The Hedge Fund Mirage
The Illusion of Big Money and Why It's Too Good to Be True
Simon A. Lack
- The
- dismal
- truth
- about
- hedge
- funds
- and
- how
- investors
- can
- get
- a
- greater
- share
- of
- the
- profitsShocking
- but
- true:
- if
- all
- the
- money
- that's
- ever
- been
- invested
- in
- hedge
- funds
- had
- been
- in
- treasury
- bills,
- the
- results
- would
- have
- been
- twice
- as
- good.Although
- hedge
- fund
- managers
- have
- earned
- some
- great
- fortunes,
- investors
- as
- a
- group
- have
- done
- quite
- poorly,
- particularly
- in
- recent
- years.
- Plagued
- by
- high
- fees,
- complex
- legal
- structures,
- poor
- disclosure,
- and
- return
- chasing,
- investors
- confront
- surprisingly
- meager
- results.
- Drawing
- on
- an
- insider's
- view
- of
- industry
- growth
- during
- the
- 1990s,
- a
- time
- when
- hedge
- fund
- investors
- did
- well
- in
- part
- because
- there
- were
- relatively
- few
- of
- them,
- The
- Hedge
- Fund
- Mirage
- chronicles
- the
- early
- days
- of
- hedge
- fund
- investing
- before
- institutions
- got
- into
- the
- game
- and
- goes
- on
- to
- describe
- the
- seeding
- business,
- a
- specialized
- area
- in
- which
- investors
- provide
- venture
- capital-type
- funding
- to
- promising
- but
- undiscovered
- hedge
- funds.
- Today's
- investors
- need
- to
- do
- better,
- and
- this
- book
- highlights
- the
- many
- subtle
- and
- not-so-subtle
- ways
- that
- the
- returns
- and
- risks
- are
- biased
- in
- favor
- of
- the
- hedge
- fund
- manager,
- and
- how
- investors
- and
- allocators
- can
- redress
- the
- imbalance.Hedge
- fund
- investors
- have
- had
- it
- hard
- in
- recent
- years,
- but
- The
- Hedge
- Fund
- Mirage
- is
- here
- to
- change
- that,
- by
- turning
- the
- tables
- on
- conventional
- wisdom
- and
- putting
- the
- hedge
- fund
- investor
- back
- on top.
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