The case for a well-managed future

The latest figures from the CSFB/Tremont Hedge Fund Index show that last year was one of upsets for the hedge fund industry. While the Hedge Fund Index return as a whole was a respectable but not very exciting gain of 4.8% for the year, this figure, seen against the annual return for the long-only stock indices, looks stellar.

Over 2000, not one of the leading US indices managed a gain over the year: the Dow Jones Industrials showed the least calamitous returns with a loss of 6.2% while the

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