One Step Ahead

December 2, 2013
In his first book, UCLA Law professor Spangler offers an informative overview of alternative investments while taking a critical look at the industry. Dense but readable, the book will demystify unregulated investments and provide a helpful examination of fund structures and a detailed breakdown of their operations. Spangler reviews the role of private equity and hedge funds in the recent financial crisis but does not blame them for the economic crash. Despite considerable mention of such high-profile alternative investment managers as Steve Cohen, Henry Kravis, and George Soros, he also recognizes their contributions to society. Though he acknowledges that the SEC has its "shortcomings," he maintains that fraud is not exclusive to this industry. Readers hoping for an indictment of alternative investments will be disappointed. While the book's appeal may be limited to readers interested in investment management or global finance, that target market is sure to find this a comprehensive guide to a portion of the industry often neglected by other business titles.