Years of unparalleled growth had pushed assets to nearly 3 trillion. Leverage was used so aggressively that total long and short investments approached an astonishing 10 trillion. Thousands of new funds had sprouted in every corner of the market, and managers, enjoying an almost unimaginable pool of fees, were dubbed the new masters of the universe. Then came 2008. The industry suffered its worst performance ever, losing 600 billion or roughly 20 in a single year. Multibilliondollar hedge funds collapsed overnight, epic frauds were revealed, and assets plummeted as spooked investors scrambled to get their money back. The near collapse of the industry is one of the most dramatic stories of the global economic meltdown. Its also among the most instructive because hedge funds are still alive and, if managed wisely, will emerge stronger than ever in the coming years. In Hedge Funds Humbled, industry insider Trevor Ganshaw provides a detailed primer of the industry and explains how the people who earned more than 100 billion in fees during their short but happy heyday planted the seeds of their own destruction. He paints a vivid picture of how the industry leaders major mistakes destroyed hundreds of billions of investor capital; Ganshaw calls them the seven deadly sins of the hedge fund industry: Out-of-control leverage Inadequate risk management Flawed fee structures Overcrowded strategies The Peter Principle of too much capital Capital instability Fraud, enabled by lax controls Ganshaw examines the future of the industry and shows investors what to look for and what to avoid. Theres still money to be made in hedge funds and, in his estimation, the industry is poised for a comeback. As all good hedge fund managers know, greed is good, he writes. Humility, it seems, may now be an essential part of keeping it that way. More dramatic than fiction, Hedge Funds Humbled is a timely work that provides a critical look at an industry gone badand an optimistic look at its future. This item ships from multiple locations. Your book may arrive from Roseburg,OR, La Vergne,TN. Hardcover. Bookseller Inventory # 9780071637121

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