Steve Kaplan, Columnist

Hedge Fund Investors Are Sure Losers in Herbalife Fight

February 12, 2013 at 11:30 PM UTC

Kaplan also is faculty director of Booth’s Polsky Center for Entrepreneurship. His papers on LBOs and private equity are the standard references in the field, and he has testified before House and Senate committees about his research. He is a research associate at the National Bureau of Economic Research and an associate editor of the Journal of Finance and the Journal of Financial Economics. He serves on the board of directors of Accretive Health, Columbia Acorn Funds, Morningstar and the Parking Spot.

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As Bill Ackman, Dan Loeb and Carl Icahn do battle over Herbalife Ltd., it is impossible to predict which hedge-fund manager has bet correctly and will “win.”

I do know exactly who the losers will be: hedge-fund investors as a group.