Nếu xu hướng này tiếp tục, các thế hệ tương lai có thể làm cho không có sự phân biệt giữa doanh nghiệp quản lý tiền và quỹ đầu tư ngành công nghiệp truyền thống. Thay vào đó, hoạt động kinh doanh phản ánh những bài học của các nhà quản lý truyền thống và các nhà quản lý quỹ phòng hộ. Quản lý trong ngân hàng, | Conclusions 223 Brave New Hedge Fund World If trends continue future generations may make no distinction between the traditional money management business and the hedge fund industry. Instead business practices reflect the lessons of the traditional managers and the hedge fund managers. Managers in banks insurance companies brokers and other financial institutions will share knowledge of investment management derived from traditional portfolio management and from alternative investment managers. With the help of constructive oversight from governmental regulators this merger to the mainstream will make for stronger financial markets and better-managed portfolios. Answers to Questions and Problems CHAPTER 1 Introduction Three reasons often cited for investing in hedge funds are 1. To increase the return on a portfolio. Some hedge funds are designed to provide very high returns and may accept high degrees of risk to attain those returns. 2. To reduce risk. The average hedge fund is less risky that stocks. Even without the risk-reducing advantage of diversification an asset allocation out of stocks and into hedge funds can lower portfolio risk. 3. To diversify returns. Diversification can reduce the risk of individual assets or asset categories. Because many hedge funds are not highly correlated with stock and bond returns hedge funds can be very effective tools for improving portfolio diversification. Thousands of hedge funds exist. These funds follow a variety of strategies and assume different levels and types of risks. As a group hedge funds have provided reasonable returns and have offered investors an attractive supplement to traditional stock and bond investments. Relative return strategies are investment strategies designed to provide attractive returns relative to a benchmark. Most stock investing seeks to provide returns attractive relative to one or more equity index. Absolute return strategies are investment strategies designed to provide a .
