On 9/10/07, Doug Henwood <[EMAIL PROTECTED]> wrote: > On Sep 10, 2007, at 4:47 PM, Daniel Davies wrote: > > > there are > > plenty of funds out there which do a really excellent job > > For whom? The managers? > > There's no way you can know this before the fact, and it's nearly > impossible for most people to pick winning stocks or hedge funds, > especially in advance. Everyone can do a really excellent job in
I think DD meant "there are plenty of *index* funds out there which do a really excellent job". It is well-known that hedge funds are a scam for all the "OP"s in the OPM that they like to play with, at least after you account for "survivor bias" (i.e. big losers simply fold up and do not report numbers) and "reporting bias" (again big losers simply do not report their numbers) etc. Some nice charts are here: http://bigpicture.typepad.com/comments/2005/05/hedge_fund_perf.html -raghu.
