For an industry that prides itself on objective analysis, the use of cold, hard facts and cutting-edge innovation, it is somewhat surprising that selecting hedge fund managers, relatively speaking, is left to chance. Trust in the skill of a manager plays a part for most institutional investors in the selections they make.
Another curiosity is the absence of any objective way of measuring the actual skill of hedge fund managers. Performance, which is an output of the manager’s skill and highly dep
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