if this system worked as alleged, why are the hedge fund managers billionaires and the janitors and firefighters hoping for a roof? just wonderinghttps://twitter.com/Reganonymous/status/1355286297351507979 …
Nothing is being alleged about how the system works, other than the fact that there is a lot of pension fund money in hedge funds. It’s a good deal for HF managers. May or may not be a good deal for pensioners. But big HF drawdowns are bad for HF managers *and* pensioners.
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Like, we can definitely have a conversation about whether pension funds should invest in hedge funds! That is a good and interesting conversation! But in the world we live in, they do invest, and when HFs lose money it is bad for pensioners too.
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no no ur right...but isnt the rest of the argument technically that they should be well diversified, the hf sleeve only a sleeve, and this shouldn't materially affect yada yada
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