Hedge funds are just one more technological innovation that should improve the asset management industry. The mass media's interest in the hedge fund industry has exploded over the past few years. Invariably, the coverage has focused on the absolute outper-formance or underperformance of hedge funds and other alternative investments—as if asset management were a horse race between traditional investments (long-only equities and fixed income) and alternatives (hedge funds, private equity, real estate and commodities).
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