http://www.webassign.net/zillengmath4/20.2.pdf p.2.
The conformal map $z+\frac{1}{z}$ maps circles $|z|=r$ to ellipses and $arg(z)=\theta$ to hyperbolas.
I believe one can display both using the same equations, but I have only managed to display the ellipse and cannot understand the hyperbola.
Basically some sources (and I) claim that
$$\left(r+\frac{1}{r}\right)\cos\theta+i\left(r-\frac{1}{r}\right)\sin \theta$$
is an equation of an ellipse, when $r$ is fixed and $\theta$ is varied. I think this is fairly clear.
But of a hyperbola when $\theta$ is fixed and $r$ is varied. Why?