A useful discussion of hedge fund transparency as it relates to the needs of institutional investors can be found in Anson (2002), Chapter 9. In the course of his discussion there he mentions still another form that the lack of hedge fund transparency can take, when he informs us that Long-Term Capital Management carried some 60,000 positions in its portfolio.
I quote from Mr. Swensen in several places in this volume, and his publisher has requested that I provide the following acknowledgment: Pioneering Portfolio Management: An Unconventional Approach to Institutional Investing by David F. Swensen. Copyright © 2000, 2009 by David F. Swensen. Reprinted with permission of the Free Press, a division of Simon & Schuster, Inc. All rights reserved. ...