One Step Ahead

One Step Ahead

Private Equity and Hedge Funds After the Global Financial Crisis

Book - 2016
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Despite public interest, alternative investment vehicles such as private equity and hedge funds remain elusive. Both have always had a unique position in the market, designed as they are to function outside of the rules that govern other financial organizations. Spangler explores how the structures of alternative investment funds enable them to adapt and react to global financial conditions. He helps you understand how private equity and hedge funds operate, drive economic growth, and have become essential vehicles for investment for both public and private sectors the world over.
Publisher: London, England :, OneWorld,, 2016.
Edition: Updated paperback edition.
ISBN: 9781780749228
1780749228
Characteristics: xxxvi, 358 pages ; 23 cm

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danielestes
May 11, 2016

One Step Ahead is not an easy book for those with no more than a passing interest in the world of hedge funds. The Prologue and the Foreword both signal an accessible, if not thorough, look at the present state of private equity / hedge fund markets, and yet there's still an expectation for the reader to be well past the Intro to Financial Markets level of knowledge.

The problems faced by fund managers are compounded by the PR problems of hedge funds in general. Mistrust of Wall Street is still high, and while Timothy Spangler makes a strong case for the necessity of hedge funds—arguably one of the most efficient ways to connect investors with producers—the creation and management of such funds are inherently complex and further shrouded in secrecy by only being available to certain accredited investors.

I highly doubt hedge funds will ever be regulated out of existence. Their value is too great given the innate risks. I recommend Spangler's book if only to dispel many of the myths and falsehoods surrounding this component of the financial sector. If you're looking for an introduction to the topic, I recommend looking elsewhere first.

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StarGladiator
Oct 16, 2013

This is a goofy book, misrepresenting a number of things and facts. Firstly, private equity firms like the Blackstone Group (co-founder Peterson was a David Rockefeller protege, while the other co-founder, Schwartzman, was a Skull & Bones frat boy, selected by an upperclassman named George W. Bush) bought some congressmen, so when they went public on the NYSE, they could still claim capital gains taxation rates, instead of the legally mandated corporate taxation rates (which are higher), as was the case with several hedge funds like Citadel and Fortress. Fundamentally, they way they are allowed to operate and the manner in which they are structured is simple financial fraud and the perpetration of financial fraud: an unlimited number of investors are allowed per opaque hedge fund! A private equity firm can destroy a company with a leveraged buyout and asset stripping (along with destroying employment) and then use naked swaps against it to further profit in its demise! Try verifying everything this author claims! With the FOIA requests from a (sadly now deceased) Bloomberg News reporter exposing the $17 trillion pumped out by the Federal Reserve during 2007 to 2009 to banks, private equity firms and hedge funds throughout the planet, such outfits have hardly "prospered" on their own, they have been routinely subsidized by TARP bailout funds and the Fed, and so on. GE, structured as a private equity firm and hedge fund, would now be out of existence were it not for their partaking of the TARP bailout funds. Edward Snowden, the NSA whistleblower, was employed at Booz Allen - - what private equity firm owns them? Carlyle Group, of course. Book rated farce. [First read Josh Kosman's "The Buyout of America" - - then read this farce of a book and compare and contrast!]

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