This is author Lhabitant's second book on hedge funds. No, it is not a rewrite of the first. It is a new book. The difference is that the first book was primarily a qualitative description of the hedge fund industry. The new volume focuses on quantitative techniques that hedge funds and hedge fund investors use to assess performance and manage risk.

Flipping through the book, you will soon notice that little of the content actually deals with hedge funds. Most chapters comprise technical treatments of performance or risk analyses tools. Topics include: risk measures, risk-adjusted performance, correlation, regression, cluster analysis, asset pricing models and capital allocation. All this is standard martial used in traditional portfolio management. If anything, it is more applicable to equity or fixed income portfolios than to hedge funds. Hedge funds are mentioned periodically in the discussions, but they are not central to it. Indeed, given the significant transparency issues related to hedge funds, it isn't clear how some of the tools might be applied to hedge funds.