This book is a highly readable and interesting introduction to hedge funds. The author has taken on a monumental task -- trying to make understanding hedge funds accessible. Maybe it shouldn't be so hard to do that -- but to my knowledge this is the first book that really puts hedge funds into context.
While it is a relatively quick and enjoyable read, the book covers a lot of important ground -- the history of hedge funds, how hedge funds work and a series of in-depth profiles of hedge fund managers at work. These profiles illustrate how truly diverse these investment vehicles are.
The profile of Alfred Winslow Jones, credited as the founder of hedge funds, is particularly interesting. The recap of the events at Long-Term Capital and other big funds that posted big losses, are concisely presented.
Strachman makes it clear that anyone considering investing in hedge funds must do a lot of homework. This book will help investors formulate the right questions to ask.
At the same time, it is accessible enough for any investor who wants to know more about hedge funds.