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CalPERS can't kill hedge funds

The news this week that the California Public Employees' Retirement System was liquidating its hedge fund portfolio brought accusations from critics of these private, unregulated funds that their time in the sun was finally over. For the anti-hedge fund crowd, these vehicles are more akin to gambling at a casino than actual investment, and the lucrative 20% performance fees that their managers charge are simply a way of enriching a few at the expense of investors who would probably be better off putting their money in a low-fee index fund. The CalPERS exit is clearly an important development that will inevitably be scrutinized by both the hedge fund industry and the public pension...

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