Recent news headlines state that the hedge fund industry saw its highest level of redemptions during the 1st quarter of 2020 in over a decade, with $33 billion leaving the industry. A more appropriate headline would have been “Hedge Funds Only Lose 1% of Industry Assets – Learned from 2008 Experience.”

When global equity markets lost around US$16 trillion of their value in a single month this year, the wealthy found themselves no more protected from financial loss than anyone else.