Alternative Assets: Investments for a Post-Crisis World -- Contents -- Preface -- Acknowledgements -- 1. What are Alternative Assets? -- Illiquid -- Unquoted -- Non bonds or equities -- Are alternative assets really "alternative"? -- Thoughts on classification -- Private assets -- Commodity type assets -- Volatility and valuation issues -- Time horizons -- Global Tactical Asset Allocation (GTAA) -- An alternative way of accessing conventional assets? -- What we will be considering -- Summary -- 2. Investing in Alternative Assets -- Why should we invest in alternative assets? -- The traditional worldview -- Risk (volatility) -- Liquidity -- Problems posed by the traditional world view so far as alternative assets are concerned -- The tail wags the dog -- The parallel universe of pension funds -- Volatility as risk -- Liquidity -- How much liquidity do you really need? -- The illiquidity premium -- Problems with liquidity -- The stock market goes supernova -- Liquidity and volatility -- Liquidity and correlation -- Extending the efficient frontier -- Correlation -- Active and passive investing - beta and alpha -- The rationale for alternative assets -- Summary -- 3. Real estate -- Real estate beta -- Real estate exposure -- Direct -- Quoted -- Quoted (1): property companies -- Quoted (2): REITS -- Quoted (3): ETFs -- Unquoted (1): unlisted property funds -- Unquoted (2): private real estate -- Synthetic -- Summary -- 4. Energy -- Spot trading -- Influences on pricing -- Untapped reserves -- The (US) strategic petroleum reserve -- Production and growth in oil hungry economies -- Weather -- Political factors -- Terrorism -- The US dollar -- Accessing oil as an investment -- Investing in the shares of oil companies -- Synthetic exposure -- Oil ETFs -- Bio-fuels -- Natural gas -- Oil and gas royalties -- Energy as an investment -- Summary.

5. Private Equity -- Private equity - definition and types -- Buyout -- Drivers -- History and development -- Development capital -- Characteristics -- Minority shareholder protection -- Deal types -- Growth capital -- Venture capital -- Venture returns and home runs -- Mezzanine -- Quoted private equity -- Private equity funds -- Private equity returns -- The J-Curve, IRRS and multiples -- Vintage year returns -- Funds, funds of funds and secondaries -- Concluding thoughts on private equity -- Summary -- 6. Hedge Funds -- Introduction -- Use of derivative instruments -- Leverage -- Some common elements -- Legal structure -- Type of trades -- Lack of transparency -- How hedge funds invest - an overview -- Long and long/short -- Credit based -- Global macro -- Specific strategies -- Long only -- Long/short -- (Equity) market neutral -- Convertible arbitrage -- Statistical arbitrage ("stat arb") -- Merger arbitrage -- Fixed income arbitrage -- Global macro -- Event driven -- Distressed -- Fund of funds -- The hedge fund model - pros, cons and the future -- Redemption/co-investor risk -- Some final thoughts on hedge funds -- Summary -- 7. Infrastructure -- What is infrastructure? -- Secondary and primary infrastructure -- Regulated and demand-driven -- Drivers -- Government -- Investors -- Industry -- Threats -- Regulatory/governmental -- Funding -- War and terrorism -- Quoted and unquoted infrastructure -- Quoted infrastructure (1): industrial companies -- Quoted infrastructure (2): listed investment vehicles -- Unquoted infrastructure (1): projects (typically PFI or PPP type) -- Unquoted infrastructure (2): funds -- Returns -- Summary -- 8. Commodities -- What are "commodities"? -- How can we classify commodities? -- Soft commodities -- Hard commodities -- What are the return drivers? -- Commodities beta -- Prices and indices -- Is it investable?.

US dollar currency risk -- Are they representative? -- Counterparty risk -- Renewal effect -- Commodity returns -- What can be stated? -- What other factors are relevant? -- The case for commodities -- Summary -- 9. Gold -- Introduction -- Inflation -- Gold as a safe haven -- Gold as a hedge against US dollar weakness -- Gold as a diversifier -- Returns -- Gold doesn't have babies -- Fixing the gold price -- How to invest in gold -- Gold shares -- Physical ownership -- Synthetic ownership -- Indirect ownership -- Summary -- 10. Active Currency -- How can an investor make money by investing in currency? -- Are the currency markets a zero sum game? -- Institutional approaches -- Risk management -- Active currency -- Liquidity -- Volatility -- Correlation -- Active currency strategies -- The carry trade -- Momentum/trend investing -- Value investing -- Active currency beta -- What is the beta measure we are discussing? -- What is the methodology? -- Is the DBCR investable? -- Final Considerations for Active Currency -- Summary -- 11. Other Alternative Assets -- Forestry -- Returns and correlation -- Direct and indirect forestry -- Gem stones -- Works of art -- Musical instruments -- Antiques -- Wine -- Classic cars -- Other collectables - coins, medals, stamps, militaria, snuff boxes, perfume bottles, etc. -- Yet more …? -- Conclusion -- Summary -- Index.