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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