Rating: 
Summary: Very informative.
Review: A good, straightforward guide to hedge fund creation and management. Great for traditional fund managers or investors who are curious to know more about hedge funds. An interesting and informative read.
Rating:
Summary: Must have resource
Review: A lot of great commentary about the preparation and hard work to build a business, not just trade/manage money. The other reviews listed here correctly point out that this is not another instructional book with investment techniques. This is the ideal book for someone confident enough with their investing strategy be it equities, bonds, limited partnerships, real estate, futures, commodities etc. to grasp business structures, investor/customer expectation, realistic marketing timelines, accounting, and the business aspect of managing a fund. Expect to seek out additional resources to add on McRary's outstanding work. If you are even toying with the idea of starting a mangement company, fund, fund of funds etc. do not proceed without this book.
Rating: 
Summary: Uh-huh. UhUh!!
Review: Dear, me. Imagine being able to coach a winning business plan in fewer than 20 pages. And marketing, my dears! Why, other people write book after book about marketing, and, viola, all is covered in only twenty pages. That is amazing, especially since all the evidence is that the single most important aspect of creating a successful hedge fund is the marketing side. I can't imagine why the book would deal with trading or corporate structures in the US sense. Most successful hedge funds are incorporated in other jurisdictions which often use different terminology. And, my dears, how useful is it to introduce an S-corp, a US IRS term and structure used primarily in real estate. Few hedge funds invest in real estate, and even fewer non-US jurisdictions recognize that peculiar tax creature.On top of all that, you don't even get paper, binding or book covers for your money. Talk about 50 ways to leave your lover. Well, buy it if you must, but don't say I didn't warn you.
Rating: 
Summary: Good reference for anyone in the business
Review: I did not read the book word for word as I was familiar with most of what it contained. However, had I had this book when I first started in the industry it would have saved me a lot of time and effort digging for information.
Rating: 
Summary: Doesn't do what it says on the can
Review: If you are a professional investor or trader don't buy this book. You won't learn anything particularly useful. The only information that was of any use pertained to the "creation" aspect, but this was too brief to be of any real use. On the "managing" side of things it went into a lot of subjects that were applicable to portfolio management in general rather than exclusively to hedge funds. Anyone who is thinking of setting up a hedge fund will have been running a long only fund or trading a book long enough to know all of this. Informative and easy to read for the lay person, private investor or student, but of no practical use to anyone who might actually be looking to set up their own fund. Certainly not a professional's guide.
Rating:
Summary: Doesn't do what it says on the can
Review: If you are a professional investor or trader don't buy this book. You won't learn anything particularly useful. The only information that was of any use pertained to the "creation" aspect, but this was too brief to be of any real use. On the "managing" side of things it went into a lot of subjects that were applicable to portfolio management in general rather than exclusively to hedge funds. Anyone who is thinking of setting up a hedge fund will have been running a long only fund or trading a book long enough to know all of this. Informative and easy to read for the lay person, private investor or student, but of no practical use to anyone who might actually be looking to set up their own fund. Certainly not a professional's guide.
Rating:
Summary: What a great book!
Review: If you want to start a Hedge Fund this is the book to begin with. It outlines all the different aspects of the industry that you have to think about before making your decision and set up the whole thing. Good luck!
Rating:
Summary: What a great book!
Review: If you want to start a Hedge Fund this is the book to begin with. It outlines all the different aspects of the industry that you have to think about before making your decision and set up the whole thing. Good luck!
Rating:
Summary: Some useful advice, but needs practical trades.
Review: This book had some useful information on setting up a hedge fund, especially the information on regulation. Experienced professionals may find it weak in certain areas, hence the 4 stars. I was hoping for more information on how to create leverage and more examples of current trading strategies. For instance, hedge funds use products such as total return swaps and credit derivatives (options and swaps) to create leverage using off-balance sheet transactions. "Credit Derivatives" by Janet Tavakoli, gives examples of how hedge funds use these products and the risks involved.
Rating:
Summary: Uh-huh. UhUh!!
Review: This book only gives a brief overview to the actual nuts and bolts of starting a hedge fund. Instead it spends time explaining various hedge fund strategies, risk-management approaches, and basic entity structures (what is a c-corp? what is an s-corp? what is an llc?). As someone who has started a fund in the past and is looking to start another, this book was a disappointment. If you are learning the info in this book for the first time, you probably shouldn't be starting a fund in the first place.
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