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Quote of the Day

"(A) lot of hedge funds were charging performance fees when there was no alpha at all. There were also many charging performance fees even when the alpha was negative. This, we believe, is why the overall industry is broadly frowned upon these days, and finds itself in this predicament."

(Andrew Dickson)

Chart of the Day

One of these things is not like the other…(via @charliebilello)

(twitter.com)