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Carl Richards: A Mystery In Hedge Fund Investing

FYI: Carl said, "When I look at hedge funds, there are three data points that keep bothering me. They create a pattern that doesn’t make a lot of sense. I hope you can help me understand what I’m missing."
Regards,
Ted
http://www.nytimes.com/2015/03/09/your-money/a-mystery-in-hedge-fund-investing.html?_r=0
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