2012-12-27ritholtz.com

``"The S&P 500 has now outperformed its hedge-fund rival for ten straight years, with the exception of 2008 when both fell sharply. A simple-minded investment portfolio--60% of it in shares and the rest in sovereign bonds--has delivered returns of more than 90% over the past decade, compared with a meagre 17% after fees for hedge funds (see chart below). As a group, the supposed sorcerers of the financial world have returned less than inflation."''


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