Three brief quotes about long/short funds, one of which I read today, and the other two that immediately came to find upon reading a longer piece about the troubles said funds have had this past year:
Historical relationships that hold true 90% of the time have gone completely haywire this year.
— Gary Benstead (in today’s WSJ)
If past history was all there was to the game, the richest people would be librarians.
– Warren Buffett
Long/short funds are complex financial products equally adept at losing money in up and down markets.