内容介绍：

对冲基金（hedge fund），也称避险基金或套利基金，是指由金融期货（financial futures）和金融期权（financial option）等金融衍生工具（financial derivatives）与金融组织结合后以高风险投机为手段并以盈利为目的的金融基金。它是投资基金的一种形式，属于免责市场(exempt market)产品。意为“风险对冲过的基金”，对冲基金名为基金，实际与互惠基金安全、收益、增值的投资理念有本质区别。
对冲基金采用各种交易手段(如卖空、杠杆操作、程序交易、互换交易、套利交易、衍生品种等)进行对冲、换位、套头、套期来赚取巨额利润。这些概念已经超出了传统的防止风险、保障收益操作范畴。加之发起和设立对冲基金的法律门槛远低于互惠基金，使之风险进一步加大。为了保护投资者，北美的证券管理机构将其列入高风险投资品种行列，严格限制普通投资者介入。如规定每个对冲基金的投资者应少于100人，最低投资额为100万美元等。举个例子，在一个最基本的对冲操作中。基金管理人在购入一种股票后，同时购入这种股票的一定价位和时效的看跌期权（Put Option）。看跌期权的效用在于当股票价位跌破期权限定的价格时，卖方期权的持有者可将手中持有的股票以期权限定的价格卖出，从而使股票跌价的风险得到对冲。

内容截图：

ACKNOWLEDGMENTS viii
INTRODUCTION Sowing the Seeds of Hedge Fund Discovery ix
PART ONE DEMYSTIFYING THE FUNDAMENTALS
CHAPTER 1 Getting Started in Hedge Funds: Understanding
the Basics 3
CHAPTER 2 History of Hedge Funds: In Search of the
Performance Edge 32
CHAPTER 3 Attractions and Merits: Making the Case for
Hedge Funds 41
CHAPTER 4 All About the Risks: Hedge Fund Hazards,
Hurdles, and Hassles 50
CHAPTER 5 Colossal Collapses and Crashes: Hedge Funds
Gone Wild 63
CHAPTER 6 Revealing the Key Players: The Who’s Who of
Hedge Funds 77
CHAPTER 7 Risk, Return, and Market Dynamics: Framework
for Hedge Fund Investing 88
CHAPTER 8 Tools of the Trade: Techniques and Tactics of
Hedge Fund Managers 104

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