How to choose a hedge fund manager

Investment strategies

For researchers, articles such as that by Emanuel Derman (Risk March 2004, page 66) are always a blessing: freely, and sometimes subjectively, expressing the personal opinions of an expert, what is called in French a billet d’humeur, they are more pleasant to read than a strict research paper.

But, as in investment strategy, the corollary of such pleasure is an associated risk: namely the risk of yielding to a polemic viewpoint, more or less distorting some realities.

As a first example, Derman s

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