The hedge fund annus horribilis rolls on. Those who weren’t dishonest were, in many cases, incompetent. The latest data for March 09 from CSFB/Tremont shows some amusing reading.
So let’s get this right. The equity market/neutral group has lost 43.6% in the 12 months to Mar 09. The S&P only lost 39% at this time. Equity market neutral is meant to be, er, market neutral. Or is it just the easiest hedge fund strategy to come up with, raise money against and earn management fees from?
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