Unfortunately this “risk” of foregoing an alternative choice is perceived as falling behind the indexes by not participating in market risk.

In other words, money managers, in most market environments, seem to have a greater fear of “not winning” than they do of “not losing.”

This seems, at a minimum, counter-intuitive.

If a money manager’s primary benchmark for performance were inflation, rather than the S&P 500, investors would be better served.

Wonder if the Time / Newsweek cover curse applies to hedge funds? Hope not