Introduction
Acknowledgments
1. The Truth about Hedge Fund Returns
-How to Look at Returns
-Digging into the Numbers
-The Investor's View of Returns
-How the Hedge Fund Industry Grew
-The Only Thing That Counts Is Total Profits
-Hedge Funds Are not Mutual Funds
-Summary
2. The Golden Age of Hedge Funds
-Hedge Funds as Clients
-Building a Hedge Fund Portfolio
-The Interview Is the Investment Research
-Long Term Capital Management
-Too Many Bank Mergers
-Summary
3. The Seeding Business
-How a Venture Capitalist Looks at Hedge Funds
-From Concept to the Real Deal
-Searching for That Rare Gem
-Everybody Has a Story
-Some Things Shouldn't Be Hedged
-The Hedge Fund as a Business
-Summary
4. Where Are the Customers' Yachts?
-How Much Profit Is There Really?
-Investors Jump In
-Fees on Top of More Fees
-Drilling Down by Strategy
-How to Become Richer Than Your Clients
-Summary
5. 2008—The Year Hedge Funds Broke Their Promise to Investors
-Financial Crisis, 1987 Version
-How 2008 Redefi ned Risk
-The Hedge Fund as Hotel California
-Timing and Tragedy
-In 2008, Down Was a Long Way
-Summary
6. The Unseen Costs of Admission
-How Some Investors Pay for Others
-My Mid-Market or Yours?
-The Benefits of Keen Eyesight
-Show Me My Money
-Summary
7. The Hidden Costs of Being Partners
-Limited Partners, Limited Rights
-Friends with no Benefits
-Watching the Legal Costs
-Summary
8. Hedge Fund Fraud
-More Crooks Than You Think
-Madoff
-Know Your Audience
-Accounting Arbitrage 101
-Checking the Background Check
-Politically Connected and Crooked?
-Paying Your Bills with Their Money
-Why It's Hard to Invest in Russia
-After Hours Due Diligence
-Summary
9. Why Less Can Be More with Hedge Funds
-There Are Still Winners
-Avoid the Crowds
-Why Size Matters
-Where Will They Invest All This Money?
-Summary
Afterword
Bibliography
About the Author
Index
