Handbook of Alternative Assets (Wiley Desktop Editions)
by Mark J. P. Anson PhD CFA
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Book Summary Information
Author: Mark J. P. Anson PhD CFAEdition: Hardcover
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2006-09-01
ISBN: 047198020X
Number of pages: 720
Publisher: Wiley
Book Reviews of Handbook of Alternative Assets (Wiley Desktop Editions)
Book Review: Uneven
Summary: 3 Stars
I have to agree with the woman from SC below -- this book is horribly edited. The typos are everywhere.
Also, some of the statements are questionable generalizations - e.g. p.100, Anson is quoting a hedge fund document:
Anson:
"Consider the following language from a hedge fund disclosure document.
'The fund's objective is to make investments in public securities that generate a long term return in excess of that generated by the overall US equity market...'
...[T]he manager identifies that it invests in the US public equity market."
In fact, the sentence quoted from the hedge fund document does not state what Anson says, only that the return should exceed the overall US equity market, long-term, by investing in public securities, not necessarily US public equities.
There are also questionable statements about portfolio theory: p.21 "Diversification, [comma? sic] is a way to minimize the risk of underperformance, but, at the same time, it minimizes the probability of outperformance."
In fact, diversification's benefit can be divorced from any benchmark, and the conclusion that a reader might draw from this (that concentrated managers will outperform more diversified ones with regularity, or are somehow more attractive) is misleading. Concentrated managers will have higher variance. Diversification decreases the expected variance around the expected mean return -- it does not necessarily lower the expected return (if you diversify with higher returning investments, your expected return can go up while your expected variance can come down, even if the new investments are more volatile that the old), or the "probability of outperformance", which is not an output of portfolio theory.
A more accurate statement in this context would be that, "As your portfolio converges to the benchmark portfolio, your returns will converge to the benchmark return."
Here's one more: p. 102
"Generally, process risk is not a risk that investors wish to bear. Nor is it a risk for which they expect to be compensated. How would an investor go about pricing the process risk of a hedge fund manager? It can't be quantified, and it can't be calibrated. There is no way to tell whether an institutional investor is being properly compensated for this risk."
The second sentence here answers the fifth sentence? Since process risk is entirely diversifiable, the proper compensation (risk premium) for this risk is simply zero.
There are lots of these. It's just too broad, too sweeping in it's generalizations, which lead to more questions.
Summary of Handbook of Alternative Assets (Wiley Desktop Editions)
Since the first edition of the Handbook of Alternative Assets was published, significant events-from the popping of the technology bubble and massive accounting scandals to recessions and bear markets-have shifted the financial landscape. These changes have provided author Mark J. P. Anson with an excellent opportunity to examine alternative assets during a different part of the economic cycle than previously observed in the first edition.Fully revised and updated to reflect today's financial realities, the Handbook of Alternative Assets, Second Edition covers the five major classes of alternative assets-hedge funds, commodity and managed futures, private equity, credit derivatives, and corporate governance-and outlines the strategies you can use to efficiently incorporate these assets into any portfolio. Throughout the book, new chapters have been added, different data sources accessed, and new conclusions reached.
Designed as both an introduction to the world of alternative assets and as a reference for the active investor, the Handbook of Alternative Assets, Second Edition will help you match alternative assets with your various investment goals.
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