Registration and coffee

• Overview of the hedge fund industry: producers, consumers, facilitators, regulators
• Hedge fund business model, alphas, contracts, and incentives
• Growth of the industry, style, fund age, size, clientele
• Hedge fund data issues and problems
• Hedge fund fraud

• Dimensional Fund Advisors versus Numeric Investors case studies
• Risks of equity-oriented hedge fund strategies
• Fees, incentives, fund size, and performance
• Capacity constraints in the hedge fund industry
• Persistence in hedge fund alpha

• Overview of the hedge funds in Asia: investment style, location, geographical focus.
• The geography of hedge funds: alpha and informational asymmetry.

Breakout session (LTCM and Harvard Management Company)

• Harvard Management Company case study
• Why manage internally? What are the risks of its positions? How do they compensate their employees? How do they attract and retain talent?
• Long Term Capital Management case study
• What is systemic risk? Do hedge funds pose a potential threat to financial stability?
• Lessons learnt from LTCM

• Risks of fixed income arbitrage, convertible arbitrage, and other strategies
• Risks of trend following strategies

• Fund of hedge funds: performance, risks and capital formation
• Synthetic hedge funds, clones, active-passive management in the hedge fund industry
• What would the hedge fund industry look like in five years?