Peer into the Future of Hedge Fund Evaluation:
Send in the Clones
The very thing that makes hedge funds attractive makes them impossible to group together. Hedge funds are unique. That’s their main attraction. The definition of unique is “without peers,” so we cannot group unique. For example, grouping long-short managers into a peer group is absurd because each manager has his own unique approach long and his own unique approach short. A manager can be long value and short ...