Excuses For Active Managers
As sure as the sun rises in the east, the start of each year brings with it a fresh wave of assurances from the “gurus” who appear in the financial media that this year will be a stock picker’s year....
A Mystery in Hedge Fund Investing
When I look at hedge funds, there are three data points that keep bothering me. They create a pattern that doesn’t make a lot of sense. I hope you can help me understand what I’m missing. 1. Hedge fund performance...
A Tipping Point For Hedge Funds
In 2014, the HFRX Global Hedge Fund Index lost 0.6 percent, underperforming the S&P 500 Index by 14.3 percentage points. And while the index outperformed foreign equities, which generally lost between about 2 and 5 percent, it underperformed virtually riskless...
Take A Quiz On Who Said What
An overwhelming amount of evidence exists to clearly demonstrate that, in aggregate, active management is a loser’s game. And this is true regardless of whether markets are efficient or inefficient, or whether they are in a bull or bear phase....
The Biggest Scam of Them All?
This is the time of year when investment boards and committees in charge of selecting fund managers for pension plans and 401(k) plans gather for a time-honored ritual. They review the past performance of their fund managers and decide whether...
A Mystery in Hedge Fund Investing
When I look at hedge funds, there are three data points that keep bothering me. They create a pattern that doesn’t make a lot of sense. I hope you can help me understand what I’m missing. 1. Hedge fund performance...
