hedge funds list
Hedge funds are known as the "smart money" on Wall Street, and in the past, that distinction was justified.
For years, hedge funds successfully managed risk and made well-placed bets, leaving their investors with a return they were happy to pay for.
But recently, hedge funds have underperformed the market, earning a return of just 7.32% in 2012, according to research firm eVestment, compared with last year's S&P 500 return of 13.41%.
Was 2012 just an outlier, or are hedge funds really inferior to a market-based index?
One investing legend thinks it's the latter and has even gambled $1 million on it.