Understand how the various hedge fund strategies make money and are able to use this understanding to improve your investment process into hedge funds.The book focuses on the issue of return sources and the relationship of returns to systemic risk. It looks through the smoke screen of the search for alpha to fully evaluate the nature, risks and return profiles of individual hedge fund strategies. Only through understanding return sources can investors cut through the myths and misunderstandings that surround hedge funds. The author demonstrates that most strategies earn much of their returns by assuming risks that can be readily analyzed and understood by investors. This book shows you how!