Wall Street

Hedging on the Case Against Hedge Funds

They're designed to lag in bull markets. They also stand up better in crashes.

Everyone's a critic.

Photographer: Junko Kimura/Getty Images

Opinions of hedge funds always seem to be unhedged and occasionally unhinged. In the distant past, opinions were too positive. The media focused on stories of outsized success. Big winners were lionized. Failures were castigated, but not allowed to spoil the narrative.

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