Includes trading examples that illustrate points about risk management and leverage. Presents all the practical knowledge necessary to run a leveraged investment company. Non-technical explanations brings an element of transparency to a part of the investment world often thought of as difficult to understand.
Content is a bit dated. However, I think this is worth the read for newbies interested in gaining some knowledge about Hedge Funds and its affects, contribution to the global markets.
Reasonably low fluff-to-content ratio. Supplants the overview texts for those who wish to drill down into the mechanics of structuring a fund. For front-office investors who might easily forget that running a fund is also running a business, the chapters on business plans and fund accounting (tax allocations) are instructive.