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Bloomberg promises “a comprehensive list of long/short funds worldwide.” Morningstar, Lipper and U. News plunk nearly a hundred funds into a box with that label. Not nearly.) Seeking Alpha offers up the “best and less long/short funds 2013.” Here’s the Observer’s position: Talking about “long/short funds” is dangerous and delusional because it leads you to believe that there are such things.Using the phrase validates the existence of a category, that is, a group of things where we perceive shared characteristics.Note that some of the papers are quite lengthy and may take a fair amount of time to download.Unfortunately, some papers aren't freely available on the Internet at this time (to the best of our knowledge).For those papers which aren't freely available online, we've tried to include brief summaries.By David Snowball Dear friends, Welcome to summer, a time of year when heat records are rather more common than market records. Google chronicles 273,000 pages that use the phrase.Real estate has historically been an indispensable avenue to wealth and a key mode of diversification.

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When Morningstar groups 83 funds together in the category “long/short equity,” they’re telling us “hey, all of these things have essential similarities.

At the time, some market experts questioned whether the industry could continue to charge hefty fees — a manager typically receives a substantial portion of the fund’s annual appreciation — for such uneven performance.

After all, hedge funds were supposed to protect investors against market volatility, not subject them to it.

“Those who keep their heads while others are panicking usually do well.” That strategy handed Mr.

Tepper, a plain-spoken Pittsburgh native who first made his name at Goldman Sachs, the top spot on the annual ranking of top earners in the hedge fund industry by AR: Absolute Return Alpha magazine (subscription required), which comes out Thursday. Tepper’s flagship fund gained more than 130 percent last year.

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