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Pursuing Alpha

Investors have long debated whether the performance of hedge fund managers justifies the high fees they charge. Our recent study shows that it does.

Are hedge funds necessary? Can an investor get the same results with a mix of conventional fixed income and equity? Plainly, investors are wagering billions that hedge funds produce alpha and diversification benefits above and beyond those achievable with actively managed long-only vehicles, such as mutual funds. And they're paying a

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