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Hedge Funds — What They Are, How They Make Money, and Why Most Fail
Hedge funds manage over $4 trillion and are the investment vehicles of the world's wealthiest individuals and institutions. They can go long, short, use leverage, and invest in almost anything. Most underperform a simple index fund after fees. Here is how hedge funds actually work, what the best ones do differently, and why the industry persists despite mediocre average performance.
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