(Bloomberg) Opinions of hedge funds always seem to be unhedged and occasionally unhinged. In the distant past, opinions were too positive. The media focused on stories of outsized success. Big winners were lionized. Failures were castigated, but not allowed to spoil the narrative. Everyone wanted in. Many investors assumed hedge funds offered either very high returns or diversification with modest but consistent returns uncorrelated to the rest of their portfolio.
Hedging on the Case Against Hedge Funds
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