Hedge Funds
The vehicle, and the strategies inside it.
Hedge funds are a vehicle, not a strategy. This course teaches the structure, the fee model, and the taxonomy of strategies inside the vehicle.
You will finish able to read a fund's monthly letter with appropriate skepticism.
- 01
Distinguish hedge-fund strategies at a working level.
- 02
Read a fund's monthly letter with skepticism.
- 03
Understand the fee structure and its incentives.
- — 402 — Private Markets.
1 week · ~3 hours.
- IModule · ~1.5 hours.
The vehicle
What a hedge fund is, structurally.
Master-feeder, side pockets, gates — the vehicle's design determines investor experience.
What You Will Be Able To Do- — Explain the vehicle mechanics.
- — Read the fee terms.
- — Judge redemption rights.
Why hereVehicle design matters more than strategy claims for most investor outcomes.
- IIModule · ~1.5 hours.
Strategy families
The taxonomy of the industry.
The taxonomy — long/short, event-driven, macro, systematic — organizes the industry.
What You Will Be Able To Do- — Name the strategy families.
- — State each family's claim.
- — Judge the claim honestly.
Why hereThe families cluster returns, fees, and risks in predictable ways.
Two-and-twenty deserves an honest defense — and, more often, an honest refusal.