Abstract
While a considerable amount of research has been dedicated to determining the economic value-added of hedge funds, very little has been written on the selection of hedge fund managers. The author addresses some practical issues to consider in establishing a hedge fund investment program. He uses a graphical description of the hedge fund industry compared to the traditional world of long-only investments to describe several types of hedge fund programs, presenting three essential questions to answer when selecting a hedge fund manager. He suggests three possible strategies for including hedge funds in a portfolio. Once the investor has chosesn a strategy, tactical issues such as manager selection become critical.
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