NOTES ON BUBBLES: 1. Net return gaps 330 bps (5-year), 210 bps (3-year), 160 bps (1-year). FoHFs offer lower volatility than single managers (lower standard deviation) and their correlation to broad indices on a 1-, 3- and 5-year basis is lower than single managers. 2. The traditional 1 & 10 fee model is no longer […] Read more »