In 1990 hedge funds managed some $39 billion of assets. By late 2006 that figure had grown to $1.3 trillion. That is a staggering increase. Equally staggering is the amount of money successful hedge fund managers earn. In 2006 the top 25 hedge fund managers were paid $14 billion between them, with the top three earning over $1 billion each. Most people have heard the term 'hedge fund' but few are clear about what exactly a hedge fund is or what it does. This guide aims to put them in the picture with the clarity and lively prose that "The Economist" is famous for. It provides a succinct survey of the industry for all those who think they should know about hedge funds, but do not. It is aimed at all those who might want or have to deal with a hedge fund: private investors, trustees of a pension fund, directors of a listed company, lawyers and accountants who may be interested in working in the industry. It is also aimed at those who happily criticize hedge funds without really knowing what they do.

1990年，对冲基金管理着约390亿美元的资产。到2006年底，这一数字已增至1.3万亿美元。这是一个惊人的增长。同样令人震惊的是，成功的对冲基金经理的收入。2006年，排名前25位的对冲基金经理的薪酬为140亿美元，前三位的经理的薪酬都超过10亿美元。大多数人都听过“对冲基金”这个词，但很少有人清楚对冲基金到底是什么或它做什么。本指南旨在以《经济学人》所著名的清晰生动的文字将他们描绘成一幅图画。它为那些认为自己应该了解对冲基金但不了解对冲基金的人提供了一份简明的行业调查报告。它的目标是所有可能希望或必须与对冲基金打交道的人：私人投资者、养老基金的受托人、上市公司的董事、可能对对冲基金行业感兴趣的律师和会计师。它还针对那些乐于批评对冲基金却不知道自己在做什么的人。