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Why do people still invest in hedge funds?

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Mo’ money, mo' myopia
The Economist notes that a plain vanilla 60/40 portfolio on the S&P 500 has delivered 10-year returns of more than 90 per cent, while hedge funds have returned 17 per cent after fees. So why do rich people keep investing in them? According to financial planner Carl Richards, the wealthier people get, the more they focus on complexity and ignore returns.