

Measuring the value-add of hedge funds - bokonist
http://rick.bookstaber.com/2009/04/measuring-value-added-of-hedge-funds.html

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bokonist
This is really interesting. Perhaps the success of the hedge funds was
precisely _because_ of the new money entering the industry. New money enters,
that money pushes up the prices of the assets the hedge fund already owns,
making their returns look really good. But when new money stops entering, the
asset prices collapses back down.

