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Investing in Hedge Funds, Revised and Updated Edition by Joseph G. Nicholas

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GLOSSARY
Arbitrage. The simultaneous purchase and sale of a security or pair of similar securities to profit from a pricing discrepancy.
Average gain. The average percentage gain in periods with a positive return.
Average loss. The average percentage loss in periods with a negative return.
Beta. A measure of how much the value of a security or portfolio of securities moves in relation to the average performance of the stock market for a given period of time. In this book, beta is calculated by comparing the price movements of the HFR indices with the S&P 500 index of blue-chip stocks.
Boom-bust sequence. The process by which the value of an instrument or class of instruments is pushed to a valuation extreme, reverses itself, and crashes back ...

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