Re: [Pen-l] Hedge funds, speculation and capitalism

["Jim Devine" <jdevine03@xxxxxxxxx>]

>>>> JOHN M. GRIFFIN & JIN XU's Abstract concludes that  "... our study
>>>> raises serious questions about the proficiency of hedge fund managers."

me:
>> Perhaps that's the wrong question.

Doug Henwood wrote:
> No, it's the right one. For outside investors, hedge funds and private
> equity offer little advantage over the public markets.

maybe, but (following Miracle Max) they could offer the special
political benefits that arise when a bunch of rich folks form a club,
what might be called the "Skull & Bones effect." This would compensate
for any sub-normal returns compared to mutual funds or add on top of
normal returns.
-- 
Jim Devine (not a Bonesman).
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