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Invest with the Fed: Maximizing Portfolio Performance by Following Federal Reserve Policy by Luis Garcia-Feijoo, Gerald R. Jensen, Robert R. Johnson

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CHAPTER 7

HEDGE FUNDS

When people ask me what I do for a living, I generally tell them “I run a hedge fund.” The majority give me a strange look, so I quickly add, “I am a money manager.” When the strange look persists, as it often does, I correct it to simply, “I’m an investor.” Everyone knows what that is.

David Einhorn, Greenlight Capital, from a speech at the Value Investing Congress, November 10, 2006

In social settings, when the topic of investments comes up, individual investors often say that they are invested in “mutual funds.” The typical response to that declaration is “Me too.” However, simply acknowledging that you and your cocktail party acquaintance are both invested in mutual funds does not imply that you have similar investments. ...

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