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The Other Reason Long-Short Managers Are Lagging This Year

Managers have blamed the difficulty of shorting in a rising market for their underperformance this year. But they also missed some of the year’s top stocks.

Pity the poor long-short manager. While most equity indexes are up 30 percent or more this year, the average hedge fund manager that simultaneously bets on stocks that go up and down is up a mere 9 percent or so through the third quarter. Many of these managers are beating or

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