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Originally Posted by wpgflamesfan
To add to the above, there seems to be this idea that hedge funds are earning crazy returns that are out of reach for the average investor. While there are definitely individual examples of this being true, on average hedge funds tend to underperform the market (Warren Buffet even famously won a million dollar bet saying that a S&P500 would outperform these funds over 10 years).
If anyone should be mad at these funds, it's the wealthy individuals who have somehow been convinced it's worth paying a 2/20 fee structure to underperform the market.
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Even the book "The Millionaire Teacher" (written by Andrew Hallam, a very good and interesting beginning investing book) preaches this.