Six Impossible Things Before Breakfast

James Montier speech last Summer (HT: NG)

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I’ve written a ton on how the hedge fund indexes are useless.  Remember, you don’t want the beta of hedge funds (like all the ETF indexes – you want the alpha!!).  Some more examples here:

Econompic, DailyFinance, Clusterstock, FIN

Investable index: 13%

Non-Investable Index: 19% (and has underperformed every year the past 7 years!)

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A great article here from my buddy Nick on arithmatic geometric returns, or, returns you can eat.