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Excuses, excuses from hedge funds
No matter how you couch it, it was a tough year on average for hedge funds. We’ve noted that the average hedge fund fell nearly 5 percent in 2011 with equity-oriented funds faring worse. Meanwhile, S&P 500 index funds gained roughly 2 percent for the year. Hedge funds are supposed to be able to make money in all conditions, as they can short and long the market in leveraged ways. One might think they have a lot of explaining to do, and some of the biggest losers have made their cases in letters to investors. Hopefully, this will prove an aberration. Article
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