Risk Management

Alternative Investments and the Mismanagement of Risk - download pdf or read online

By Dimitris N. Chorafas (auth.)

ISBN-10: 0230508944

ISBN-13: 9780230508941

ISBN-10: 1349510262

ISBN-13: 9781349510269

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Additional resources for Alternative Investments and the Mismanagement of Risk

Example text

The average alternative investments’ customer may not recognise it, but the exposure he or she is taking with highly leveraged instruments can eventually consume all of the capital put at risk. Part of the reason for accepting such high levels of risk can be explained by greed, or at least an aggressive attitude towards the seesaw of risk and reward. The other part is explained by the expectations of investors being raised, with Are Alternative Investments Inherently Risky? 33 respect to year-to-year profitability of their assets.

Such facts contradict what is said by many merchandisers of risk through alternative investments who describe their vehicle as ‘the billion dollar sure thing’, using the argument of diversification – across investments, across funds, across strategies – to substantiate their claims. A globally diversified portfolio using long/short and macro strategies seems attractive, but, it is also very risky, and the results may not be commensurate with the assumed exposure. Even if the risk aggregator seeks to deliver enhanced returns, and says that he diversifies between investment styles and markets, he does not do away with exposure.

An interesting meeting with one of the better managed hedge funds Learning how to work with hedge funds, and most particularly how to exercise effective risk control, is tantamount to adapting to ‘turn of the millennium’ realities. Therefore, this text rather than being ‘against’ hedge funds, as some of the reviewers tend to believe, is a contribution to their risk control – the Achilles heel of the majority of them (see also Chapter 3). My fundamental message to all investors and potential investors in hedge funds is to: ● ● ● ● meet with the correct people; ask the right questions; carefully examine risk control and worst case scenarios; ensure you are satisfied with the answers.

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Alternative Investments and the Mismanagement of Risk by Dimitris N. Chorafas (auth.)

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