Asked by Peter Fraser
Although it is relatively straightforward to calculate a standard deviation proxy for periodic returns of a hedge fund index, I am interested in seeing the distribution of returns amongst a population of hedge fund managers, so as to identify whether or not there are many stars/dogs or whether the distribution of returns clusters around the mean. Is there any way of doing this? I am also (to a much lesser extent) interested in whether this distribution is 'normal' or skewed in any way. Note that my mathematical capabilities are not massively in excess of those attributable to a rancid peanut.
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