The aim of the book is to provide practical guidance for the investor when compiling due diligence and deciding on an investment or against it. The focus of the book lays on the risk assessment and due diligence. It captures fund's internal and external risks and the investment style specific risks. The aim is to provide sound guidance to the alternative investment fund selection. The UCITS 3 directive widens investment tools for the traditional asset managers by allowing short selling of securities and diminishing the gap between the traditional and the alternative asset management industry and attracting traditional managers to the alternative investment universe. The author concentrates on three categories: Relative Value and Market Neutral, Event Driven and Opportunistic alternative investment funds. Whilst the industry is generally categorized into certain fund types it has to be stated that every fund is different and will have different risk attributes. Within the specific categories major risks will be the same, as the exposure towards the specific underlying will be similar. Still every single fund has to be examined on its own in detail, as it will have the specific alpha generating competitive advantage. Thus the author suggests a pre-selection of the potential fund manager or the management team by analysing the team and the fund's performance first. The analysis goes through the quantitative figures and the qualities of the management team. Detailed knowledge about the strategies and its fit into the portfolio is worthless unless the investor is able to select the performing manager. Without that skill the probability of ending up with an underperforming alternative investment fund or a blow-up is huge. The analysis of the management team qualities shows behaviour patterns helping to detect management teams, which are tending towards moral hazard. Secondly, the alternative investment fund style specific risks are examined. The author gives an overview
Grounded Swan is a true story of psychic predictions of a mother and daughter that come true. Ingrid, the daughter, becomes mentally ill from attending school in Denmark. There she meets a teacher who is a lesbian and a psychic. The teacher torments Ingrid and warns her that she will come into her future to haunt her. Eight years later this happens, and for twenty-three years Ingrid continues to hear the teacheras voice criticizing her every move, until one day she is free from the voice. This book suggests there is a psychic world that can affect the well-being of an individual. The medical profession should recognize this in their diagnosis of schizophrenia. Ingrid was possessed and not a true schizophrenic.
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