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Happy Hedge Fund Managers Earn Money for Nothing

It might seem crazy what I’m ‘bout to say …

As the last billionaire exited the stage yesterday at the Ira W. Sohn Investment Research Conference, an elite gathering of hedge fund managers and their acolytes, the audience rose to the tune of Pharrell William’s hit track, Happy. And why wouldn’t they be? As a class, hedge fund managers badly underperformed the plain vanilla stock market in 2013—yet top earners were paid 50 percent more than in the prior year (when hedge funds also trailed the market).