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cover of episode Team Favorite At the Money: Are Hedge Funds Are Right For You?

Team Favorite At the Money: Are Hedge Funds Are Right For You?

2025/4/9
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Masters in Business
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B
Barry Ritholtz
知名投资策略师和媒体人物，现任里特尔茨财富管理公司董事长和首席投资官。
T
Ted Seides
Topics
Barry Ritholtz: 我认为并非所有对冲基金都是一样的，投资者应该认真思考对冲基金是否适合自己。对冲基金行业规模庞大，但其投资风险和回报也存在差异，投资者需要谨慎选择。 在节目中，我们讨论了对冲基金投资的风险和回报，以及如何选择适合自身情况的对冲基金。我们还探讨了对冲基金的收费模式、流动性以及税收等问题。 总的来说，对冲基金投资并非适合所有投资者，投资者需要具备一定的风险承受能力和专业知识。 Ted Seides: 对冲基金最初的理念是在降低风险的同时获得与股票市场类似的回报。然而，如今许多所谓的对冲基金已经偏离了这一初衷，其投资策略和类型也多种多样。 投资者对对冲基金的回报预期应该更加保守，不要被媒体报道中夸大的成功案例所迷惑。对冲基金的回报存在均值回归现象，大部分回报集中在中等水平，而非极端值。 专业人士将对冲基金视为风险缓解策略，而非单纯追求高回报的工具。在选择对冲基金时，投资者应该优先考虑风险，而非收益。集中、杠杆和流动性不足是导致对冲基金风险的三大因素，投资者应避免同时承担这三种风险。 此外，投资者还应根据自身情况，例如资金规模、风险承受能力、税收状况和流动性需求等因素，选择合适的对冲基金投资策略和比例。并非所有对冲基金都适合所有投资者，投资者应谨慎选择，并根据自身情况制定合理的投资计划。

Deep Dive

Chapters
This chapter explores the allure of hedge funds, their growth, and the importance of realistic return expectations. It contrasts the media's focus on top performers with the reality of average performance and risk mitigation strategies.
  • Hedge fund assets have swelled to over $5 trillion, with forecasts exceeding $13 trillion by 2032.
  • Not all hedge funds are created equally; investors should determine if they're the right investment vehicle.
  • The original premise of hedge funds was to deliver equity-like returns with less risk, but many today are not hedged.
  • Media sensationalizes extreme performance, creating unrealistic expectations; professional investors focus on risk mitigation.

Shownotes Transcript

Hedge funds have never been more (or less hedged). The alternative asset class has become a huge destination for institutional and family office capital. But are the high costs and performance risks appropriate for you? Ted Seides is founder and CIO of Capital Allocators, and learned about alts working under the legendary David Swensen at the Yale University Investments Office. He wrote the book, “Private Equity Deals: Lessons in investing, deal-making and operations."

Each week, “At the Money” discusses an important topic in money management. From portfolio construction to taxes and cutting down on fees, join Barry Ritholtz to learn the best ways to put your money to work.

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