In recent decades, Harold Ehrlich has enthused about America’s hedge fund world. No wonder: he is an adviser to JPMorgan’s fund of hedge funds and used to run Bernstein-Macauley, the asset management group.
But these days Mr Ehrlich is disenchanted. He has circulated a memo to clients admitting that, “sad to say, the vast majority of all hedge funds worldwide have well underperformed virtually every major stock or bond index for some four years.
“What explains such a fall from grace of even many long-time masters of the financial universe?” he asks.
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