Thanks for that, sad as it is. Jibes well with some of my more cogent thoughts on the subject. Will read the linked article.
While everyone is having a go at Seides, at least he put his money where his mouth was. This suggests that he might have actually believed that he could generate market beating returns after fees.
The real lesson of this bet was that it took two years before anyone who ran a hedge fund actually took it up. That means that everyone else who runs a hedge fund knows exactly what value their “active management” provides.
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Yup, that and no one expects the spanish inquisition (or FAAG in this case).
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