The Hedge Fund Mirage attacks the Wall Street worshippers blind adulation. Simon Lack,who spent 23 years at JPMorgan, an investment bank, selecting hedge funds to invest in,grew tired of the free hand that investors all too often gave managers. He has written aprovocative book questioning a central tenet of the hedge-fund industry: itsperformance is always worth paying for. The promise of superior performance is wrong,he says. Of course some investors make a killing, but on average hedge funds haveunderperformed even risk-free Treasury bills. This is because the bulk of investors capitalhas flooded in over the past ten years, whereas hedge funds performed best when theindustry was smaller than it is now. What is more, it is hard to know how hedge fundsactually fare, since indices that track industry performance tend to overstate the returns.Funds that do badly or implode are not usually included in the indices at all.
《对冲基金的海市蜃楼》对华尔街追随者的盲目崇拜进行了攻击。曾在投资银行摩根大通工作23年的Simon Lack,当时的任务是分配在对冲基金的投资。后来厌倦了投资者常常给予管理者过多的自由。他写了本具有挑衅性的书来质疑对冲基金的核心:它的业绩是物有所值的。他写道,这些对优秀业绩的承诺是错误的。当然一部分投资者是会有所猎获的,但平均来说对冲基金的表现连无风险的美国国债都不如。这是因为大部分投资者的资金都是最近这十年才涌入的,而对冲基金表现最佳的时候是比现在小的时候。更有问题的是不知道对冲基金的表现究竟如何,因为追踪业界表现的的指数通常夸大回报。那些表现很差或破产了的通常都不包括在这些指数里。
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