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Zero Returns

It’s one of the great tokens of faith of our times, that hedge fund managers can systematically deliver superior returns – so-called ‘alpha’. Researchers from Oxford University have recently published an innovative academic paper that will arouse the curiosity of college bursars and private investors alike, seeing as it calls this belief into question. In the paper, they reveal that 40% of hedge funds mislead investors by routinely revising historic performance data. This is

From ‘Alpha’ to ‘Smart Beta’

The Economist last month had a great article entitled “From alpha to smart beta” (click here to read the artice). With their tongue firmly pressed against their cheek, the Economist highlights a concern of every investor; what was my performance and subsequently how much am I paying for it. The fact of the matter is markets are a zero sum game. That is, for every person that makes a profit, there is another person with an equal and opposite loss. Hedge funds, the