Why Hedge Funds?
机构投资者正逃离对冲基金，因其未能兑现高回报和下行风险保护的承诺。文章指出，分散化对冲基金策略在资产组合中有一定作用，但缺乏适当的运营尽职调查会使分散化变得危险。
Institutional investors are fleeing hedge funds, which provided neither the high returns nor the protection from downside risk that were promised to investors before the financial crisis. Diversified hedge fund strategies have a place in a well-diversified asset portfolio, but diversification is not enough to satisfy the fiduciary responsibilities of institutional investors. The problem is that operational due diligence is expensive—and without appropriate due diligence, hedge fund diversification can be dangerous.