Simon A. Lack Quotes & Sayings

I often point out to hedge fund proponents that their industry used to claim it was targeting absolute returns, with the promise that they'd make money over any reasonably long holding period and were uncorrelated with other major asset classes such as stocks or bonds. The 2008 crash showed how unattainable this was, and hedge fund proponents quietly adopted different descriptions of their objectives. These included generating attractive Relative Returns, and more recently when even this more modest objective proved to be beyond their collective ability the term Uncorrelated Returns gained favor. Since hedge funds have in recent years been worse than just about anything else it's been a good choice. — Simon A. Lack