The Hedge Fund Edge: Maximum Profit/Minimum Risk Global Trend Trading Strategies

by Mark Boucher

Hedge Funds sind spekulativ ausgerichtete Fonds. Händler und Anleger erfahren, wie sie globale Handelsstrategien mit technischer Analyse kombinieren, um Trends gewinnbringend zu nutzen. Der Autor untersucht die wichtigsten Märkte und erklärt, wo die Chancen am besten sind, und wie man die richtige Investition auswählt. Diskutiert wird auch die Möglichkeit, starke Marktbewegungen auszunutzen, um maximale Gewinne einzufahren - die einfachste, aber auch...

• Format: Hardcover
• Language: English
• ISBN: 0471185388
• ISBN13: 9780471185383
• Release Date: October 1998
• Publisher: Wiley
• Length: 384 Pages
• Weight: 1.65 lbs.
• Dimensions: 1.2" x 6.4" x 9.3"

Customer Reviews

See the forest and the trees!

This book is, at its core, a book about risk management, and is probably the best book i've seen about reducing risk. A few investing books will get into things like position risk (stops, what not), some even touch on asset allocation. I have not seen any that take as global a position as Boucher takes, though.There is a bit on technical analysis in the book as well, but that is not the focus of the book. Some of the TA techniques were interesting, although not new (relative strength, etc).There is a lot of work on macro economics, and how the world economic system fits together, from an investor/trader's point of view.Unlike many other books with a macro focus, the book does not lose its readers by forgetting to deal with the nitty gritty world of trading, and has devised a consise checklist of things to look for on both the long and short side. If I could give this book 10 stars, I would.

Excellent book

Thank you, Thank you, Thank you Mark Boucher. This is a book that you definitely want to buy and take notes. I have 11 pages of notes from this book on 10 point type. Boucher covers tons of information and you certainly won't be able to digest everything in the first couple of readings. But if you have the desire to sit down and really follow what he has to say then you can really get your money's worth from this book. Boucher goes into a lot of detail on the bond and equity market in the first part of the book and how they are related. Tells you when to start to buy real assets like real estate, gold, silver, etc... He covers tons of market timing models from bond prices and yields and government statistical releases. He also tells you how the FED distorts the economy and signs to watch how the markets react to the distortion. He goes into a very good explanation about the Austrian Liquidity Cycle and how capital gain taxes are killing the USA. He also explains why privatizing social security is such a good idea but overall tells why government should be far less intrusive than it currently is now. Boucher then goes into his equity fuel criteria. It is rigorous process that he goes through to pick stocks. It is similar to CANSLIM but he adds several of his own screens to it including the 5/21 runaway characteristics which I have found to be extremely helpful. He covers a lot more topics from when to buy gold, money management, how and why you should keep a journal etc....all in one book and it isn't just a shallow explanation either they are in depth. Overall a very good book. 5 stars.

covers a lot more than just hedge funds.....

There is so much information in this book that it demands at least two readings. First, there is a wealth of material on trading. The chapter on technical analysis and reading the markets is solid and contains some good tips I've not found elsewhere. There is an entire chapter on containing risk, a large focus of which is money management--this information is worth the price of the book in itself.Boucher also offers good material on selecting equities, evaluating other asset classes, and yes, hedge funds. However, the material on hedge funds does not take up a huge amount of space, and at first I wondered why he gave the book the title it has. I have since concluded that the title reflects his overall strategy, which is one of limiting risk by spreading ones' investments among many types of securities and asset classes, both onshore and offshore.Aside from the above mentioned material, however, Boucher also has a couple of chapters on basic economics which I found to be invaluable background information for traders (like me) without business or economic degrees. His description of the liquidity cycle is brilliant. He explains the economic theory of Austrian alchemy, and shows how that model makes better sense than Keynesian economics. He has also provided data to convince me (a social liberal) that corporate taxes have a negative effect on a nations' citizenry.This book requires dedication to get through certain sections, but it is well worth it. Its strength is its clear elucidation of trading information and techniques, supported by a foundation of economic theory and historical data, which enables the reader to understand the context in which s/he trades.

New Decade's Investment Classic

Well, as a professional trader in emerging market bonds, currencies, and partially equities who just went freelance to consult funds on my own, no other book could be so timely and handy. Actually as I always do, I browsed the book and the appendice, and thought this was one of those which were written in a used-car-salesman manner, and aims to induce you to buy some services which have a slim chance to give you decent returns, if any. However as I read on I realized this is one of the best investment books I've ever read, and I've read a lot of them! Boucher gives an integrated top-down approach to building a global portfolio, and he so interestingly puts together all the things that you think you know and is obvious, to come up with a rigorous investment approach. A must read, and it surely will be a classic.

valuable intro to global liquidity-based equity investing

Boucher's "Hedge Fund Edge" is a tremendous gift for equity investor's, and is one of the absolute best stock and general financial market books I've ever read, and I've read well over 200 "investing" books in the past 8 years. Boucher, who manages the Midas Fund (Hedge Fund), rewards the reader with a tremendously hard won compendium of his knowledge and research into what drives equity prices around the globe. He begins by discussing bear market risks to your terminal wealth, and then takes the reader on a tour of Austrian economic liquidity cycle drivers. Boucher discusses the value of technical analysis in confirming the timing of fundamentally based trends, a very sound and useful approach. He promptly offers up 9 simple, yet elegant mechanical models for stock market timing, ranging from technical price and breadth based models, to those based on more indirect fundamental things like consumer sentiment gauges. He then reveals his own formula for calculating the high reward/risk times for non-United States equity investing, melding interest rate trends with stock relative strength trends... a real gift, and worth many times the book price by itself. There is a tremendous compendium of money management rules and techniques ... methods of controlling equity drawdown while allowing upside gains. Another gift. There is another tremendous section on US market individual equity investing. Boucher includes his own modified/improved version of William O'Neil's CANSLIM technique (I feel like Boucher's handling of the technical patterns for buying and selling is much superior to O'Neil's pioneering treatment... and again, worth many times the price of admission). He then covers portfolio construction, via alternative asset classes: various types of bonds and what types of market conditions favor their use, including two excellent bond market timing models; use of gold and silver with several timing models; REITS; use of arbitrage funds and global hedge funds in portfolio diversification, including specific fund recommendations for their various niche expertise! Throughout, Boucher's coverage of strict risk control is very refreshing and speaks of his real-world experience managing funds. This is the absolute BEST $50 education I've ever given myself, and I'm tremendously indebted to Mark Boucher for publishing so much of his work and experience in one book. I read it front-to-back in two days on what was supposed to be a vacation cruise... I couldn't put it down. Read it a second time on the same cruise. And a 3rd once home. Boucher graciously acknowledges his own influences (O'Neil, Zweig, Davis, Freeburg, Sullivan, Bank Credit Analyst), making for an instant listing of follow-up reads if you wish. He mentions his favorite sources of ongoing investment info as well. On a scale of 1 to 5, I give Boucher 6 stars, and if he writes another book, I'd buy it sight-unseen. Bravo.