Risk USA 2005: Fund-of-funds better for investors, ego drives individual fund investment

“There are a lot of problems with direct investing," said Michael Hennessy, managing director of North Carolina-based fund company Morgan Creek Capital Management. "There are too many amateur investors not picking good hedge fund managers, not constructing good portfolios of funds, and lacking sophisticated risk management,” he added.

The panel suggested that investing in single hedge funds exposes investors to additional risks, but said that some investors still believe they can do a better job

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