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Hedge funds are one of the fastest growing sectors in the investment world, and yet shrouded in secrecy. After a few turbulent years, hedge funds are now more accessible to the retail market than ever before and are being adopted with increased confidence and vigour. As the name suggests, 'hedging' aims to protect against the ravages of the unexpected. The term 'hedge fund' covers a multitude of investment strategies, all designed to make money whatever happens to stock markets. They aim for absolute gains and so offer the prospect of returns whatever the market conditions. Since the first edition of this book there has been a major turnaround in the fortunes of the hedge fund industry with the number of fund managers investing pension fund and other institutional money in hedge funds doubling in the last year. Beverly Chandler, editor of Hedge Fund Review, explains the enormous changes that have taken place in the hedge fund industry over recent years and analyses the attraction of the sector to a wide range of investors. Contents include: Hedge funds: history, type and reality The hedge fund universe: size and structure Hedge fund investment: sectors and styles Hedge fund performance: investment returns and indices Putting it together: fund selection and risk analysis Hedge fund managers Hedge fund investing and law: regulation and remedies Hedge funds and the future. The inside track on high performance