The Hedge Fund Book: A Training Manual for Professionals and Capital-Raising Executives First Edition

Richards book allowed me to get a much better grasp of the industry as I launched my second Fund. Things have changed; mainly the transparency and Industry "Best Practices". He doesn't help with strategy, nor does he try. Without one, you don't need the book! Once you decide to move frwrd, the book provides a ton of advice, guidance, recommended websites, video modules,and references. Also provided is an outline of a Due Diligence Questionnaire. This, I found, very valuable. The interviews are real, real people in the know, real answers to important questions. I was not turned off by this method at all. As for the real advice and honesty on Cap Raising; it is what I needed to hear. And, it is accurate. I give five stars mainly because it would be on my "must have" list for a HF starting out, or attempting to implement "Best Practices".

Richard Wilson has created an excellent manual for new and existing hedge fund managers. In addition to his blogs, this material cuts to the chase and describes in layman terms each functional area of a hedge fund business (marketing, sales, operations, service providers, etc.). As a new hedge fund manager that is in the middle of launching, I can assure you that this book is where you must start. This book includes valuable insights from other hedge fund managers as well as critical information on what causes hedge funds to fail as a business. As a co-founder of a family of mutual funds that operated for almost ten years, you don't want to miss the opportunity to find out where you may have weaknesses or blind spots. The Hedge Fund Book is to the point, practical and provides the actionable steps if you want to be successful in creating a new hedge fund or more importantly taking your hedge fund to the next level.

I'm looking at this book as someone outside of finance looking to get in.Pros:Emphasizes creation of marketing materials. Talks about topics to mention specifically in marketing--very helpful.New insight: Focus on selling process, trust, risk management (especially) and infrastructure rather than returnsAuthor has extra videos online that extend book topics, free discounts on related services. Author is well intentioned.Really liked that he included a standard due diligence questionnaireCons:Points made are often basic (emphasize unique selling proposition, positive thinking), rather than specific - Leaves out prime brokers & cap intro, soft dollars, legal & compliance issues (3c1vs 3c7, accredited vs qualified, etc.), historic context (Dodd-Frank legislation impact, rise of high frequency) & industry landscape (funds vs fund of funds, institutions vs family offices etc).Author comes off as obsequious in the interviews when he always agrees with subjects. Too many interviews with service providers, not enough with name brand hedge fund managers. Study questions seem silly for a non-academic book.

The messages delivered in this book is clear. There are many considerations for hedge fund start-ups and those wanting to grow larger and better and this book paves the way for such tiresome endeavors. Spoilers not included, there are certain executions that are necessary to ensure investors' confidence and ease-of-mind. These often forgotten, neglected and forsaken steps are emphasized here and one should never overlook such simple procedures.The book is written in a casual style of interviews. It is easy to read and comfortable to study.On hindsight, the delivery can be more structured. The links to the videos no longer exist because the book was written in 2010 and some of the links has expired. The videos are supplements to the book that gives it extra value but the value is not accessible and this can be rather frustrating. Still, a good read.

I have read many books on hedge funds and the hedge fund industry. This one stands out because it is clearly written by someone who is actually involved with hedge fund formation. The advice is practical, rather than dry academic theory, or an attorney writing about the numerous pitfalls that can befall the unwary who fail to retain the proper counsel. Many of the resources in the book are associated with the author, Richard Wilson, however he fully discloses them in advance, and these tend to add to his credibility on the subject. Along with numerous small hints and tips, Wilson goes into great detail on the items investors are truly seeking in hedge funds, e.g. transparency. I also liked the fact that he did not gloss over the difficulties involved in raising funds, accurately portraying the process as a long one that never really stops.

This book is jammed packed with the ultimate insider information about the Hedge Fund industry. It is a first person, first hand account of the challenges, achievements and desires of the top Hedge Fund professionals of today. It is a how to book on everything from the way a Hedge Fund should communicate with the world, from e-mail, to phone and during real person visits to the actual due diligence the market demands today. One of my favorite things about the book is that it is an unbelievable resource with references, websites, professional development, career advice and a list of contacts in the industry. Something tells me that I will be going back to this book time and again for advice, techniques and the vast amount of resources it contains for many years to come.