Look at what hedge funds really do – and tell me capitalism is about ‘rewarding risk’

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‘Alternative asset managers’ are mainly focused on protecting themselves from losses – and they get tax breaks for it, tooBrett Christophers is the author of Our Lives in Their Portfolios: Why Asset Managers Own the WorldComing up with economic policy is a difficult, unforgiving task. To make the best of it, it helps to work with an accurate model of how the economy works. If you use a misleading model and act on it, you can’t reasonably expect good outcomes: in that scenario, we end up, as JM Keynes warned in the 1930s, with “madmen in authority”, acting according to the precepts ...

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