Sure, but you're assuming that the claim seller knew more about future average returns than the buyer. Chances are they didn't, or even if they did, took too li

Sure, but you're assuming that the claim seller knew more about future average returns than the buyer. Chances are they didn't, or even if they did, took too little after the buyer's commission and still lost out. But hey, sometimes the hedge fund has a better job acquiring "dumb" money and pays more than claims are worth just so they can get their cut.