This text is designed to provide an overview of alternative investments and, in particular, instill in readers a working knowledge of that portion of alternative investments known as hedge fund investing. The motivation to write this book was to deliver a holistic view of hedge fund investing. The intention is provide a cradle to grave perspective for first-time investors, for practitioners dealing with hedge funds as clients or counterparties, and for students wishing to learn how the sector operates from both a theoretical and a practical perspective. My personal experiences as a banker, accountant, service provider, investor, and partner in a hedge fund and a fund of hedge funds allow me to deliver some practical insights that I believe will facilitate learning. In trying to cover the full spectrum of issues associated with hedge fund investing, it is inevitable that certain sections garner more emphasis than others. The goal for this book is to present a comprehensive review of the reasons people invest in the sector, how the managers and funds employing unique hedge fund strategies actually operate, and what criteria people should use to select managers and funds without getting lost in too much detail. This approach of covering a wide range of material in sufficient detail to familiarize readers with the issues, while providing tools for them to test their own comprehension, is designed for those interested in learning about the asset class for the first time, for investors looking for a more practical guide to the nuts and bolts of hedge fund investing, for those in the banking and investment industry motivated by career advancement, or those looking to master the material needed to pass an industry exam or