PT  - JOURNAL ARTICLE
AU  - Clifford S Asness
TI  - An Alternative Future
AID  - 10.3905/jpm.2004.443316
DP  - 2004 Oct 31
TA  - The Journal of Portfolio Management
PG  - 8--23
VI  - 31
IP  - 1
4099  - https://pm-research.com/content/31/1/8.short
4100  - https://pm-research.com/content/31/1/8.full
AB  - An argument can be made that hedge funds, particularly a combination of traditional index funds and hedge funds, represent the future of investment management? but we are not there yet, for a variety of reasons. Some dark sides of hedge fund investing stand in the way. Hedge fund fees remain a contentious issue. Fees must become more rational in terms of paying for alpha versus hedge fund beta versus traditional beta. Other evolutionary changes must occur to make hedge funds more user-friendly, particularly for institutional investors.