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Copyrighted Material P1: JYS ind JWBT167-Caia August 24, 2009 14:4 Printer: Yet to come Index Absolute priority, 479 fixed income arbitrage, 136–9 Absolute return strategies, 15, 166–8 and futures pricing, 318–23 Acceleration, 466 merger arbitrage, 131–4 Active beta, 31–2, 34 relative value arbitrage, 143–5 Active futures indexes, 377 stub trading, 144–5 Active management, 47–52 volatility arbitrage, 144, 145 Activist hedge funds, 129–30, 215 Arbitrage CDOs: Administrative review, 187–9 vs. balance sheet CDOs, 552–3 Advisory committee, 191 cash flow, 555, 565, 571 Algorithms, 232 defined, 565 Allied Stores, 443 market value, 555, 567–8 Alpha, 27–8, 42 profiting from, 569–71 Alpha/beta separation, 35–46 projected return for equity, 567 Alpha drivers: structure of, 565, 570 in asset allocation, 17–9, 20–1 synthetic, 568–9 and asset management, 45 Arbitrage hedge funds, 220–5. See also categories of, 15 Convergence trading hedge funds defined, 12, 23 ARCH Venture Partners, 411 separation from beta drivers, 14–7, 35–46 Arithmetic mean, 598–600 Alpha engines, 142 Art as an asset, 4 Alpha generation, 38–40 Asset allocation: Alpha testing, 413 asset classes and, 6 Alternative assets: asset location vs. trading strategy, 8–9 defined, 3 considerations in, 17–21 distinguishing characteristics of, 4 constrained vs. unconstrained investing, 7–8 importance of, 11–21 defined, 6 overview, 3–10 efficient vs. inefficient, 7–8 Alternative beta, 15, 26–8, 33–4, 39 with hedge fund indexes, 267–71 Amaranth Hedge Fund, 287–9COPYRIGHTEDinflation MATERIAL hedging, 19 AMC Entertainment Holdings, 484 pension plans, 19 American Express Financial Advisors (AEFA), 585 real estate, 19–20 AMF Bowling, Inc., 447–8 strategic, 6–7 Analysis plan formulation, 607, 608 tactical (TAA), 6–7, 32 Angel investing, 412 Asset management: Anschutz, Philip, 481–2 evolution in, 44–6 Applied Microbiology, Inc., 411 governance in, 42–4 Appraisals, 84–6 information asymmetry in, 39–40, 43–4 Arbitrage: multiboutique products, 46 convertible bond arbitrage, 139–41 polarization in, 45–6 currency, 321 solutions-based, 45–6 defined, 135–6 Asset verification, 183 635 P1: JYS ind JWBT167-Caia August 24, 2009 14:4 Printer: Yet to come 636 Index Asset-weighted indexes, 266–7 Beta testing, 412 Asymmetry in asset management, 39–40, 43–4 Bias: Au Bon Pain, 493 catastrophe/liquidation, 241–2 Auctions, 489–90 with hedge fund data, 259 Autocorrelation, 626–7 instant history (backfill), 257–8, 259 liquidation, 241–2, 258, 259 Backfill bias, 257–8, 259 selection, 241, 257, 259 Backfilling, 241 survivorship, 240–1, 257, 259 Backwardation, 323–7, 340 Binary call options, 540–1 Balanced mandates, 36–7 Binary put options, 539–40 Balanced venture capital funds, 392 Black box, 172, 231–2 Balance sheet, 402 Black-Scholes option pricing model, 275–6, 285 Bankruptcies, 443 Blackstone Group, 422 Chapter 7, 480 Blue Coat Systems, 415–7 Chapter 11 overview, 478 Bond substitutes, 166 debt to own, 478 Breadth of strategy, 48–51, 60, 62–3 and distressed debt, 475–80 Bridge financing, 457–8, 459 prepackaged, 478 Brin, Sergey, 412 Barbarians at the Gate, 420 Brown, Stephen, 257 Barclay Newedge CTA Index, 378–9 Bulk beta, 32–3, 