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What is a Wave?

According to the Meriam-Webster Dictionary, a ‘wave’ can also be defined as:

  • Moving ridge or swell on the surface of a liquid, open water
  • Something that swells and dies away
  • A rolling or undulatory movement or one of a series of such movements passing along a surface or through the air
  • A disturbance or variation that transfers energy progressively from point to point in a medium and that may take the form of an elastic deformation or of a variation of pressure, electric or magnetic intensity, electric potential, or temperature
  • One complete cycle of such a disturbance
  • An undulating or jagged line constituting a graphic representation of an action

Many Famous People Have Written About Waves

Financial storms are similar to hurricanes in that they move fast. As David Defoe described in Robinson Crusoe:

  • While I sat thus, I found the air overcast, and grow cloudy, as it would turn to rain; soon after that the wind rose by little and little, so that in less than half an hour it blew a most dreadful hurricane. The sea was all on a sudden covered over with foam and froth, the shore was covered with the breach of the water, the trees were torn up by the roots, and a terrible storm it was; and this held about three hours, and then began to abate, and in two hours more it was stark calm, and began to rain very hard.

Dafoe, Daniel. "Robinson's Journal- Details of his Domestic Economy and Contrivances- Shock of an Earthquake." In Robinson Crusoe. New York: Singet Classic, 1961. 83.

The nature of risk -- and the appetite for it -- have changed greatly since the onset of the Great Recession, and so has the landscape for alternative investments. In "Understanding Alternative Investments," Walker has taken a thoughtful, building blocks approach. It is a useful navigation tool for anyone interested in hedge funds or other alternative investments.
-Gregory J. Nowak, Esq., Partner, Pepper Hamilton LLP, and author and lecturer on alternative investments and structures