It's a tough time to be an investor. Stocks are wildly volatile, bonds are overpriced, and cash pays nothing. Everyone wants an alternative -- an investment that will zig while everything else is zagging.
So naturally, Wall Street is selling one: 'alternative' mutual funds, which promise an 'absolute' return -- i.e., a positive return in every environment.
It's a great marketing pitch. But as I explain in this article for Reuters, on closer examination the product is much less alluring than the pitch.
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