Hedge funds run that gamut from "bears" to "bulls", from value to speculation, from public equities to private equity and bonds and commodities. Renaissance is

Hedge funds run that gamut from "bears" to "bulls", from value to speculation, from public equities to private equity and bonds and commodities. Renaissance is a market maker. The only thing that "Hedge Funds" have in common is that they are private investment partnerships, and typically charge a percentage of assets plus a percentage of profits for their services. Based on their charters they can invest in many different ways. Historically the term "hedge fund" arose because there was a popular class of private investment partnerships that sought to provide good risk adjusted returns by remaining hedged against possible market collapses. But those types of hedge funds are a small minority, and the label has lost all value. Ted Siedes knows all of this, because he runs a fund of funds where he adds his own layer of fees to "hedge fund" fees in order to get his clients into the "best" funds. He's been selling the myth of "hedge fund" outperformance for a long time, which is why he made this bet. He's drinking his own koolaid, and it turned out to be made in Jonestown.