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byAnnC.LogueHedgeFundsFORDUMmIES‰01_049278ffirs.qxp9/26/066:38PMPageiHedgeFundsForDummies®PublishedbyWileyPublishing,Inc.111RiverSt.Hoboken,NJ07030-5774©2007byWileyPublishing,Inc.,Indianapolis,IndianaPublishedbyWileyPublishing,Inc.,Indianapolis,IndianaPublishedsimultaneouslyinCanadaNopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedinanyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning,orotherwise,exceptaspermit-tedunderSections107or108ofthe1976UnitedStatesCopyrightAct,withouteitherthepriorwrittenpermissionofthePublisher,orauthorizationthroughpaymentoftheappropriateper-copyfeetotheCopyrightClearanceCenter,222RosewoodDrive,Danvers,MA01923,978-750-8400,fax978-646-8600.RequeststothePublisherforpermissionshouldbeaddressedtotheLegalDepartment,WileyPublishing,Inc.,10475CrosspointBlvd.,Indianapolis,IN46256,317-572-3447,fax317-572-4355,oronlineat:Wiley,theWileyPublishinglogo,ForDummies,theDummiesManlogo,AReferencefortheRestofUs!,TheDummiesWay,DummiesDaily,TheFunandEasyWay,Dummies.comandrelatedtradedressaretrademarksorregisteredtrademarksofJohnWiley&Sons,Inc.and/oritsaffiliatesintheUnitedStatesandothercountries,andmaynotbeusedwithoutwrittenpermission.Allothertrademarksarethepropertyoftheirrespectiveowners.WileyPublishing,Inc.,isnotassociatedwithanyproductorvendormentionedinthisbook.LIMITOFLIABILITY/DISCLAIMEROFWARRANTY:THEPUBLISHERANDTHEAUTHORMAKENOREP-RESENTATIONSORWARRANTIESWITHRESPECTTOTHEACCURACYORCOMPLETENESSOFTHECONTENTSOFTHISWORKANDSPECIFICALLYDISCLAIMALLWARRANTIES,INCLUDINGWITHOUTLIMITATIONWARRANTIESOFFITNESSFORAPARTICULARPURPOSE.NOWARRANTYMAYBECRE-ATEDOREXTENDEDBYSALESORPROMOTIONALMATERIALS.THEADVICEANDSTRATEGIESCON-TAINEDHEREINMAYNOTBESUITABLEFOREVERYSITUATION.THISWORKISSOLDWITHTHEUNDERSTANDINGTHATTHEPUBLISHERISNOTENGAGEDINRENDERINGLEGAL,ACCOUNTING,OROTHERPROFESSIONALSERVICES.IFPROFESSIONALASSISTANCEISREQUIRED,THESERVICESOFACOMPETENTPROFESSIONALPERSONSHOULDBESOUGHT.NEITHERTHEPUBLISHERNORTHEAUTHORSHALLBELIABLEFORDAMAGESARISINGHEREFROM.THEFACTTHATANORGANIZATIONORWEBSITEISREFERREDTOINTHISWORKASACITATIONAND/ORAPOTENTIALSOURCEOFFUR-THERINFORMATIONDOESNOTMEANTHATTHEAUTHORORTHEPUBLISHERENDORSESTHEINFORMATIONTHEORGANIZATIONORWEBSITEMAYPROVIDEORRECOMMENDATIONSITMAYMAKE.FURTHER,READERSSHOULDBEAWARETHATINTERNETWEBSITESLISTEDINTHISWORKMAYHAVECHANGEDORDISAPPEAREDBETWEENWHENTHISWORKWASWRITTENANDWHENITISREAD.Forgeneralinformationonourotherproductsandservices,pleasecontactourCustomerCareDepartmentwithintheU.S.at800-762-2974,outsidetheU.S.at317-572-3993,orfax317-572-4002.Fortechnicalsupport,pleasevisit:2006932689ISBN-13:978-0-470-04927-3ISBN-10:0-470-04927-8ManufacturedintheUnitedStatesofAmerica109876543211B/RS/RQ/QW/IN01_049278ffirs.qxp9/26/066:38PMPageiiAbouttheAuthorAnnC.Logueisafreelancewriterandconsultinganalyst.ShehaswrittenforBarron’s,theNewYorkTimes,NewsweekJapan,ComplianceWeek,andtheInternationalMonetaryFund.She’salecturerattheLiautaudGraduateSchoolofBusinessattheUniversityofIllinoisatChicago.Hercurrentcareerfollows12yearsofexperienceasaninvestmentanalyst.ShehasaBAfromNorth-westernUniversity,anMBAfromtheUniversityofChicago,andsheholdstheCharteredFinancialAnalystdesignation.DedicationToRikandAndrew,fortheirloveandsupport.Author’sAcknowledgmentsSomanywonderfulpeoplehelpedmewiththisbook!Italkedtomanyhedgefundmanagersandothersintheinvestmentbusiness,includingCliffAsness,CatherineCooper,BethCotner,NancyFallon-Houle,MarshallGreenwald,SteveGregornik,AnilJoshiofNuFact,RussKuhns,AleciaLicataoftheCFAInstitute,DanOrlow,TinoSellitto,LisaSpringer,RyanTagalatMorningstar,ScottTakemoto,andGaryTilkinandKellyQuintanillaatGlobalForexTrading.Ialsotalkedtoahandfulofotherhedgefundmanagerswhoaskedtoremainanonymous;theyknowwhotheyare,andIhopetheyalsoknowhowmuchIappreciatetheirhelp.TheCFASocietyofChicagoputonagreatconferenceentitled“NewConsiderationsintheQuestforAlpha”,whichtookplaceinthemiddleofwritingthisbookandgavemesomevaluableinsights.I’mgratefultothevolunteersandpresenterswhomadethedaysoproductiveforme.Iwanttothankafewfriendswhohelpedgivemedirectiononwritingthisandwhopointedmetofriendsoftheirswhoworkinthehedge-fundbusi-ness.BevBennett,LisaDuffy,MaryRichardsonGraham,andErikShermanallwerewonderfulhelp.IalsoneedtoacknowledgeJenniePhipps,thepropri-etorofFreelanceSuccess(),oneofthebestresourcesoutthereforprofessionalwriters.Asforthemechanicsofputtingtogetherthebook,NatalieHarris,StacyKennedy,andJoshDialsofWileywerefabuloustoworkwith.Theirpatienceandgoodhumorgotmethroughatoughschedule.MarciaLayton-Turnergetskudosforintroducingmetoheragent,MarilynAllen,whobecamemyagentandmadethebookpossible.Thanks,everyone!01_049278ffirs.qxp9/26/066:38PMPageiiiPublisher’sAcknowledgmentsWe’reproudofthisbook;pleasesendusyourcommentsthroughourDummies