The dumbest ideas of the hedge fund boom

A flood of money led managers into private equity & multistrategy funds, while those hoping to imitate hedge funds’ success shopped portable alpha, replicators & 130/30s.

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By Neil O’Hara

Photographs by Fredrik Broden

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With even legendary hedge fund managers struggling to raise capital, and returns once again taking a beating, it may be hard to remember when there was too much money chasing hedge funds.

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