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Hedge funds were better (as measured by Sharpe ratio/information ratio/Jensen’s alpha) from 1991-2000 than they were 2000-10 and *much* better than 2011-20. Why? Partly because markets were less efficient and strategies like “buying cheap companies” or
“buying companies with consistent profits” were less well known and could generate decent returns on their own. But an under-appreciated factor is that it was much easier back then to value your book with stale marks, which mechanically leads to
both lower volatility and lower beta to your benchmark, both of which inflate your risk-adjusted performance figures. You could even manipulate your marks to make drawdowns look smaller. The “good old days”.
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