Hedge Fund of Funds Investing: An
Investors Guide by Joseph G.
Nicholas
Exceptional! Explains This Booming Investment Sector Well!
The hedge fund industry continues to grow by leaps and bounds, and
within this universe, the fund of funds is the new star. Comprised of
multiple-manager portfolios bundled together as a single multi-hedge fund
product, this risk-balancing vehicle has emerged as the instrument of
choice for the astute investment professional. Hedge Fund of Funds
Investing walks you through the steps for creating, combining, and
managing investments with multiple hedge funds as a fund of funds.
Leading hedge fund authority Joseph Nicholas explains the building blocks
of a fund of funds and how they can be incorporated into a traditional
portfolio to achieve investment objectives and build diversification. In
addition, he teaches how to evaluate risks, estimate potential returns, and
choose statistical measurement methods. This book provides the key that
opens the door to this fast-growing investment phenomenon.

Personal Review: Hedge Fund of Funds Investing: An Investors
Guide by Joseph G. Nicholas
This is an exceptional book that does a great job of explaining the history,
charter, rationale, mechanics and investing strategies of Fund of Funds.
As hedge funds have exploded in popularity, they have become the
investment world's "cocktail conversation" of choice, but most investors do
not understand how these funds operate or even how they can be
accessed and utilized as an investment option. Funds of Funds (FOFs)
allow access to hedge funds - but similarly to hedge funds, these
investment vehicles are misunderstood by many and remain shrouded to
most investors. Joseph Nicholas's third book, Hedge Fund of Funds
Investing, explains these alternative asset management firms in a clear
and concise manner. I have read Mr. Nicholas's other books - this is his
best work yet with thorough explanations and an easy, concise and
powerful writing style. Nicholas does a great job describing the evolution
of FOFs and how they offer strategic, access and diversification
advantages over investing in individual Hedge Funds. His descriptions of
the FOFs mechanics and their multiple tiered structures illustrate clearly
what goes on "under the kimono" of this somewhat secretive area of the
alternative investment world. He illuminates how lockups, fees,
redemptions and other restraints affect investment and fund selection - all
imperatives that many investors may not readily understand. Most
importantly, as Nicholas has superior access to the data obtained through
his firm, Hedge Fund Research, he is able to paint a very thorough picture
of FOFs return over the years and how manager selection affects those
returns. As an investor in hedge funds himself, Mr. Nicholas has
developed impressive screening methodologies and describes these in
detail in this book, both through direct explanation and case study.This is a
great book for anyone who has even a little uncertainty about the
operations and/or the investment selection of FOFs. As a recent Wharton
MBA myself, I know that many of these topics are not covered in classical
investment training - it's just too recent of a trend. But FOFs are an
explosive trend - with nearly 1/3 of all hedge fund investments - and one
that all investors need to understand. Mr. Nicholas's book does an
outstanding job in providing this background on the fundamentals of FOF
investing.
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