As Ackman Goes On & Off Best Hedge Fund List, Is He Looking More Global Macro?

The fight to get on the list of the greatest hedge fund money managers of all time is slightly askew as Pershing Square activist legend William Ackman officially went on and off the list of all-time greats. (Ackman is a "legend," if for no other reason than some of the bold and close to the line investments that benchmark his career.)

The key measurement for the LCH Investments list of top performers, however, is basically total absolute return, regardless of performance duration, and this is where a negative propensity for recency bias comes into focus. What this means is that oftentimes great hedge...