Question 1: Hedge Funds

[oread]

What is hedge fund? Why invest in hedge funds?

 

[小傻]

最初由 渐渐 发布
What is hedge fund? Why invest in hedge funds?

Have you googled?:blink:

 

[sean]

中文叫对冲基金，这些基金由多支不同类型的股票组成一个portfolio 那些人预测市场走势，然后在Market快速变化之前，重新调整投资组合，不至于亏损厉害，同时，也不会盈利太多。他们的目标是确保每一个月有一点点盈利，换来一年的盈利，而不是看一年的总走向。

最初由 渐渐 发布
What is hedge fund? Why invest in hedge funds?

 

[oread]

对冲基金 has no meaning to me.
Hedge funds orgs heavily advertise that they have above-average returns with below-average risks, how is that possible? And what does it mean that they don't use normal investment benchmarks to valuate returns?

 

[oread]

Are there any regulations on hedge funds trading in Canada?

 

[sean]

对冲，就是人家在囤，你在抛！

 

[oread]

You didn't get what I meant, just forget it. Isn't it true that many hedge funds do not actually use the hedging technique?

 

[挺傻]

The term "hedge fund" is loosely defined and does not always imply a hedging technique is being used. Hedge funds today employ all different types of strategies, and the appropriate description could simply be conveyed as “any unregistered, privately-offered, managed pool of capital for wealthy, financially sophisticated investors.”
Hedge funds are usually structured as partnerships, with the general partner being the portfolio manager, making the investment decisions, and the limited partners as the investors. Hedge fund managers attempt to produce targeted returns or absolute performance, regardless of the underlying trends in the financial markets. They implement a wide array of trading strategies, from equity, fixed-income, CTA portfolios, or mathematical algorithms, however they each strive to capture market inefficiencies.（他们主要利用的是market inefficiencies,因为一般如果投资者认可market efficiency theory，他们就会采用passive strategy and indexed ways 来投资

Hedge funds are subject to the same market rules and regulations as any trader. The strategies they utilize are not as easily accessible, especially for other regulated entities, such as mutual funds. （mutual fund一般只允许为了规避风险而使用hedging techniques)To achieve this "absolute return", hedge fund managers have the flexibility to incorporate different strategies and techniques that may include:

Short-selling: Sale of a security that you do not own, with the anticipation of purchasing it in the future, at a reduced cost.

Arbitrage: Simultaneous buying and selling of a financial instrument in different markets to profit from the difference between the prices

Hedging: Buying/selling a security to offset a potential loss on an investment.

Leverage: Borrowing money for investment purposes.

Hedge funds do not afford protection for the investor, which typically applies to most registered investment products. This includes the full set of protections applicable under federal and state securities laws. Simply, you will not get the same disclosure and transparency from a hedge fund than you would from a registered product, like a mutual fund.

 

[sean]

说得简单点，就是买了看涨的股票，但是又买了跌的Option；做了short的股票，又买了涨的option,这样就是对冲，减小了盈利和亏损的幅度。（要是不懂Option,请举手！）

为什么说他们是准保盈利呢，如果我们买股票或者Mutual fund,都是看长线整体走势的，并不会介意一天，两天甚至是一个月，两个月的波动，所以，买股票和Mutual fund的收益会随整体波动而波动。但是，我们的目光只看一天，两天，甚至更短，我们就会介意每一次的1%波动，这样，多次的短线，多次的交易，确保每个月有1-2%的回报，那么12个月下来也会有相当可观的投资回报。

 

[懒洋洋的人]

check them out on your own is the best solution. you can pretty much find all the canadian hedge funds info on the following websites. good luck!!!

http://www.canadianhedgewatch.com/

http://www.canadianhedgewatch.com/Newsletters/CHW_Vol02_Issue01.pdf

 

[胖蹄阿克]

又想马儿跑,还要马儿不吃草

 

[oread]

This is pretty much what I found on google.com
The last paragraph is unclear: do hedge funds don't provide a prospectus to investors?

最初由 挺傻 发布
The term "hedge fund" is loosely defined and does not always imply a hedging technique is being used. Hedge funds today employ all different types of strategies, and the appropriate description could simply be conveyed as “any unregistered, privately-offered, managed pool of capital for wealthy, financially sophisticated investors.”
Hedge funds are usually structured as partnerships, with the general partner being the portfolio manager, making the investment decisions, and the limited partners as the investors. Hedge fund managers attempt to produce targeted returns or absolute performance, regardless of the underlying trends in the financial markets. They implement a wide array of trading strategies, from equity, fixed-income, CTA portfolios, or mathematical algorithms, however they each strive to capture market inefficiencies.（他们主要利用的是market inefficiencies,因为一般如果投资者认可market efficiency theory，他们就会采用passive strategy and indexed ways 来投资

Hedge funds are subject to the same market rules and regulations as any trader. The strategies they utilize are not as easily accessible, especially for other regulated entities, such as mutual funds. （mutual fund一般只允许为了规避风险而使用hedging techniques)To achieve this "absolute return", hedge fund managers have the flexibility to incorporate different strategies and techniques that may include:

Short-selling: Sale of a security that you do not own, with the anticipation of purchasing it in the future, at a reduced cost.

Arbitrage: Simultaneous buying and selling of a financial instrument in different markets to profit from the difference between the prices

Hedging: Buying/selling a security to offset a potential loss on an investment.

Leverage: Borrowing money for investment purposes.

Hedge funds do not afford protection for the investor, which typically applies to most registered investment products. This includes the full set of protections applicable under federal and state securities laws. Simply, you will not get the same disclosure and transparency from a hedge fund than you would from a registered product, like a mutual fund.

 

[oread]

This sounds more like day-trading.

最初由 sean 发布
说得简单点，就是买了看涨的股票，但是又买了跌的Option；做了short的股票，又买了涨的option,这样就是对冲，减小了盈利和亏损的幅度。（要是不懂Option,请举手！）

为什么说他们是准保盈利呢，如果我们买股票或者Mutual fund,都是看长线整体走势的，并不会介意一天，两天甚至是一个月，两个月的波动，所以，买股票和Mutual fund的收益会随整体波动而波动。但是，我们的目光只看一天，两天，甚至更短，我们就会介意每一次的1%波动，这样，多次的短线，多次的交易，确保每个月有1-2%的回报，那么12个月下来也会有相当可观的投资回报。

 

[dongfang]

Re: Re: Question 1: Hedge Funds

最初由 sean 发布
中文叫对冲基金，这些基金由多支不同类型的股票组成一个portfolio 那些人预测市场走势，然后在Market快速变化之前，重新调整投资组合，不至于亏损厉害，同时，也不会盈利太多。他们的目标是确保每一个月有一点点盈利，换来一年的盈利，而不是看一年的总走向。

 

[挺傻]

我那个就是从GOOGLE摘下来的，括号里的是我写的。我觉得那段说的已经很清楚啦。
HEDGE FUNDS 和funds of hedge funds是提供prospectus的。

其实hedge fund只要就是利用了市场不100％ efficient的性质而从中操作。他们利用的技术不仅仅是hedging technique，就如sean所说的“买了看涨的股票，但是又买了跌的Option；做了short的股票，又买了涨的option”他们还关注国际市场不同的反映，在不同的金融市场利用各种derivatives进行操作。