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Essay / Research Paper Abstract
This 15 page paper provides an overview of hedge funds, with attention on George Soros's windfall in 1992 that almost broke the English bank. Also discussed is the Asian monetary crisis and the role of hedge funds in that crisis. The effect of these funds on economies is the focus of the paper. Bibliography lists 8 sources.
Page Count:
15 pages (~225 words per page)
File: RT13_SA221hdg.rtf
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Unformatted sample text from the term paper:
wreak havoc on economies. For example, in 1992, George Soros forced the British pound from the European monetary system, himself earning $1 billion in the process ("The Globalist," 2000).
It was that incident that gave hedge funds a bad reputation and funds that are similar to Soross Quantum Fund have been blamed for much despair in the
world economy (2000). That said, hedge funds seem to have lost some of their power (2000). The modern day hedge fund really got its
start during the late 1940s when a former journalist named Alfred Winslow Jones began a partnership called A.W. Jones & Co. and made a huge personal fortune after the 1960s
(Machan & Riva, 1994). The success of A.W. Jones & Co. created many imitators (1994). Statistics show that between 1990 and 1997, the number of such funds that are available
worldwide have more than doubled to approximately 4,500 with total assets increasing to $300 billion ("The Globalist," 2000, p.PG). Early in the year 2000, hedge funds in the United
States were equivalent to as much as $1 trillion in assets but these funds controlled only 4% of a $25 trillion amount in various funds and insurance company assets
(2000). Julian Robertsons flagship hedge fund did grow a great deal between 1980 and 1998 which is actually equivalent to a 259,000% ("The Globalist," 2000, p.PG) increase. Many hedge
funds did well but some failed. In June of 1999, Long-Term Capital Management, a failed $4.7 billion hedge fund, announced that it would cash out the
stakes of its original investors from 1994 (2000). That redemption created a total average annual return of less than 19% and during the same period, the S&P 500 index
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