Global Investor Handicapping The Hedge Hogs
This year the S&P 500 is up 8 percent, while hedge funds are up 7.2 percent (on the HFRI index). Not scintillating. The problem: too many hedge funds are doing the same thing, and market volatility has been low. Volatility is what drives performance because hedge funds can leap in and out of the game, profiting from wild swings in markets. With volatility low, ambitious (or should I say greedy?...