[coliveira]

Most hedge funds don't beat the market, and this is widely known. Moreover, from the few that beat the market, some are involved in insider trading and other deceptive practices. From the remaining ones, a good portion can be explained by sheer luck.

[nerdponx]

I do wonder about using this same analysis to look at various funds' real returns (hedge and otherwise), in addition to the major indices in the study. I'd be curious to look at variance, downside risk during downturns, etc.

[nerdponx]

I realized that this is what https://totalrealreturns.com/ does. It seems like at least a few mutual funds do beat the market over time, e.g. FPURX: https://totalrealreturns.com/s/USDOLLAR,VTSMX,FPURX,FBGRX