Hedge funds are the fastest growing sector of the financial industry, and probably still the least understood, including by market professionals. Lhabitants `Hedge funds: myths and limits`, was conceived as a first step to understand the qualitative nature of hedge funds. His second book `Hedge funds: quantitative insights`, was conceived as a follow up and was targeting more quantitatively oriented people, both have been well received by the industry so this new book will include about 25 % of updated material from Myths and Limits and about 15 % from Quantitative Insights (updated).? The rest is entirely new material From the old books, Lhabitant will update regulation and history, new case studies, new trade examples, give a detailed analysis of the performance achieved by the strategies, discussion of hedge fund indices and databases, more on portfolio construction and new material on structured products and funds of hedge funds. This new book should become the leading reference work on the topic of hedge funds