“I never use hedge funds because I am well aware of what drives future performance, and hedge funds start out with a great disadvantage in every major category: taxes, fees, risk management, transparency and liquidity.”

“I never use hedge funds because I am well aware of what drives future performance, and hedge funds start out with a great disadvantage in every major category: taxes, fees, risk management, transparency and liquidity.”

“...there should be no place in a portfolio for hedge funds. There are lots of reasons, but the main one is simple: Investing in hedge funds is a great way to increase the odds of underperformance.”