Looking back at Tepper’s then-record $4 billion haul and the beginning of a Hermitage tragedy

AR also revisits the staying power of high fees and the volatility of industry assets.

One year ago

»» Despite their elevated importance following the 2008 hedge fund shakeout, investors failed to get most managers to lower their fees. An analysis of the AR database showed that there was only a minor change in the management and incentive fees charged by hedge funds in the Americas since early 2009.

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