The modern hedge fund guru faces two separate but distinct problems. First, asset prices continue to rise, irrespective of economic or business fundamentals. If everything is going up, why pay high hedge fund fees? Second, markets have become increasingly “efficient”. The explosion of information and analytics along with a massive, global asset management industry, has made abnormal returns difficult to sustain. The first phenomenon will presumably reach its natural conclusion, though the timing is uncertain. The second is even more uncertain.
現代對沖基金大師面臨著兩個獨立而截然不同的問題。第一，資產價格不受經濟或商業基本面影響地持續上漲。如果一切都在上漲，那么為什么還要向對沖基金支付高昂的管理費？第二，市場變得越來越“高效”。信息與分析的爆炸式增長以及全球資產管理行業的龐大規模，使得超額回報難以持久。第一個問題理論上會自然而然地得出結論，盡管不能確定這一過程要耗費多長時間。而第二個問題的不確定性則更大。
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