INTRODUCTIONMajor Themes and Organization of the Book

While the book covers a wide range of topics, it is also guided by a number of recurring themes. It is important to make these themes explicit at the start because they define the major issues confronting hedge funds, their investors, and their regulators.

HEDGE FUNDS ARE REMARKABLY DIVERSE

Unlike mutual funds, which are constrained by regulation and investor expectations to conform to rigid and well-defined categories, hedge funds cover a wide and varied territory. The very fact that hedge funds have the flexibility to evolve and change their strategy makes it impossible to develop a fixed typology of the industry.

There are hedge funds that closely resemble mutual funds; they pursue primarily ...

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