Barry Ritholtz, Columnist

The Hedge-Fund Manager Dilemma

Not all hedge are created equal; a handful out-perform the pack.

April 17, 2014 at 12:18 PM UTC

Barry Ritholtz is a former Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”

You might have to go along way to find investment alpha. Source: NASA/JPL-Calech/University of Arizona via Bloomberg News

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I have been fascinated with hedge funds for quite some time. I began studying them in the last decade. It has been an intriguing field of investigation for a number of reasons:

No. 1. Alpha Generators: In the early days of hedge funds, they created a ton of alpha, or returns that exceeded market benchmarks . They resembled pre-expansion sports leagues; there were a limited number of teams run by a handful of talented managers, and most were superstars.