if hedge funds could make markets completely efficient, it would benefit the world a lot--is one.

如果对冲基金能够使市场能够完全有效，它会给世界带来很多益处-这是一点。

耶鲁公开课 - 金融市场课程节选

Think about it: I cannot possibly make as much money telling you not to invest in a hedge fund, an investment product with exceptionally high fees for the manager or marketer, as they can make getting you to invest in a hedge fund.

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Some people will say that a hedge is the answer, but we all know insurers make money and the insured lose money and a hedge is just insurance.

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And so the rising tide money the Fed supposedly creates inflates asset prices in such a way as to make an index fund vastly preferable to a hedge fund.

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