Here's some good reading related to this blog's thesis.
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The Cost of Active Investing, Kenneth R. French, Tuck School, Dartmouth:http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1105775&rec=1&srcabs=980291
Too big for its Gucci boots: The causes of the overexpansion of the finance industry, Buttonwood, The Economist:
Hedge Funds Challenged Over Fees, The New York Times:
Private Equity Principles released by the Institutional Limited Partners Association: