Cliff Asness – The Hedgie In WinterGuest Post
Once again, I will review why hedge fund returns shouldn’t be compared to 100% long equities and how to do a more proper comparison. Analysts and authors often compare hedge fund returns to 100% equities (most often, the S&P 500). Then, almost always based on the last nine years since the global financial crisis (GFC) lows, they declare hedge funds an epic disaster. That’s just flat-out wrong. Comparing hedge funds to 100% equities would be a bad comparison at any time. To make things worse, this comparison is done over a cherry-picked time period . . .
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