The Hedge Fund Mirage: The Illusion of Big Money and Why It’s Too Good to Be True PoorSatisfactoryGoodVery GoodExcellent Be the first. (0 ratings) Log in to rate this article. CFA Institute Conference Proceedings Quarterly December 2012 | Vol. 29 | No. 4 Source: CFA InstituteSimon Lack, CFA Read Abstract In recent years, hedge fund investors have not earned the returns they expected to. This outcome is a function of the size of the industry today, inequitable profit sharing because of high manager fees, a lack of transparency attributable to the open-ended limited partnership structure, and inadequate investor protections. View more information Topics Alternative Investments : Hedge Funds Credits · About the CE Program 0.5 CE (including 0.5 SER) Record credits Credits recorded Members, log in to record your credits. Manage CE Credits Loading ...