Risk Management

New PDF release: Alternative Investments and the Mismanagement of Risk

By Dimitris N. Chorafas (auth.)

ISBN-10: 0230508944

ISBN-13: 9780230508941

ISBN-10: 1349510262

ISBN-13: 9781349510269

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Extra resources for Alternative Investments and the Mismanagement of Risk

Sample text

This is not true of derivatives, which are typically traded OTC, and of many other products with which hedge funds are engaged. ‘Derivatives are not necessarily traded over the counter,’ said a reviewer. Here, I am afraid, we are playing with words. This is the kind of statement by the merchandisers of risk to which I particularly object, because it is made to misguide the unsophisticated end-investor. 3 show, but also the more exotic – and therefore the more risky derivatives – are strictly traded OTC.

In the money market, they will only get a low one-digit interest per year. Over and above full investment comes high leverage (more about this later). One can understand how pension fund managers and other institutional investors are bewildered by the barrage of calls they receive inviting them to consider individual hedge fund or fund of funds. This is not surprising. What is surprising is that many managers have made the transition to ‘hedge funds thinking’ without appreciating that the required skills to keep it running are a scarce commodity.

This does not permit them to act meaningfully within the new perspectives, or to ask the questions which are right for the new type of investments rather than for the old. Are Alternative Investments Inherently Risky? 45 Because organisations are made of people, to understand how an entity and the environment within which it works operates, as well as what it might be doing in the months and years to come, it is necessary to meet the people who are at the controls, understand how they think and see how they decide.

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

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