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Synopsis Hedge funds are often perceived to be exotic investments because of the fact, that they operate in seclusion away from the glare of media scrutiny and regulatory mechanisms. Hedge funds are usually used by wealthy individuals and institutions and are allowed to use aggressive strategies unavailable to mutual funds. Most of these funds operate out of offshore financial centers to take advantage of tax savings and friendly regulatory environment. The hedge fund industry that started in late 1950s in a small way, has progressed tremendously over the last decade and a half and has reached such gigantic proportions that they can affect the economic scenario of several countries around the world. As of August 2006, there are around 9,000 hedge funds in existence, with the total money under management being in excess of $1.225 trillion. But there have been many failures in the hedge fund industry and the argument for a more cautious approach has been gaining momentum. But, as hedge funds mostly operate outside the purview of the regulatory bodies, there has not been any meaningful regulation possible so far. In this context of changing scenario for the hedge fund industry the world over, this book Hedge Funds: Concepts and Issues make for useful reading, capturing the concepts underlying hedge funds and addressing the contemporary issues arising out of their operations and their effects on financial markets worldwide, especially on the emerging economies, such as India. The book presents a series of well-written articles that bring out the essence of the happenings in the hedge fund industry.