Do Funds-of-Funds Deserve Their Fees-on-Fees?
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Since the after-fee returns of funds-of-funds are, on average, lower than hedge fund returns, it is easy to conclude that funds-of-funds do not add value compared to hedge funds. However, funds-of-funds should not be evaluated relative to hedge fund returns in publicly reported databases. Instead,
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美国国家经济研究局创建时间：
2008-04-01
