Create Your Own ETF Hedge Fund A Do-It-Yourself ETF Strategy for Private Wealth Management

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ISBN: 9780470138953 | 0470138955
Cover: Hardcover
Copyright: 1/28/2008

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Many investors are intrigued by the profit potential of today's hedge funds, but most feel like they're on the outside looking in, due to the high investment requirements and complexity of these vehicles. Create Your Own ETF Hedge Fund allows you to break down these barriers and effectively operate within this environment. By focusing on the essential approaches of global macro long/short and aggressive growth, this book will help you create a fund that can take advantage of both bullish and bearish conditions across the globe.

Acknowledgments	p. xv
About the Author	p. xvii
Introduction	p. 1
Contemporary Investment Conditions
Hobson's Choice	p. 7
Current Situation: The Captive Client	p. 8
How the Investment Business Changed	p. 9
The Age of the DIY Investor	p. 11
If You Can't Beat 'Em, Join 'Em	p. 13
Bad Apples and Unethical Practices	p. 15
High Pressure Environment	p. 17
The Regulators Crackdown	p. 18
The Mother of All Mutual Fund Scandals	p. 20
But Wait, There's More Potential Scandal Ahead	p. 22
Client Rumblings and Grumblings	p. 22
I Still Want Someone Else to Do It	p. 23
Reports of My Death Have Been Greatly Exaggerated	p. 24
Future Area of Growth: Unified Accounts	p. 26
The Future for Financial Advisors Never Brighter-Maybe	p. 28
Two Body Blows to Wall Street Fees	p. 29
Conclusion	p. 30
ETFs-The New Investment of Choice	p. 33
DIY Investors Take Charge	p. 34
What Took ETFs So Long to Catch On?	p. 36
Indexing versus Active Management	p. 37
ETFs and Indexing	p. 51
The ETF Tsunami	p. 51
New Quantitative Indexes	p. 53
International ETFs	p. 55
Inverse ETFs	p. 57
Ultra, Leveraged Short, or Long ETFs	p. 60
Commodity and Currency ETFs	p. 61
Actively Managed ETFs	p. 64
With Growth Come Other Problems	p. 64
A Disruptive Technology Indeed!	p. 65
The Rise of Hedge Funds	p. 67
What We Really Mean by Hedge Fund	p. 68
Hot New Sector: Private Equity	p. 78
Growth of Hedge Funds	p. 78
Who Invests in These Complex Strategies?	p. 80
Why Invest in Hedge Funds Anyway?	p. 81
But Can Retail Investors Participate?	p. 82
Hedge Fund Disasters	p. 87
To Regulate or Not	p. 88
Hedge Funds Are Here to Stay	p. 90
A Convergence Story	p. 91
Mutual Funds, ETFs, and Hedge Funds	p. 91
Mutual Funds Adopting Some Hedge Fund Strategies	p. 92
Futures Investment Strategies in Hedge Funds	p. 93
Rydex Investments Leads a Big Change	p. 94
PowerShares Actively Traded ETF	p. 96
PowerShares Private Equity ETF	p. 99
Commodity ETFs Direct	p. 102
Currency ETFs Direct	p. 104
Inverse ETFs Direct	p. 105
New Margin Rules	p. 107
The Zero Commission	p. 110
Convergence Well Underway	p. 110
The Bullish Bias Gets a Makeover	p. 113
Other Contributing Forces	p. 114
Commissions Out, Fees In	p. 115
Recurring Fees	p. 117
The Greenspan and Bernanke Put	p. 117
Money Supply Shenanigans	p. 118
Excess Liquidity and Stock Buybacks	p. 120
I'm Forever Blowing Bubbles	p. 120
Bye-Bye Glass-Steagall	p. 121
"Da Boyz" and Primary Dealers Merge	p. 123
Does the Fed or Treasury Manipulate Markets?	p. 127
Time to Connect the Dots	p. 130
The New Robber Barons	p. 131
Two Jokers in the Deck	p. 132
What Bears Are Up Against	p. 133
Strategies
Market Neutral	p. 137
