What new investors need to know

A minuscule proportion of the trading and investing community may be high-testosterone seat-of-the-pants ‘masters of the universe’ but, even so, many such genii eventually come unstuck, as did Sherman McCoy in The Bonfire of the Vanities. Few hedge funds have lived up to their promise and the tide has turned against the greed of the ‘two and 20’ fee structure when so many apparently high flyers end up, like Icarus, flying too close to the sun.

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