The Handbook of Alternative Investments

247 Pages·2002·0.86 MB·English

by  Darrell Jobman

The Handbook of
Alternative Investments
Edited by
Darrell Jobman
John Wiley & Sons, Inc.

The Handbook of
Alternative Investments

The Handbook of
Alternative Investments
Edited by
Darrell Jobman
John Wiley & Sons, Inc.
Copyright © 2002 by John Wiley & Sons, Inc., New York. All rights reserved.
Published simultaneously in Canada.
Chapter 3 is reprinted with the permission of Thomas Schneewels at the University of Massa-
chusetts and the Alternative Investment Management Association (London, U.K.)copyright ©
2001.
Chapter 11 is reprinted with the permission of Merrill Lynch, Pierce, Fenner &Smith copyright
© 2001.
No part of this publication may be reproduced, stored in a retrieval system or transmitted in
any form or by any means, electronic, mechanical, photocopying, recording, scanning or oth-
erwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act,
without either the prior written permission of the Publisher, or authorization through payment
of the appropriate per-copy fee to the Copyright Clearance Center, 222 Rosewood Drive, Dan-
vers, MA 01923, [phone], fax [phone]. Requests to the Publisher for permis-
sion should be addressed to the Permissions Department, John Wiley & Sons, Inc., 605 Third
Avenue, New York, NY 10158-0012, (212) 850-6011, fax (212) 850-6008, E-Mail:
[email protected].
This publication is designed to provide accurate and authoritative information in regard to the
subject matter covered. It is sold with the understanding that the publisher is not engaged in
professional services. If professional advice or other expert assistance is required, the services
of a competent professional person should be sought.
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visit our Web site at www.wiley.com.
ISBN: 0-471-41860-9
Printed in the United States of America.
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about the editor
Darrell Jobmanis a writer and editorial consultant in Deerfield, Illinois. He
is an acknowledged authority on derivative markets and has spent his career
writing and publishing about them. He was the editor-in-chief of Futures
Magazine and is currently a contributing editor. He has edited and written
a number of training courses and books, the most recent of which was The
Complete Guide to Electronic Futures Trading published by McGraw-Hill.
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about the authors
Tremont Advisers is an Oppenheimer Funds Company. Tremont is a global
source for alternative investment solutions focused on three specific areas:
advisory services, information, and investment services. TASS Research is the
Tremont’s industry-leading information and research unit specializing in
alternative investments. HedgeWorld provides news and features about
hedge funds. CSFB/Tremont Hedge Fund Index provides the financial indus-
try with the most precise tool to measure returns experienced by the hedge
fund investor. Visit Tremont at tremontadvisers.com or call 914-925-1140.
Martin S. Fridson, CFA, is the chief high-yield securities strategist for
Merrill Lynch. He is a member of Institutional Investor’sAll-America Fixed
Income Research Team. He is a board member of The Association for
Investment Management and Research. He is the author of three books, each
of which are published by John Wiley & Sons, Inc.: It Was a Very Good
Year, Investment Illusions, and Financial Statement Analysis.
Thomas E. Galuhnis a senior managing director of Mesirow Financial’s pri-
vate equity division. He has had a number of senior management positions
with investment management and investment banking firms, including First
Chicago Investment Advisors. He is a director of a number or publicly owned
companies including Azteca Foods, Inc., SMS Technology, Inc., Jungle
Laboratories, Corporation, Meridian Financial Corporation, and Swingles
Furniture Rental, Inc. He received his B. S. degree from the University of
Notre Dame and an MBA from the University of Chicago.
Geoffrey A. Hirtis the Mesirow Fellow in finance at DePaul University, and
an advisor to Mesirow Financial Services. He is a frequent speaker at aca-
demic and professional conferences, and is a member of the Pacific Pension
Institute. He is the author of two leading textbooks in investments and cor-
porate finance. He received his Ph. D. from Texas Christian University.
John Lefebvreis president of Shareholder Relations, an investor relations
firm in Denver, Colorado. He is an acknowledged authority on employing
direct-marketing strategies in investor relations programs. He speaks and
writes about the most recent developments in stock trading and market
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