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Simon Lack used to pick hedge funds for JP Morgan, so he knows quite a lot about these sophisticated investments. And here’s what he’d like you to know about them: there’s a lot less to hedge funds than most people believe.

In his 2012 book, “The Hedge Fund Mirage: The Illusion of Big Money and Why It’s Too Good to Be True” (John Wiley & Sons, Inc.), Lack explained that hedge funds offered great returns long, long ago when they were small and there were relatively few of them, and when their managers actually could find market anomalies from which they could profit.

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