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Abstract
In this summary article, the author shows how investors can neutralize the unwanted skewness and kurtosis effects from investing in hedge funds by 1) purchasing out-of-the-money equity puts, 2) investing in managed futures, and/or by 3) overweighting equity market neutral and global macro and avoiding distressed securities and emerging market funds. The analysis suggests that all three alternatives are up to the job but also come with their own specific price tag.
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Integrating Hedge Funds into the Traditional Portfolio
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