CLONING WHALES

摘要

There have been countless articles written on active vs. passive investing. They almost all conclude that over time only 15% to 20% of active funds outperform their passive benchmark. The under-performance is usually attributed to the higher fees. Some managers hug a benchmark for job security, which limits the manager's ability to add value and produces a "closet index." Hedge funds typically operate on the other end of the spectrum, going anywhere to find a great investment. Investing with hedge funds is not without headaches: Many top funds have reached capacity, and even if they are open to investments, their minimum investment levels are prohibitvely high.