The Northwest Quadrant	p. 140
Even Here, Risks Remain	p. 141
ETFs and Market Neutral Strategies	p. 141
Alpha Strategies	p. 149
Market Neutral Mutual Funds	p. 155
Conclusion	p. 156
Global Macro	p. 159
LTCM Blows Up	p. 160
Gunslingers	p. 162
Think Global, Invest Global	p. 162
Trade Global	p. 165
So You Wanna Be a Gunslinger, Too?	p. 172
Conclusion	p. 178
Doing It Their Way	p. 181
Selected Trader Profiles	p. 183
Selected Stock Pickers Profiles	p. 183
Selected Distressed Securities Profiles	p. 184
Selected Quantitative Profiles	p. 184
Other Famous Hedge Fund Practitioners	p. 185
Insider Trading Building Performance?	p. 186
So If It's a Game for the Big Boys, How Can We Play?	p. 190
Trading-Do I Have To?	p. 193
One True Thing	p. 193
Market Timing Myths and Realities	p. 197
The Lazy or Passive Investor: No Single Strategy Always Performs Best	p. 200
The Lazy Hedge Fund Investor: The Do-Nothing Crowd	p. 202
Merrill and Goldman Try to Shake Things Up: Can Passive Indexes Destroy Fees?	p. 203
Day Trading: Frenetic and Intense	p. 205
Shorting Explained: To Go North, Head South	p. 208
Quantitative Trading: Reserved for the Left Brain Crowd	p. 209
Multistrategy: All Things to All People	p. 212
Conclusion	p. 214
Hedge Funds for the Rest of Us
Lower-Risk Global Macro Long/Short Strategies	p. 217
The ETF Digest Methodology	p. 217
Overwhelmed	p. 217
Fast-Forward 35 Years	p. 219
Trend Following	p. 222
Risk Management	p. 228
The Two-Thirds Objective	p. 230
Finding Your Sacred Cows	p. 233
ETFs Provide the Tools for Implementing Global Macro Long/Short Strategies	p. 238
The Trick Is Putting Them Together	p. 242
Constructing Your Own ETF Hedge Fund	p. 243
Typical Questionnaire	p. 244
Long-Term Investor or Short-Term Trader	p. 246
Awash in ETF Choices	p. 247
Performance Myths and Realities of Style	p. 251
One World Marker	p. 255
True Diversification	p. 257
Shorting Essentials	p. 264
Portfolio Reallocation	p. 264
Actively Managed ETFs and Mutual Fund Posers	p. 265
Conclusion	p. 265
ETF Hedge Fund Portfolios	p. 267
Long-Term or Short-Term Approach	p. 268
Aggressive Growth	p. 272
Growth	p. 275
Growth and Income	p. 277
Dave's Special Portfolio	p. 279
ETF Substitutes	p. 280
Conclusion	p. 281
Tools and Resources	p. 283
Where to Get the Help You Need	p. 283
Online Tools	p. 283
Important Tools I Like	p. 304
Market Information Resources	p. 305
Conclusion	p. 308
Eight Steps to Building Your ETF Hedge Fund	p. 309
Define Yourself	p. 309
Develop Your Hedge Fund Strategy	p. 309
Use ETFs as the Primary Tool	p. 310
Using Mutual Funds as an Alternative Vehicle	p. 310
Get Help, Even If You're a DIY	p. 311
If You Want to Use a Financial Advisor, Find the Right One	p. 314
DIYs Need an Online Broker	p. 314
Find the Support Tools You Need	p. 315
Conclusion	p. 315
Index	p. 317
Table of Contents provided by Ingram. All Rights Reserved.

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Create Your Own ETF Hedge Fund A Do-It-Yourself ETF Strategy for Private Wealth Management

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Author Biography

Table of Contents

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Rent More, Save More! Use code: BBRENTAL

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Create Your Own ETF Hedge Fund A Do-It-Yourself ETF Strategy for Private Wealth Management

Summary

Author Biography

Table of Contents

Supplemental Materials

Digital License