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Discuss the price-quality relationship.
Monthly Excess Returns
The return on an investment minus the return on a risk-free investment (such as Treasury bills), measured on a monthly basis.
S&P 500 Index
A stock market index that measures the stock performance of 500 large companies listed on stock exchanges in the United States.
Equity Hedge Funds
Funds that engage primarily in trading equities and equity derivative instruments, often employing strategies to hedge against market volatility.
Feeder Funds
Investment funds that aggregate capital commitments from investors into a master fund for investing in specific assets.
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