“However, there are still concerns about possible measurement errors and various biases in reported hedge fund returns. The consensus is that hedge fund index returns became increasingly reliable beginning in 1996. Prior to 1996, looking at the period from 1987 to 1996, 27 large hedge funds substantially outperformed the S&P 500 index. The outperformance is high, which is more than enough to account for any measurement biases.”
想请问notes上这一段关于hedge fund的描述,是说这27只hedge fund跑赢大盘是因为measurement bias么?1996年前关于hedge fund有无监管啊?谢谢!