In this book, the author classifies four types of alternative assets: hedge funds, private equity, credit derivatives, and commodity futures. Hedge funds and private equity are the best known of the alternative asset world. Typically these investments are accomplished through the purchase of limited partner units in a private limited partnership. Credit derivatives can be purchased through limited partnership units, as a tranche of a special purpose vehicle, or directly through the purchase of distressed debt securities. Last, commodity futures can be purchased on a commodity futures exchange. The author explores each one of these alternative asset classes in detail, providing practical advice along with useful research. This book is organized into four sections: The first section reviews hedge funds. Chapter 2 begins with a brief history on the birth of hedge funds and an introduction to the types of hedge fund investment strategies. Chapter 3 provides some practical guidance with respect to the selection of hedge funds. Chapter 4 is devoted to conducting due diligence, including both a qualitative and quantitative review. Chapter 5 provides some practical guidance as to how to build a hedge fund investment program. Chapter 6 expands on the author’s classification scheme for hedge funds and analyze their return distributions. In Chapter 7 some of the risks associated with hedge fund investments are considered. Chapter 8 reviews the importance of hedge funds within an expected utility framework. Chapter 9 considers whether hedge funds really do “hedge” against financial market shocks. Section 2 is devoted to Commodity Futures and begins with a brief review in Chapter 10 of the economic value inherent in commodity futures contracts. In Chapter 11 the three sources of value associated with commodity futures are examined and how they can help to diversify a portfolio. In Chapter 12, Dr. Anson considers commodity futures within an expected utility framework. Chapter 13 considers the benefits of long and short commodity futures investing. Section 3 covers the spectrum of private equity. In Chapter 14 the author reviews the existing private equity landscape. Chapter 15 analyzes a new type of alternative asset: the Cross Over fund. In Chapter 16 Dr. Anson analyzes various types of private equity investments within an expected utility framework and in Chapter 17 he reviews some of the business and due diligence issues associated with a private equity investment. Our last section is devoted to credit derivatives. In Chapter 18 the importance of credit risk are reviewed. In Chapter 19 Dr. Anson reviews some of the new instruments that allow investors to access the credit markets. In the last chapter of the book, Chapter 20, credit derivatives within a diversified portfolio are examined.
Book Details:
- Author: Mark J. P. Anson
- ISBN: 9780471446408
- Year Published: 2002
- Pages: 512
- BISAC: BUS027000, BUSINESS & ECONOMICS/Finance
About the Book and Topic:
In this book, the author classifies four types of alternative assets: hedge funds, private equity, credit derivatives, and commodity futures. Hedge funds and private equity are the best known of the alternative asset world. Typically these investments are accomplished through the purchase of limited partner units in a private limited partnership. Credit derivatives can be purchased through limited partnership units, as a tranche of a special purpose vehicle, or directly through the purchase of distressed debt securities. Last, commodity futures can be purchased on a commodity futures exchange. The author explores each one of these alternative asset classes in detail, providing practical advice along with useful research. This book is organized into four sections: The first section reviews hedge funds. Chapter 2 begins with a brief history on the birth of hedge funds and an introduction to the types of hedge fund investment strategies. Chapter 3 provides some practical guidance with respect to the selection of hedge funds. Chapter 4 is devoted to conducting due diligence, including both a qualitative and quantitative review. Chapter 5 provides some practical guidance as to how to build a hedge fund investment program. Chapter 6 expands on the author’s classification scheme for hedge funds and analyze their return distributions. In Chapter 7 some of the risks associated with hedge fund investments are considered. Chapter 8 reviews the importance of hedge funds within an expected utility framework. Chapter 9 considers whether hedge funds really do “hedge” against financial market shocks. Section 2 is devoted to Commodity Futures and begins with a brief review in Chapter 10 of the economic value inherent in commodity futures contracts. In Chapter 11 the three sources of value associated with commodity futures are examined and how they can help to diversify a portfolio. In Chapter 12, Dr. Anson considers commodity futures within an expected utility framework. Chapter 13 considers the benefits of long and short commodity futures investing. Section 3 covers the spectrum of private equity. In Chapter 14 the author reviews the existing private equity landscape. Chapter 15 analyzes a new type of alternative asset: the Cross Over fund. In Chapter 16 Dr. Anson analyzes various types of private equity investments within an expected utility framework and in Chapter 17 he reviews some of the business and due diligence issues associated with a private equity investment. Our last section is devoted to credit derivatives. In Chapter 18 the importance of credit risk are reviewed. In Chapter 19 Dr. Anson reviews some of the new instruments that allow investors to access the credit markets. In the last chapter of the book, Chapter 20, credit derivatives within a diversified portfolio are examined.
About the Author
MARK J. P. ANSON, PhD, is the Chief Investment Officer at Calpers. Prior to joining Calpers, he was portfolio manager at OppenheimerFunds, a registered options principal in equity derivatives for Salomon Brothers Inc., and a practicing attorney specializing in futures and derivatives markets. Dr. Anson earned his law degree from the Northwestern University School of Law and his PhD and master’s in finance from the Columbia Graduate School of Business. He has also earned the Chartered Financial Analyst, Certified Public Accountant, Certified Internal Auditor, and Certified Management Accountant degrees. Dr. Anson is a frequent contributor to academic and professional publications on the topics of risk management, derivatives, and portfolio management.