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Hedge fund positions?

Hedge fund disclosure? Many investors want transparency. But what they really NEED is performance. Like many things, if you want one you are not going to get the other. Fiduciary duty means making sure assets are allocated to those with the skills and integrity to invest them; it does not mean knowing every last detail.

In the hedge fund world opacity is an edge. This year has been rough so far for many hedge funds but as usual the most secretive have been doing fine - Renaissance Technologies, DE Shaw, Vinik and many others. Investors need to decide what their priorities are - 20% from a black box or libor from a transparent fund. Take an edge away and take the returns away.

How many investors own stock in or drink Coca Cola, eat at Kentucky Fried Chicken or Krispy Kreme. Are they abandoning the prudent man rule by utilising companies whose entire business model is based on a proprietary formula? Buying a new car or new computer - do you REALLY need to know everything about how they work to use them? Hire an independent expert who will actually understand and analyse portfolio disclosure.

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