Hedge Funds Are Hardly a Panacea – Wall Street Journal 06-05-13

Salient to Investors:

John Bogle writes:

While the idea of market timing is simple, many hedge fund managers have tried but precious few have succeeded.

Joe Carlen, author of “The Einstein of Money”, said the Benjamin Graham Joint Account – the predecessor to Graham-Newman Corporation – lost 70% from 1929 through 1932 inclusive, versus a loss of 64% for the S&P 500 Index – dividends included in both cases.

Read the full article at http://online.wsj.com/article/SB10001424127887323469804578523612570406102.html

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