The dismal truth about hedge funds & how investors can get a greater share of the profits Shocking but true: if all the money that's ever been invested in hedge funds had been in treasury bills the results would have been twice as good. Although hedge fund managers have earned some great fortunes investors as a group have done quite poorly particularly in recent years. Plagued by high fees complex legal structures poor disclosure & return chasing investors confront surprisingly meager results. Drawing on an insider's view of industry growth during the 1990s a time when hedge fund investors did well in part because there were relatively few of them The Hedge Fund Mirage chronicles the early days of hedge fund investing before institutions got into the game & goes on to describe the seeding business a specialized area in which investors provide venture capital-type funding to promising but undiscovered hedge funds. Today's investors need to do better & this book highlights the many subtle & not-so-subtle ways that the returns & risks are biased in favor of the hedge fund manager & how investors & allocators can redress the imbalance. The surprising frequency of fraud highlighted with several examples that the author was able to avoid through solid due diligence industry contacts & some luck Why new & emerging hedge fund managers are where generally better returns are to be found because most capital invested is steered towards apparently safer but less profitable large established funds rather than smaller managers that evoke the more profitable 1990s Hedge fund investors have had it hard in recent years but The Hedge Fund Mirage is here to change that by turning the tables on conventional wisdom & putting the hedge fund investor back on top.