Past imperfect?

While past performance is not necessarily a perfect guide to predict future performance, most allocators would likely believe it to be as good a place as any to start.

However, as with so many parts of the hedge fund industry, past performance from a trader brings its own problems and conundra. The UK Financial Services Authority has waded into the murky waters of the use of past performance, mainly by the long-only world, by stipulating that disclaimers and explanatory addenda accompany use of

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