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 25 of october Profiting from U.S. presidential elections might just be the ultimate form of democratic capitalism. So when the media spin surrounding the 2004 elections started gaining momentum, I decided to join the politically inspired pollsters and bumper sticker peddlers in finding and exploiting the inefficiencies resulting from predicting election results. I suppose it should not have been surprising that the time tested Arbitrage Pricing Theorem was equally applicable in the political arena...
Learn more about Presidential Arbitrage and how you can profit from it.
- 4 of november
Quantitative finance is a challenging subject. However, financial practitioners don't exactly go out of their way to make the topic more accessible to outsiders. One problem is the language barrier, separating quants from the rest of the world. The following article makes light of a profession that has a tendency to take itself too seriously.
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Hedge Fund Books
Hedge funds are the new frontier of asset management. Unfortunately, while the field is thriving, the quality of books in this area has been disappointing. The problem is that most books were written for inexperienced investors and they consequently do not distill the topic in any amount of detail. For example, it is rather frustrating that a book entitled How to Create and Manage a Hedge Fund does not include any substance that would be useful in creating or managing a hedge fund. I can't really recommend any of these books to experienced investors or aspiring hedge fund managers.
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Managing a Hedge Fund (Keith Black) -- Rehashes some of the same topics discussed in the books below. For example, the section addressing the creation of a hedge fund is taken straight from McCrary's book. |
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Market-Neutral Investing (Joseph G. Nicholas) -- Introduces hedge funds, long/short investment strategies, and absolute returns to readers new to this field. |
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Hedge Fund of Funds Investing (Joseph G. Nicholas) -- Describes various hedge fund strategies at a high level and introduces beginners to hedge fund of funds. The material is at a level similar to A Random Walk Down Wall Street by Burton G. Malkiel. |
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How to Create and Manage a Hedge Fund (Stuart A. McCrary) --Discusses various hedge fund investment strategies and the corresponding risks. Contains very little information on how to actually create or manage a hedge fund. |
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The Complete Arbitrage Deskbook (Stephane Reverre) -- This book does not really belong into the hedge fund section but I've put it here because it uses a similar style and would theoretically be relevant to hedge funds. The book catalogs different arbitrage situations, which are described in a little more detail than is typical for the previous books but not enough to actually be useful to investors. |
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