This is the English version of the Table of Contents of my book "Introduction aux Hedge Funds".

1. INTRODUCTION AUX HEDGE FUNDS
Ed. Économica (Paris), April 2010 - 550 pages
This book presents the hedge fund industry into deep
details. It starts with the characteristics of these financial
institutions and describes their specificities.
More than half of the book focuses on the detailed
presentation of the investment strategies. Each hedge
fund strategy is presented into details and they are all
illustrated by several practical examples obtained directly
from hedge fund managers. The performance of the
different strategies is analyzed into details and over
various time frames.
Then, the book focuses on the regulatory environment in
which hedge funds are managed before focusing on the
role of hedge funds during the financial crisis that the
world faced over the last 20 years. This analysis includes
the subprime crisis of 2007 and the banking crisis of 2008.
The book then clearly distinguishes hedge fund from
mutual funds.
The book counts 550 pages in total and it is divided into 7
chapters listed hereunder. It has been completely
updated. It is illustrated by more than 100 graphs and
more than 50 tables. Over the next pages we report the
full table of contents.
CHAPTER 1 - WHAT IS A HEDGE FUND ? – 60 PAGES
CHAPTER 2 – HEDGE FUND CHARACTERISTICS – 80 PAGES
CHAPTER 3 - HEDGE FUND INVESTMENT STRATEGIES – 230 PAGES
CHAPTER 4 - HEDGE FUND PERFORMANCE OVER TIME – 40 PAGES
CHAPTER 5 - HEDGE FUND REGULAROTY ENVIRONMENT – 30 PAGES
CHAPTER 6 - HEDGE FUND? LTCM & RECENT CRISIS – 35 PAGES
CHAPTER 7 - HEDGE FUNDS VERSUS MUTUAL FUNDS – 15 PAGES
Added sections:
+ interesting websites
+ detailed index
+ glossary

2. TABLE OF CONTENTS
CHAPTER 1 - WHAT IS A HEDGE FUND ? CHAPTER 2 – HEDGE FUND CHARACTERISTICS
1. Hedge fund: definition 1. Hedge fund data providers
2. Hedge funds over time 1.1. Indices – classifications
2.1. Hedge fund origin 1.2. Daily indices
2.2. The growth of the industry from 1949 until today 2. Hedge fund creation
2.3. The repartition of the industry in investment 2.1. Definition of the objective of the fund
strategies 2.2. Investment strategy
3. Hedge funds in the world 2.3. Risk profile accepted
3.1. Hedge funds in the US & in Canada 2.4. Alternative risks selection
3.2. Hedge funds in Europe 2.5. Manager
3.3. Hedge funds in Asia 2.6. Management methodology
3.4. Hedge funds in Eastern Europe 2.7. Hedge fund domicile
3.5. Hedge funds in Latin America 2.8. Distribution
3.6. Future perspectives of the industry 3. Hedge fund typical structure
4. The big names in the hedge fund world 4. Hedge funds & risk
4.1. Georges Soros 4.1. Investment risk
4.2. Julian Robertson 4.2. Model risk
4.3. Michael Steinhardt 4.3. Manager & industry risk
4.4. John Paulson 4.4. Portfolio construction risk
4.5. Louis Bacon 4.5. Valuation risk
4.6. Paul Tudor Jones II 4.6. Infrasturcutre & governmental risk
4.7. Bruce Kovner 4.7. Counterparty risk
4.8. Steve Cohen 4.8. Default risk
4.9. Alan Howard 4.9. Liquidity risk
4.10. Stephen Feinberg 4.10. Operational risks
Chapter summary 5. Hedge fund investors
5.1. Typical investors
5.2. Institutional investors
6. Constraints
6.1. Minimum investments
6.2. Liquidity constraints
6.3. Global assets limit
7. Fee structure
7.1. The classical structure
7.2. Specificities – high watermark & hurdle rate
7.3. Management & performance fee illustration
7.4. Equalisation
8. Short selling
9. Leverage
10. Gross & net exposition
11. Active trading
12. Other characteristics
13. Hedge funds and other alternative assets
14. Strengths and weaknesses
15. Funds and managed accounts
16. Replication 17. New structures
18. Fund listing 19. Insurance against fraud
Chapter summary
2

3. CHAPTER 3 - HEDGE FUND INVESTMENT STRATEGIES
1. General classification
2. Equity market neutral funds 7. Merger arbitrage
2.1. Methodology 7.1. Methodology
2.2. Neutrality definition 7.2. Illustration
2.3. Quantitatively managed portfolios - Alcan-Rio Tinto
2.4. Risk management - MFS Communication
2.5. Illustrations 7.3. Advantages & drawbacks
- Career Education Corporation & Apollo Group 7.4. Performance
- Daimler-Chrysler AG & Ingersoll Rand
2.6. Advantages & drawbacks 8. Distressed securities
2.7. Performance 8.1. Origin of the difficulties
8.2. Methodology
3. Fixed income arbitrage 8.3. Illustration
3.1. Methodology 8.4. Advantages & drawbacks
3.2. Risk analysis 8.5. Performance
3.3. Additional considerations
3.4. Illustration 9. Private investments in Public Entities
3.5. Advantages & drawbacks 9.1. Methodology
3.6. Performance 9.2. Types of transactions
9.3. Underlying risks
4. Mortgage backed securities 9.4. Valuations
4.1. The securities 9.5. Specificities of the deals outside the US
4.2. Methodology 9.6. Illustrations
4.3. Risk analysis - Ascent Solar Technologies
4.4. Illustration - Quest Minerals & Mining Corporation
4.5. Advantages & drawbacks - Puda Coal Inc.
4.6. Performance 9.7. Advantages & drawbacks
9.8. Performance
5. Convertible arbitrage
5.1. Principles 10. Relative value arbitrage
5.2. Methodology: approach 9.1. Methodology
5.3. Methodology: investment strategy 9.2. Illustration
5.4. Specific risks - Theoritical
5.5. Illustrations - Verizon Communications
- Seagate Technology
- BRE Properties 11. Closed-ended fund arbitrage
- Teva Pharmaceuticals 10.1. Methodology
5.6. Advantages & drawbacks 10.2 Illustrations
5.7. Performance - Gartmore European Investment Trust (GEO)
5.8. Synthetic convertibles - JPM Gleming Overseas (JMO)
10.3. Advantages & drawbacks
6. Event driven 10.4. Performance
6.1. Methodology
6.2. Special situations 12. Volatility arbitrage
6.3. Activists 11.1. Methodology
6.4. Illustrations 11.2 Illustrations
- Cumulus Media 11.3. Advantages & drawbacks
- Seat 11.4. Performance
6.5. Advantages & drawbacks
6.6. Performance

