Alternative investment strategies used by hedge funds often perform well on an absolute return basis in any market. Institutional investors who are disappointed with the performance of traditional asset classes — namely equities — are now looking to hedge funds to provide diversification, and extra returns on a risk-adjusted basis, to their overall portfolios. As a result, traditional asset managers are looking to develop their own hedge funds as alternative offerings to their clients. An executive-level educational program is necessary. This coursebook complements How to Create and Manage a Hedge Fund and provides a self-study course that reviews the technical and quantitative knowledge necessary to manage a hedge fund properly.