Not-So-Risky Business

During the nearly three decades that Michael Steinhardt managed a hedge fund, the legendary investor had a compounded average annual return of 24 percent, more than double the return of the Standard & Poor’s 500 index during that time.

During the nearly three decades that Michael Steinhardt managed a hedge fund, the legendary investor had a compounded average annual return of 24 percent, more than double the return of the Standard & Poor’s 500 index during that time. So when Steinhardt chides the hedge fund industry for being far better at gathering assets than at generating investment gains, managers should listen.

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