Ferchi

Read on a little bit, however, and it turns out that AIMA can — and did — replicate Lack’s results. The group publishes two tables (Table 1 and Table 4): the first one, which attempts to reproduce Lack’s methodology, concludes that between 1998 and 2010, hedge fund investors lost $6 billion, while T-bill investors made $309 billion. That’s even worse than what Lack says! The second table, using AIMA’s own methodology, does indeed show hedge funds outperforming T-bills between 1998 and 2010. But, it’s worth noting that even the AIMA-methodology table shows T-bills outperforming hedge funds between 1998 and 2009.