34 Barclays Capital, 580–1 Burn rate, 403 Barclays CTA composite index, 266, 377, 382 Business plans, 398–404, 445 Barneys, 475 Buy-and-build strategies, 433 Basis risk, 588 Buy-and-hold strategies, 432 Bayou Management, 292–3 BCE (Bell Canada), 434–5 CacheFlow Inc./Blue Coat Systems, 415–7 Beatrice Foods, 432 California Public Employees’ Retirement System Bechtolsheim, Andy, 412 (CalPERS), 21, 129, 297 Benchmarks: CalPine Corporation, 485–6, 585–6 for alternative assets, 54 Campeau, Robert, 443, 484–5 establishing, 180 Capacity of investment strategy, 182 identification of, 52 Capital, committed vs. invested, 397 managed futures, 371–5 Capital asset pricing model (CAPM), 38, 509, 595 purpose of, 271 (see also Hedge fund indexes) Capital assets, defined, 3–4 and risk management, 54–5, 158–9 CapitalSource Finance, 493 Berg Electronics, 432 Capital structure arbitrage, 130, 289–90 Bespoke beta, 24–6, 33–4, 45 Carlyle Capital Corporation, 290–2 Beta: Carlyle Group, 290–2, 421, 426 active, 31–2, 34 Carr, Dayton, 495 alternative, 15, 26–8, 33–4, 39 Casey, Frank, 295 bespoke, 24–6, 33–4, 45 Cash flow statement, 402 bulk, 32–3, 34 Catastrophe bias, 241–2 cheap, 28–31, 34 CDOs. See Collateralized debt obligations (CDOs) classic, 23–4, 33–4 CDO-squareds, 583–4 with commodities, 311–3 Chapter 11, 476–80. See also Bankruptcies defined, 183 Cheap beta, 28–31, 34 fundamental, 27–8, 34 Chelo, Neil, 294 pricing of, 44 Chen, Steve, 407 types of, summary, 33–4 Chicago Board of Trade (CBOT), 368 Beta continuum, 23–34 Chicago Mercantile Exchange (CME), 368 Beta drivers: CISDM CTA Indexes, 380–1, 383 and asset allocation, 17–9 Citigroup, 487 defined, 12, 23 Classic beta, 23–4, 33–4 linearity of, 13–4, 24, 33, 52 Clawbacks, 189, 398 separation from alpha drivers, 14–7, 35–46 Clayton Dublier & Rice, 421, 426 Beta expansion risk, 248–9, 299 Club deals, 490–2 Beta one, 31–2 Coefficient of determination, 621–7 P1: JYS ind JWBT167-Caia August 24, 2009 14:4 Printer: Yet to come Index 637 Collateralized bond obligations (CBOs), 551 natural resource companies, 311–3 Collateralized commodity obligations (CCOs), physical ownership of, 311, 322 580–1, 582 pricing, compared to financial assets, 327–32 Collateralized debt obligations (CDOs), 551–73 risk premiums on, 323–7 arbitrage CDOs, 552–3, 555, 565–71 (see also supply disruptions, 334–5 Arbitrage CDOs) swaps, 314 balance sheet CDOs, 552–3, 557–65 Commodity Exchange Act (CEA), 369 basic structure and waterfall cash flows, 557 Commodity Exchange of New York (COMEX), 368 basis risk, 588 Commodity exchange-traded funds (ETFs), 317 benefits to banks, 561–3 Commodity futures, 313, 317–8, 322–3 cash flow CDOs, 555 as asset class, 335–7 cash-funded balance sheet CDOs, 557–8 as defensive investment, 360–5 cash-funded CDOs, 553–5 defined, 3 CDO-squareds, 583–4 economics of, 329–35 collateralized commodity obligations (CCOs), and efficient frontiers, 356–60 580–1, 582 and event risk, 332–5 credit enhancements, 563–5 inflation and, 330–1, 353–6 default rates, 587 as inflation hedge, 353–6 difference in payment dates, 588 for portfolio diversification, 336–7 differences in periodicity, 588 pricing, 329–35 distressed debt CDOs, 575–6 Commodity futures indexes, 337–53 example of, 571–3 