Is Everything That Didn't Work Worthless?

Is Everything That Didn’t Work Worthless? Part IV

We began this series of posts by examining the sorry state of value investing. We then moved on to making unfashionable arguments on behalf of hedge fund fees and performance. We’ll close the series by looking at the important role hedge funds—and, for that matter, value investing—play in the long-term success of investment portfolios. Hedge …

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Is Everything That Didn’t Work Worthless? Part III

We’re talking about nobody’s favorite subject, hedge funds. Last week we dispensed with the ugly topic of hedge fund fees, and this week we’ll take a deep breath and tackle the even more noxious topic of hedge fund performance. On the surface, the only way to describe recent hedge fund performance is “terrible.” Over the …

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Is Everything That Didn’t Work Worthless? Part II

In my last post, we discussed the sorry state of value investing following seven years of rigged markets courtesy of our central bankers. In this post we’ll turn to another category of investing that sits right near the top of so many investors’ Sh*t Lists: hedge funds. Whole books have been written about hedge funds, …

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Is Everything That Didn’t Work Worthless?

For reasons best known to themselves and their (not very robust) consciences, America’s central bankers concluded that the best way to drag the US economy out of the Financial Crisis was to make rich people richer and poor people poorer. They therefore adopted policies—QE1, QE2, QE3—that drove up the prices of assets mainly held by …

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