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Efficiently Inefficient describes the key trading strategies used by hedge funds and demystifies the secret world of active investing. Leading financial economist Lasse Heje Pedersen combines the latest research with real-world examples and interviews with top hedge fund managers to show how certain trading strategies make money - and why they sometimes don´t.

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"This accessible book explains hedge fund strategies and how to design, construct, evaluate, implement, and risk manage them. The section on securities lending and borrowing is interesting and novel, and Pedersen´s discussion of macro and central bank strategies is one of the best I have seen in any book on hedge funds. His account of portfolio construction is superior." - Robert Kosowski, Imperial College Business School

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Lasse Heje Pedersen is a finance professor at Copenhagen Business School and New York Universitys Stern School of Business, and a principal at AQR Capital Management. A distinguished financial economist, he has won a number of awards, notably the Bernácer Prize, awarded to European economists under forty who have made outstanding contributions in macroeconomics and finance.

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