This podcast is in response to the latest announcement by CALPRS, the California Public Employees’ Retirement System, that they have decided to liquidate their $4 billion in hedge fund investments. Paul discusses the sad truth about the expense, returns and slippery nature of the hedge fund industry. Here is just one of the many aspects he reports: At the end of 10 years only 5% of the hedge funds will still be in business. Does that sound like an investment you’d like to make? Of course, as long as it’s part of the 5%. Paul also discusses a hedge fund he helped form in 1995. The good news is it’s still in business.