Hedge Funds

We use constructed indices which cover basically all 3000 plus funds. And so by replicating an index rather than trying to pick, we're doing basically with many people have learned with beta and the S&P 500 is you don't know which company is going to do particularly well or particularly poorly. We're doing the same thing here in terms of hedge funds, which is some will do well, some will do poorly. But as long as you can sort of bet on all of them, which is what we're trying to do at a reasonable fee, you can build a pretty good diversified portfolio.

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