Talented active fund managers benefit the global economy by allocating capital to the best investment opportunities. Good hedge fund managers are even better because they invest with greater precision.

The usual criticism of active fund management in general, and hedge funds in particular, is that it is a zero-sum game in which one manager makes money only at the expense of another. But it is fund managers who decide whether ¨to give money to companies in return for new securities. Correct resource allocation is the lifeblood of capitalism, and those who do it well are rightly rewarded.