The modern hedge fund guru faces two separate but distinct problems. First, asset prices continue to rise, irrespective of economic or business fundamentals. If everything is going up, why pay high hedge fund fees? Second, markets have become increasingly “efficient”. The explosion of information and analytics along with a massive, global asset management industry, has made abnormal returns difficult to sustain. The first phenomenon will presumably reach its natural conclusion, though the timing is uncertain. The second is even more uncertain.
现代对冲基金大师面临着两个独立而截然不同的问题。第一，资产价格不受manbetx20客户端下载 或商业基本面影响地持续上涨。如果一切都在上涨，那么为什么还要向对冲基金支付高昂的管理费？第二，市场变得越来越“高效”。信息与分析的爆炸式增长以及manbetx app苹果 资产管理行业的庞大规模，使得超额回报难以持久。第一个问题理论上会自然而然地得出结论，尽管不能确定这一过程要耗费多长时间。而第二个问题的不确定性则更大。