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Abstract
The decision by the California Public Employees’ Retirement System (CalPERS) and other institutional money managers to eliminate or drastically reduce their investments in hedge funds has again raised the suggestion that hedge fund investment is a poor choice for both institutional investors and individuals alike. The reasons given are generally twofold: Hedge funds have not performed up to expectations and the related costs (fees and due diligence) and external perception (public acceptance) are not worth the effort of investing in them.
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Hedge Funds: Where Investors Get It Wrong (and Right)
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