I think performance relative to the market is irrelevant to the strategy.
making a profit /= beating the market.
People invest in hedge funds all the time that under-perform the market. In this case, the sucker fund just sucks a little more than usual. while the sucker fund under-performs the market, the firm also looks like hot shit because the winner fund is the most profitable fund on earth.
making a profit /= beating the market. People invest in hedge funds all the time that under-perform the market. In this case, the sucker fund just sucks a little more than usual. while the sucker fund under-performs the market, the firm also looks like hot shit because the winner fund is the most profitable fund on earth.