SIMON LACK has spent his entire career in trading and hedge fund investing. After twenty-three years with JPMorgan, he founded SL Advisors, LLC, a Registered Investment Advisor, in 2009. Much of Lack's career with JPMorgan was spent in North American fixed income derivatives and forward FX trading, a business that he ran successfully through several bank mergers, ultimately overseeing fifty professionals and $300 million in annual revenues. He sat on JPMorgan's investment committee which allocated over $1 billion to hedge fund managers and founded the JPMorgan Incubator Funds, two private equity vehicles that establish economic stakes for emerging hedge fund managers. Lack's financial markets experience dates back to 1980 when he began his career on the floor of the London Stock Exchange.

Foreword Introduction Why I Wrote This Book Acknowledgments Chapter 1 The Truth about Hedge Fund Returns How to Look at Returns Digging into the Numbers The Investor's View of Returns How the Hedge Fund Industry Grew The Only Thing That Counts is Total Profits Summary Chapter 2 The Golden Age of Hedge Funds Hedge Funds as Clients Building a Hedge Fund Portfolio The Interview is the Investment Research Long Term Capital Management Too Many Bank Mergers Summary Chapter 3 The Seeding Business How a Venture Capitalist Looks at Hedge Funds From Concept to the Real Deal Searching For That Rare Gem Everybody Has a Story Some Things Shouldn't be Hedged The Hedge Fund as a Business Summary Chapter 4 Where are the Customers' Yachts? How Much Profit is there Really? Investors Jump In Fees on Top of More Fees Drilling Down by Strategy How to Become Richer Than Your Clients Summary Chapter 5 2008-The Year Hedge Funds Broke Their Promise to Investors Financial Crisis, 1987 Version How 2008 Redefined Risk The Hedge Fund as Hotel California Timing and Tragedy In 2008 Down Was a Long Way Summary Chapter 6 The Unseen Costs of Admission How Some Investors Pay For Others My Mid-Market or Yours? The Benefits of Keen Eyesight Show Me My Money Summary Chapter 7 The Hidden Costs of Being Partners Friends with no Benefits Watching the Legal Costs Summary Chapter 8 Hedge Fund Fraud More Crooks Than You Think Madoff Know Your Audience Accounting Arbitrage 101 Checking the Background Check Politically Connected and Crooked? Paying Your Bills With Their Money Why It's Hard to Invest in Russia After Hours Due Diligence Summary Chapter 9 Why Less Can Be More with Hedge Funds There Are Still Winners Avoid the Crowds Why Size Matters Where Will They Invest All This Money? Summary Afterword Bibliography Index