So You Want to Start a Hedge Fund E-Book

Ted Seides

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 195

Veröffentlichungsjahr: 2016

Beschreibung

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.

Leseprobe

Additional Praise for So You Want to Start a Hedge Fund

There are virtually no books on the topic of how to pick individual hedge fund managers, so this is a must read for any asset allocator, whether a professional or a high net worth investor. In fact, all aspiring or current managers would also benefit from reading this book. Ted shares his wisdom from two decades of investing in hedge funds of all types and sizes, with particular insight into investing in early stage managers.

—Jonathan A.G. Auerbach, Hound Partners

There is no one better-equipped than Ted Seides to author a book on starting a hedge fund. From his early training at the Yale Investment Office to his instrumental role at Protégé Partners backing some of the best and brightest investment managers, Ted has forgotten more than most of us will ever know about the challenges of launching a fund. His refreshingly honest insights will resonate with readers of all backgrounds.

—David Z. Solomon, Managing Director, Goldman Sachs Investment Partners

Ted Seides' extensive experience in identifying and supporting emerging hedge fund teams provides him with a unique insight into the hedge fund industry and valuable lessons for investors in the asset class. His book provides an interesting view into the challenges and opportunities for astute investors.

—Paula Volent, Senior Vice President for Investments, Bowdoin College

SO YOU WANT TO START A HEDGE FUND

Lessons for Managers and Allocators

Ted Seides

Cover image: Grunge background © toto8888/iStockphoto Cover design: Wiley

Copyright © 2016 by Ted Seides. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data:

ISBN 978-1-119-13418-3 (Hardcover) ISBN 978-1-119-15697-0 (ePDF) ISBN 978-1-119-15698-7 (ePub)

For Eric, Ryan, and Skylar (in alphabetical order),

My three most treasured start-ups.

CONTENTS

Foreword

Acknowledgments

Introduction

The Secret Sauce

Why Now?

Vignettes

Notes

Chapter 1: The Lessons

Lessons for Managers

Lessons for Allocators

Chapter 2: So You Want to Start a Hedge Fund?

Note

Chapter 3: Attracting Capital

Signals of Success

A Classic Chicken-and-Egg Problem

Investment Funds are Sold, Not Bought (Just Don’t Tell the Buyers)

Leveraging the Buzz

Riding the Wave

Building a Great Business

Notes

Chapter 4: Team

Your Single Best Investment

The Best a Man Can Get

The Two-Headed Portfolio Manager Monster

Where Do Nice Guys Finish?

Turnover: Don’t Knock It Till You Try It

Pacing Growth

Notes

Chapter 5: Investment Strategy

Finding True North

Best Foot Forward, With Both Feet

The Tug of War between Flexibility and Style Drift

Stick to Your Knitting

Building Blocks of Process

Tourbillon Capital

Notes

Chapter 6: Investment Performance

A Slave to Monthly Numbers

Sustaining Performance

Reaching for Return

The Role of Luck

The Best Month in a Manager’s Career

Notes

Chapter 7: So You Want to Invest in a Start-Up Hedge Fund?

Influencing Outcomes

Terms

Preparing for Bumps in the Road

Heed the Stop Sign

Crossing the Velvet Rope

Making Decisions

Notes

Chapter 8: Parting Thoughts

Author’s Disclaimer

About the Author

Index

EULA

List of Table

Chapter 3

Table 3.1

Guide

Cover

Table of Contents

Chapter 1

Pages

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