There are plenty of books out on hedge funds, so the question arises as to what sets any one apart. Jaeger's book, more than others, caters to individual investors. However, there is content that recommends it to a professional audience. One aspect that I really like is a detailed look at the evolution of bond yields, equity yields and inflation during the 20th century. This doesn't have much to do with hedge funds, but the discussion will certainly get you rethinking conventional wisdom about asset allocation.

Another aspect that highly recommends this book to an institutional audience is its detailed look at the symbiotic relationship between hedge funds and prime brokers. Honestly, this book is so inexpensive, it is worth buying it just to read that section. It highlights issues that other books don't address. Can you say ... "conflict of interest?"

The book doesn't explore much of the history of hedge funds. Scandals and blow-ups are alluded to but not described.

Like Lhabitant (2002), Jaeger provides an extensive, and somewhat unnecessary, introduction to portfolio theory. This will have professional skipping forward.