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6min chapter
Cliff Asness — FTX, Hedge Funds and the Value Spread (EP.142)
Infinite Loops
Do Hedge Funds Hed?
The two and 20 really works, but there are a lot of people who are stock pickers charging two and 20 and not hedging. A true hedge fund is long something in short, trying to make money on the spread, not on markets going up or down. The average active manager after fees and costs has to underperform a cap weighted index. That's the average. But it is an interesting thing to know what the lake you're fishing in looks like.
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