The efficient markets hypothesis in fund fees

August 30, 2009

Via Chris Addy, a Dilbert cartoon from January 2000:

The scary thing is this is actually true, when it comes to things like the Renaissance Medallion Fund. If it wasn’t for current and former employees only, it would have no difficulty raising many billions of dollars at 5-and-44. The only way it can keep the suckers at bay is by closing the fund to all outside investors.


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