Over-promised and under-delivered

Hedge funds have lost an average of two percent per year for the last five years.  Best in class made gross returns of 1 to 4% a year, while passive allocations in the S&P 500 from 2007 to 2012 made zero. Divide these returns by the huge capital risk and volatility that hopeful investors were exposed to in the process and the outcome looks a whole lot worse. Proving yet again: risk at every price is not our friend. Here is a direct link.

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