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 …
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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
Yeah that is the idea, though if you have 5% in HFs and the funds are down 25% ytd that is still a pretty unpleasant drag on your returns.
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Plus something I think is under-appreciated is how correlated most HFs are to the market, and how this correlation increases as you diversify among more funds — a ‘diversified’ HF portfolio looks a lot like the market with lower beta and higher fees.
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it has felt like the argument eats itself but maybe no one ever goes all the way to the end (beginning) of the argument
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