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FINANCIAL MARKET COURSES

Hedge Funds – Investing

In this course we describe the benefits and shortfalls of various measurements of risk and return and highlight the way in which an investor can examine alternative opportunities. We look at how it is possible to separate measurements of return which are “skill-based” from those due to overall market movements and how a potential investor can distinguish between “good” and “bad” hedge fund investments.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Compare the performance of hedge funds to other asset classes

    Identify the key measures of hedge fund risk

    Recognize the issues involved in evaluating hedge funds

  • COURSE OUTLINE

    Topic 1: Hedge Fund Performance

    Hedge Funds vs. Other Asset Classes

    Downside Protection

    Negative Compounding

    Efficient Markets

    Searching for Skill in Investing

    A Zero Sum Game?

    Pure Alpha

    Dead Weight

    Topic 2: Hedge Fund Risk

    What is Risk?

    Risk Ratios

    Sharpe Ratio

    Other Risk Ratios

    o Returns

    o Legal Structure

    o Fee Structure

    o Derivatives & Leverage

    Skewness & Kurtosis

    Biases Skewing the Data

    Topic 3: Evaluating Hedge Funds

    Problems of Quantitative Analysis

    Maximum Drawdown

    Calculating Alpha

    Is Leverage Risky?

    Liquidity

    Investment Style, Style Drift, & Adaptability

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    60 Minutes

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