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Benedicte Gravrand, Opalesque London:

Daniel Capocci PhD - CAIA, a Belgian who lives in Luxembourg, has just published the second edition of a 500-page book introducing hedge funds to French speakers, called “Introduction aux Hedge funds” (Economica, Paris).

He has been, until recently, a fund of hedge funds manager at KBL European Private Bankers in Luxembourg, and is currently a research associate at the Edhec and the HEC business schools in France and a visiting professor at the Luxembourg School of Finance.

Introducing hedge funds geographically and historically, and with a short portrait of each of the many legendary managers, the book then describes their many characteristics, the kind of investors they attracts, and their strengths and weaknesses.

Capocci spends much paper-space depicting hedge funds’ investment strategies. “All investors can understand strategies that are described in a few lines,” he says. But “they should be able to explain them with examples. If they cannot, they should invest in long-only funds of FoFs instead or call on an advisor who can do that.”

“The world of hedge fund is in everlasting mutation,” he notes, “so today’s most popular strategies will probably not be so popular in the coming years. It is difficult to anticipate which one will predominate and this is precisely the thing that makes the industry so peculiar and so intellectually enticing.” And enticed with hedge funds he is, as indeed, during his P......................

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