This book was written by Schwager who is also the author of the Market Wizards series. This book is a standalone book. Topics involve (overturning) commonly held beliefs such as the efficient market hypothesis, ideas about risk measurement, performance evaluation of funds and correlation. The second half of the book concerns hedge funds with respect to the ideas discussed in the first half, including impressions of the hedge fund industry, the use of leverage and risk evaluation. The third part covers volatility and portfolio diversification. This is not an exhaustive list of the topics the book covers. As with his professional history and previous books, this book has a very academic tone. There are numbers and tables littered throughout the book and parts may get boring or difficult to read. Thankfully, there is a summary at the end of each chapter to round up what the reader should take away. ......