The Hedge Fund Mirage: The Illusion of Big Money and Why It’s Too Good to Be True

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CFA Institute Conference Proceedings Quarterly
December 2012 | Vol. 29 | No. 4
Source: CFA Institute
Simon Lack, CFA



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.

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