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Yep - it may be an effect of survivorship bias.
It’s not even survivorship bias — it is literally picking the hedge funds with the best performance over this period and discarding the others. It is 100% a look-ahead effect.
I agree. The 13F effect more generally (which doesn't use past returns as a filter) could be an effect of survivorship bias. I don't know the answer to that one.
Yeah definitely could be — hard to figure that one out!
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