Hedge funds: A way for fund managers to make unbelievable profits by convincing wealthy investors, pensions, and trusts, they have discovered a way to achieve high returns without commensurate risk. Qualifies as one of the greatest wealth transfer vehicles in modern times.
~ Dan Solin, author of The Smartest Retirement Book You’ll Ever Read
So the next time anyone gets hedge fund envy, remember the people running the hedge funds are enriching themselves at the expense of their clients to a degree far and above the high fees of the typical mutual fund.
I'm a Solin fan. The book it comes from is, I think, worth reading for those approaching retirement.
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