The strategic case for gold revolves around its long history as a store of value. Humans have been drawn to the yellow metal despite its inability to pay a dividend or provide productive output ownership since somebody first discovered it. From an investment perspective, gold has demonstrated an...

A lack of commonly accepted benchmarks for hedge fund performance has permitted hedge fund managers to attribute to skill returns that may actually accrue from market risk factors and illiquidity. Recent innovations in hedge fund replication permits us to estimate the extent of this...