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How do hedge funds get away with it?
http://www.newyorker.com/news/john-c...eight-theories
They deliver superior risk-adjusted returns? O.K., an embattled consultant might say, hedge funds don’t necessarily beat the stock-market index over the long term, but they are much safer. They do, after all, have the word “hedge” in their names, and offer, as well as a sense of safety, decent returns.
The short answer to this is “2008,” when hedge funds, as an asset class, lost more than twenty per cent of their value. Some individual funds, such as Ray Dalio’s Bridgewater, which I wrote about at length in 2011, did well, but the industry as a whole did terribly. Just how terribly? According to Lack’s figures, hedge-fund losses in 2008 came to about four hundred and fifty billion dollars. That was considerably more than all the profits that the industry had generated in its entire history.
A statistician might argue that this isn’t a winning argument because, again, it focusses on one bad year. But that, surely, is the point. If hedge funds really are a hedge, rather than a way of trying to buy above-market returns, they should perform well precisely when everything else is going to pot. But they didn’t.
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