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Smart Money: If you don't know who the patsy is, you're the patsy
Many Happy Returns
The Final Destiny of Alpha
Since 2009 to 2019 the alpha is minus 1 percent. I don't know it was a massive turning point there. 2008 changed a lot of things you know you look at a lot of variables that's when they kind of undergo a sea change. But overall hedge funds lost investors $208 billion last year. So I think alpha eventually fades into beta which is good for us but not good for the people who are trying to outperform.
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