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All About Hedge Funds, Fully Revised Second Edition, 2nd Edition by Ezra Zask

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PREFACE

I founded a hedge fund in 1991 and spent the subsequent 20 years in the hedge fund industry, participating in its amazing transformation. There were fewer than 1,000 hedge funds managing $58 billion in 1991 compared with over 10,000 funds managing $2 trillion today. The dominant hedge fund strategy in 1991 was “global macro,” which entailed leveraged bets on the direction of global currency, interest rates, commodities, and stock markets, whereas today the strategies pursued by hedge funds are diversified and divided between equity, fixed income, global macro, and others. Finally, the investors in 1991 were predominantly wealthy individuals while today they are largely institutions, including pension funds, university endowments, and ...

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