December 17, 2008 / SFI External Professor Peyton Young and coauthor Dean Foster show how hedge funds have the power to deceive you in their study; The Hedge Fund Game: Incentives, Excess Returns, and Performance Mimics. They show how vulnerable the market is to unskilled traders. The unskilled trader may appear skilled and you wouldn’t know the difference until it is too late and the fund blows up.