He who laughs last

Leon Metzger

It seems like a mouth-watering investment opportunity - a hedge fund with a stellar track record of average returns in excess of 40% for the past 20 years. But who would still agree to sink their money into this hypothetical fund if the track record was the only information they could lay their hands on - if they had no information about how the fund operated, and no clue about its investment strategy?

Leon Metzger, an adjunct professor and lecturer at Columbia's School of Engineering, New York

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