Commodity Research Bureau (CRB) Index, funded vs. unfunded, 555–6 348–9, 351–2, 358–9 growth of market, 552 compared to managed futures, 338 hedge fund CDOs, 576–80 comparisons of, 351–2 life cycle, 571 component comparisons, 341–2 market meltdown, 590–1 description of, 337–8 market value, 555 diversification rules, 346 new developments in, 575–84 Dow Jones–AIG Commodity Index (DJ-AIGCI), overcollateralization, 564 344–8, 351–2, 354–6, 358, 362 overview graphic, 554 Goldman Sachs Commodity Index (GSCI), private equity CDOs, 581 343–4, 345, 346–8, 351–2, 357–8, 362 risk case study, 590–1 investing in, 342 risks of, 584–90 Mount Lucas Management (MLM) Index, 350–1, single-tranche CDOs, 581 352, 354–6, 358–9 special purpose vehicles (SPVs), 556 return comparisons, 354–6 spread compression, 589 return sources, 338–41 structure of, 551–7 returns to, 341–2 synthetic arbitrage CDOs, 568–9 Reuters/Jefferies CRB Index, 348–9, 351–2 synthetic balance sheet CDOs, 558–61 Commodity Futures Trading Commission (CFTC), synthetic CDOs, 542, 554–6 369 Collateralized loan obligations (CLOs), 551, 553, Commodity Pool Operators (CPOs), 367, 369 563–5 Commodity pools, 367 Coller, Jeremy, 495 Commodity Research Bureau (CRB) Index, 348–9, Comdisco, Inc., 408–9 351–2, 358–9 Commodities, 4, 309–28 Commodity Trading Advisor (CTA) fund indexes, backwardation, 323–7 371, 372, 375–6 chart of annual returns, 335 Commodity Trading Advisors (CTAs), 262, 367, commodity-linked notes, 314–7 369 compared to other investments, 309–11 Commodity trigger swaps (CTSs), 580 downside protection summary, 364 Comparable sales method of appraisal, 84–6 exchange-traded funds (ETFs), 317 Competitive advantage, 181 exposure to, 311–7 Compounding, 594–6 forward contracts, 314 Concentrated portfolios, 15 futures contracts (see Commodity futures) Conglomerates, 432, 446–7 introduction to, 309–11 Consensus funds, 36–7 market economics, 323–7 Consumable assets, 4 P1: JYS ind JWBT167-Caia August 24, 2009 14:4 Printer: Yet to come 638 Index Contango markets, 324–7 Crowded shorts, 249–50, 298–9 Convergence of leveraged opinions, 254 CSFB Private Equity, 492 Convergence trading, 178–9 CSFB/Tremont Investable Managed Futures Index, Convergence trading hedge funds, 135–45, 206, 377–8 207, 220–5 CSFB/Tremont Managed Futures Index, 377–8 Convertible arbitrage funds, 139–41 Currency arbitrage, 321 Convertible bond arbitrage hedge funds, 220–2, 294 Currency crises, 157 Convertible bonds: Currency futures, 320–1 arbitrage, 139–41, 234–5 Currency risk, 26–7 in asset allocation, 18, 19, 20 Current yield, 598 and cheap beta, 28–31, 40 defined, 139 Data risk, 240–2 risk factors, 28–9, 40, 141 Debt. See specific types of debt Convertible debt, 414, 502 Debtor-in-possession financing, 480 Convertible preferred shares. See Convertible debt Debt to own, 478 Core properties, 106, 107, 110 Dedicated REITs, 72 Corporate governance investing, 129–30 Default risk, 529, 584–5 Corporate restructuring hedge funds, 130–5, 205, Dell Ventures, 408 207, 215–9 Derivative securities, 180, 186 Corporate venture capital funds, 407–9 Director’s fees, 437 Correlation coefficients, 97–9, 312, 618–21 Direct secondaries, 496–7 Correlation
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