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SI264: The Evolution of the Trend Following Industry ft. Andrew Beer & Alan Dunne

Top Traders Unplugged

CHAPTER

The Gap Between Annualized and Realized Returns

This chapter analyzes the annualized returns and realized returns for various funds, with a focus on AQR's 9% gap. It discusses the blame placed on managers and their marketing machines for this gap, and how AQR disrupted the industry with their institutional quality product. The chapter highlights AQR's frustrating period of underperformance and the lessons learned by investors.

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