Hedge funds have exploded in popularity since the first edition of Investing in Hedge Funds was published in 1999. And "exploded" would be an understatement: an estimated $1.1 trillion in assets will be invested in 9,350 funds in 2005, up from an estimated $400 billion in 3,000 funds in 1999. As the number of investors has expanded, so have questions about how the funds are structured, where the assets are allocated, and whether hedge funds can truly act as a hedge against market risk. To answer these questions, industry expert Joseph Nicholas has fully revised and updated his primer to address the new hedge fund marketplace. Investing in Hedge Funds explains the ins and outs, from fund-selection criteria to risk-management guidelines. It's an essential overview for those interested in investing, or those already invested, in this alternative asset class.