One of my New Year resolutions – and sadly the first to be broken – was not to write any more negative articles about hedge funds. Some of the poor chumps in the industry seem to be sensitive to anything remotely critical of their activities. My measured comments in this space last August prompted the industry’s official lobbyist, the Alternative Investment Management Association, to complain that I was peddling “hoary old myths” about the hedge fund business.
Here is a statistic to make your eyes water. CSFB Tremont, keeper of one of the main hedge fund indices, has removed the track record