Hedge fund investment is a specialist area that is largely immune to market upturns and downturns, and can potentially profit when prices are falling. Because of this, there is growing interest in this area from investment professionals - many of whom have little or no knowledge of how these funds operate. Disappointing returns from the mainstream markets has accelerated interest in the area, and many otherwise experienced investment professionals are scrambling to reinvent themselves as hedge fund specialists. The particularly high margin that hedge funds can offer has further fuelled their popularity. How to Invest in Hedge Funds is written by one of the most experienced practitioners in the field and provides a uniquely balanced approach that outlines both the failings and advantages of this kind of fund. The book is an accessible and practical guide that unravels all the relevant considerations when investing in hedge funds. The book is packed with the practical issues and examples and guides the reader through the whole process. Contents include: * Definition, origin, structure and life cycle of a typical hedge fund * Risks and merits of hedge funds * Types of hedge fund strategy * How to select a hedge fund * Portfolio construction and management * How to organise a hedge fund research effort * Funds of hedge funds