--- title: Hedge Funds & Asset Management description: Hedge funds and asset managers invest on behalf of clients across strategies. You will learn fund structures, long/short, macro and quant strategies, performance measurement and how the industry is organised. category: finance-economics subcategory: investing difficulty: beginner, intermediate, advanced url: /subject/hedge-funds-and-asset-management --- # Hedge Funds & Asset Management Hedge funds and asset managers invest on behalf of clients across strategies. You will learn fund structures, long/short, macro and quant strategies, performance measurement and how the industry is organised. ## Available Resources 3 Books • 2 Papers ## Podcasts ### 1. Capital Allocators – Inside the Institutional Investment Industry **Author:** Ted Seides Interview podcast with chief investment officers, hedge fund managers and asset-management executives on manager selection, fund economics, team structure and allocation decisions. Several hundred free episodes, indexed on the site by guest role — allocator, manager, strategist. **Difficulty:** Intermediate | **Language:** English | **Price:** Free **Link:** https://www.capitalallocators.com/ **Tags:** hedge-funds, asset-allocation, institutional-investing, manager-selection, endowments ## Books ### 1. Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment **Author:** David F. Swensen Yale's chief investment officer sets out the endowment model: asset allocation policy, manager selection, alignment of interests, fee structures, and the case for and against absolute-return and other alternative managers, drawn from two decades running the fund. **Difficulty:** Intermediate | **Language:** English | **Price:** Paid **Link:** https://www.amazon.com/dp/1416544690?tag=edmonddante07-20 **Tags:** endowment-model, asset-allocation, institutional-investing, alternative-investments, manager-selection ### 2. Efficiently Inefficient: How Smart Money Invests and Market Prices Are Determined **Author:** Lasse Heje Pedersen Textbook working through hedge fund strategies one at a time — equity long/short, quantitative equity, global macro, managed futures, merger and convertible arbitrage — plus leverage, liquidity risk and performance measurement, with interviews of Asness, Griffin, Soros and Paulson. The best single bridge between academic asset pricing and what hedge funds actually do; the only text that treats each major strategy with real math and then has the practitioner who runs it comment on it. **Difficulty:** Advanced | **Language:** English | **Price:** Paid **Link:** https://www.amazon.com/dp/0691166196?tag=edmonddante07-20 **Tags:** hedge-fund-strategies, global-macro, quantitative-equity, merger-arbitrage, asset-pricing ### 3. More Money Than God: Hedge Funds and the Making of a New Elite **Author:** Sebastian Mallaby Narrative history of the hedge fund industry from A.W. Jones in 1949 through the 2008 crisis, following Soros, Steinhardt, Robertson, Simons and others, and explaining the strategies and fund structures each generation used. Explains mechanics — Jones's original hedged long/short structure, 2-and-20, Tiger's global macro trades, Renaissance's statistical arbitrage — not just manager anecdotes. **Difficulty:** Beginner | **Language:** English | **Price:** Paid **Link:** https://www.amazon.com/dp/0143119419?tag=edmonddante07-20 **Tags:** hedge-funds, financial-history, global-macro, long-short-equity ## Papers ### 1. Hedge Funds: A Dynamic Industry in Transition (NBER Working Paper 21449) **Author:** Mila Getmansky, Peter A. Lee, Andrew W. Lo Survey paper reviewing the academic hedge fund literature and updating the empirical evidence from investor, manager, regulator and academic perspectives: return smoothing, illiquidity exposure, database biases, fund failure rates, systemic risk and how the industry restructured after 2008. Answers: why reported hedge fund Sharpe ratios are overstated, what backfill and survivorship bias do to index returns, and how the regulatory perimeter changed post-Dodd-Frank. **Difficulty:** Advanced | **Language:** English | **Price:** Free **Link:** https://www.nber.org/system/files/working_papers/w21449/w21449.pdf **Tags:** hedge-funds, hedge-fund-performance, survivorship-bias, systemic-risk, financial-regulation ### 2. Alternative Investments: A Primer for Investment Professionals **Author:** Donald R. Chambers, Keith Black, Nelson J. Lacey Free 183-page monograph covering hedge fund structures, fee arrangements and strategy categories alongside private equity, real assets and structured products, with chapters on operational due diligence, risk and return measurement, and portfolio construction for institutional allocators. **Difficulty:** Intermediate | **Language:** English | **Price:** Free **Link:** https://rpc.cfainstitute.org/research/foundation/2018/alternative-investments-a-primer-for-investment-professionals **Tags:** alternative-investments, hedge-funds, private-equity, due-diligence, portfolio-construction --- *This content is part of Dantes.io - Your Treasure Map to Knowledge* *Curated by humans at Dantes.io. Personal study use welcome; republishing this curation requires permission (team@dantes.io).* View this page online: https://dantes.io/subject/hedge-funds-and-asset-management