Harald Mcpike Hedge Fund Nassau

Paul Samuelson

Indeed only 4 out of 30 funds beat the TSE index of 34.9 and their average return was 19.1 , more than 15 points below the Topix. Over time the hard efficient market line has softened into a Risk Premium RP camp. They feel that markets are basically efficient but one can realize extra return by bearing additional risk. They strongly argue that, if returns are above average, the risk must be there somewhere you simply cannot get higher returns without bearing additional risk...