July 2007
Beginner
312 pages
7h 8m
English
book
Hedge Fund Risk Fundamentals: Solving the Risk Management and Transparency Challenge
by Richard Horwitz, Ramon Koss
Content preview from Hedge Fund Risk Fundamentals: Solving the Risk Management and Transparency Challenge
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CHAPTER 16
Transparency
Webster's Dictionary provides multiple definitions of “transparency.” The first is: “Having the property of transmitting light through its substance so that bodies situated beyond or behind can be distinctly seen.”
Applying this to portfolio disclosure would suggest that each position, the “bodies” of a portfolio, should be explicitly disclosed, or “distinctly seen.”
Another definition of transparency is: “Having the quality of being easily understood, manifest, obvious.” Transparency, then, according to this second definition, shows the important figures while filtering out the subtle details. The increased transparency ...
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