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Opinion
Barry Ritholtz

So Many Hedge Funds, So Little Alpha

There are a lot of funds, but not many managers who can beat the market.
Where would this car company be without hedge funds?

Where would this car company be without hedge funds?

Photographer: Chesnot/Getty Images

Science fiction author William Gibson once observed that “The future is already here, it’s just not evenly distributed.”

The same can said for alpha, or the ability of money managers to deliver market-beating returns.