The Fun of Fund of Funds

Reading about Fund-of-Hedge-Funds and there's some good stuff here that can apply to more in life than just selecting managers.

In choosing Hedge Funds for their Fund-of-Hedge-Funds: "Thomas DeLitto, Permal's chief operation officer, says Permal operates on the premise that past is prologue."

About their investment in a specific manager: "He kept up this performance even as the market changed, Souede says. "That is the ultimate test -- to be good in all markets."

From Institutional Investor's Alpha Magazine.