{"tool":"book_starter","summary":"5 starter books. Every number in them is made up.","starters":[{"kind":"multi_desk","title":"Example multi-desk book","story":"A made-up book of five sleeves: an equity long-short sleeve, a pair, a deal spread, a bond ladder and a small options overlay. The long-short sleeve takes under a third of the capital and most of the variance, which is the thing to look at here. Every number is made up."},{"kind":"tokenized_assets","title":"Example tokenized assets book","story":"A made-up book of tokens: bill tokens, a private credit tape, property, a commodity token and a position borrowed against as collateral. On a screen these can all look calm and liquid. The ladder shows how differently they get back to cash on these numbers, not whether a holder may use any of those routes. Every number is made up."},{"kind":"trend_and_rates","title":"Example trend and rates book","story":"A made-up book of three sleeves: a hypothetical trend walk with a vol target, risk parity and a bond ladder. All three are net long here, so the correlation between them does most of the work. A run shows the correlation at which the volatility limit changes sides. It isn't a system to follow. Every number is made up."},{"kind":"credit_book","title":"Example credit book","story":"A made-up credit book: a list of credits and their spreads, a private loan tape and a sleeve behind a redemption gate. Hypothetical carry is the easy number to read. The tails and the ladder show what it leaves out. Every number is made up."},{"kind":"digital_assets","title":"Example digital assets book","story":"A made-up digital asset book: cash-and-carry basis, a token's reserves and a token trading away from its NAV. The basis sleeve looks flat on net and large on gross, and its margin leaves the least room when moves are largest. Every number is made up."}],"disclaimer":"Use at your own risk. hedgefund.md is provided as is, without warranty. It is not a fund, and it isn't anyone's adviser. Information here may be inaccurate, incomplete or not current, and is not verified. Nothing here is investment, legal, tax, accounting or regulatory advice, a recommendation, or an offer of any security, token or fund interest. Results are hypothetical: simplified arithmetic on the numbers sent, a made-up template or a stated default, prepared with hindsight. Nobody achieved them, they are not a record of real trading, and they don't indicate future results. hedgefund.md never trades, takes money, holds keys or assets, issues or sells any security or token, runs a fund or gives investment advice. Don't show any output to investors or clients, or use it to market an investment. Check everything yourself before you act on it.","terms":"https://hedgefund.md/terms"}