4. 13. Multi-strategy funds 18.5. Correlation trading
13.1. Methodology
13.2. Illustration 19. Short selling
13.3. Advantages & drawbacks 19.1. Methodology
13.4. Performance 19.2. Illustration
- Okamura
14. Asset based lending funds - New Century FInancial
14.1. Methodology 19.3. Advantages & drawbacks
14.2. 6 sub-strategies 19.4. Performance
14.3. Risks
14.4. Illustration 20. Macro
- Real estate financing 20.1. Principles
- Legal claim financing 20.2 Methodology
- Life insurance financing 20.3 Illustration
14.5. Advantages & drawbacks - Yen-USD carry trade
14.6. Performance - Interest rate fall
- Sector consolidation
15. Long/short equity 20.4. Advantages & drawbacks
15.1. Methodology 20.5. Performance
15.2. Equity non-hedge
15.3. Additional considerations 21. Commodity trading advisors
15.3. Illustration 21.1. Methodology
- Clip Corporation 22.2. Short term traders
- Barnes & Nobles 21.3 Illustration
15.4. Advantages & drawbacks 21.4. Advantages & drawbacks
15.5. Performance 21.5. Performance
16. Emerging markets 22. Fund of Funds
16.1. Methodology 22.1. Why funds of hedge funds
16.2. Illustration 22.2. Methodology
- Billabong 22.3. The choice of fund of hedge funds
- Li & Fung 22.4. Advantages & drawbacks
14.5. Advantages & drawbacks 22.5. Performance
14.6. Performance
23. Other strategies
17. Sector funds 23.1. Electricity trading
17.1. Methodology 23.2. Option arbitrage
17.2. Illustration 23.3. Climate investing
- Pediatrix Medical Group 23.4. Market timing
- Triad Hospitals, Inc. 23.5. Wine investment
- Host Hotels & Resorts, Inc. 23.6. MLP
17.3. Advantages & drawbacks
17.4. Performance Chapter summary
Appendix A: Bond rating
18. Credit/high yield Appendix B: Convertibles basics
18.1. Methodology Appendix C: duration & convexity
18.2. Illustration Appendix D: The HFR, inc. indices
18.3. Advantages & drawbacks Appendix E: The Greeks
18.4. Performance
4

5. CHAPTER 4 - HEDGE FUND PERFORMANCE CHAPTER 6 - HEDGE FUND, LTCM & RECENT
1. Data CRISIS
1.1. Hedge fund specificities 1. Long Term Capital Management
1.2. The biases 1.1. The situation in September 1998
1.3. The indices 1.2. Description of Long Term Capital Management
2. Hedge fund industry perfrmance 1.3. The history of the debacle
3. Hedge fund performance & volatility per strategy 1.4. Why the fund was saved?
3.1. Analysis 1.5. The effects and questions
3.2. Graphical analysis 1.6. After LTCM
3.3. Risk-return (volatility, maximum monthly loss, 2. Hedge funds and recent crises
beta) 2.1. The 1992 exchange rate mechanism crisis
3.4. Performance during uncertainty 2.2. The bond market crisis of 1994
4. Scientific publications 2.3. The Mexican crisis of 1994-95
5. Correlation analysis 2.4. The Asian crisis of 1997-98
5.1. Correlation between hedge fund and clasical 2.5. The subprime crisis of 2007
indices 2.6. The liquidity crisis of 2008
5.2. Correlation between hedge fund strategies 2.7. Frauds in the industry
Chapter summary Chapter Summary
CHAPTER 5 - HEDGE FUND REGULATION CHAPTER 7 - HEDGE FUNDS VS MUTUAL FUNDS
1. Principles 1. Legislation comparison
2. Hedge fund regulation 1.1. Management - prospectus, short sales, liquidity,
3. US & Canada leverage & investment products
4. In Europe 1.2. Associated costs
- United Kingdom 1.3. Communication
- Germany 1.4. Investors
- Luxembourg 1.5. Registration
- Italy 1.6. Other
- Switzerland 2. Other main differences
- France 2.1. Personal investment
- Belgium 2.2. Objective
- Ireland 2.3. Securities in the portfolio
- Malta 2.4. Investment strategies
- Spain 2.5. Size of the industry
- Hedge funds & UCITS III 3. Comparison table
5. Offshore centres 4. Comparison in terms of risk-return profile
- Cayman Island Chapter summary
- BVI
Chapter summary Appendix: Interesting websites
Glossary
References