Our clients—like many investors—perceive that equity long/short hedge funds have, on average, not done a very good job of either hedging market risk or beating broad passive equity indices following the end of the Great Financial Crisis and the beginning of the subsequent bull market. Those perceptions are correct and spur a question that we seek to answer in our White Paper No. 67: why bother with equity long/short at all? In this WP, we look at how to measure value creation in a portfolio context and identify some cases where it can still make sense to use equity long/short hedge funds. We hope you enjoy it and look forward to your feedback and questions.