Active Alpha / Wiley Finance Editions (ePub)

Preface. Acknowledgments. About the Author. Part One. Alternative Investments and Investors. Chapter 1. Introduction. Integration of Alternative Investments and Traditional Asset Classes through Factor Analysis. Approaches to Portfolio Construction. The Identification of Alpha and Beta in New Investment Strategies. What the Future Holds. Summary. Chapter 2. Investors in Alternative Investments and the Necessary Ingredients for a Successful Program. Types of Investors and Their Approaches to Alternative Investments. The Necessary Ingredients for a Successful Alternative Investment Program. Support from Investment Management Firms and Consultants. Investors Deciding To Minimize the Use of Alternative Investments. Summary. Chapter 3. Hedge Funds. Performance and Diversification Attributes. Market Segmentation. Hedge Fund Strategies. The Construction of a Segregated Portfolio of Hedge Funds. Summary. Chapter 4. Private Equity. Performance and Diversification Attributes. Dispersion of Returns. Private Equity Strategies. The Construction of a Segregated Portfolio of Private Equity. Summary. Chapter 5. Real Estate. What Is the Attraction? Real Estate Strategies. The Construction of a Segregated Portfolio of Real Estate. Summary. Chapter 6. Currency, Commodities, Timber and Oil & Gas. The Qualitative Determinant of Returns. The Attraction of Currency. The Attraction of Commodities. Currency and Commodity Strategies. The Attraction of Timber. Timber Strategies. The Attraction of Oil & Gas. Oil & Gas Strategies. The Construction of a Segregated Portfolio of Currencies, Commodities, Timber and Oil & Gas. Summary. Part Two. Alternative Investments in Traditional Portfolios. Chapter 7. The Migration of Hedge Funds into the Private Equity Realm. Are Hedge Funds Gaining Market Share from Private Equity? How Well Suited Are Hedge Funds To Private Equity Investments? The Power of Compounding. A Comparative Advantage for Private Equity. The Fee Differential between Hedge Funds and

ALAN H. DORSEY is a Managing Director and Alternative Investment Strategist at Lehman Brothers. He is cohead of Portfolio Advisory for the Private Investment Management group that serves Lehman's high-net-worth clients and head of Portfolio Strategy for multi-asset class -institutional portfolios with a focus on alternative investments. Prior to joining Lehman Brothers, Dorsey was managing director and director of non-traditional investments and research at RogersCasey, a leading consultant to pension funds and other institutional investors. He holds a BA in economics from Wesleyan University and is a Chartered Financial Analyst. Since 1997, Dorsey has served as a member of the investment committee for Wesleyan University, where he is a past trustee. He became a trustee for the Lehman Brothers defined benefit pension plan in 2007.

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