A different era for hedge fund returns

摘要

Recent hedge fund returns have improved significantly for the first time since 1999. This, however, does not represent a reversal in the long-term contraction of their returns. Hedge funds gained momentum in the 1980s as the indirect outcome of research and trading strategy innovation. This was sponsored by the generous research and development budgets of investment banks and securities houses acting almost as hedge fund training camps. So what has changed that might explain why they won't be able to match the past?