More than one of every five hedge fund managers who reads this item is a liar - according to a study from the NYU Stern School of Business. NYU found that more than 20% of hedge fund managers regularly misrepresent or blatantly lie to investors about the performance of their portfolios. The study found that fund managers frequently hide or misrepresent former legal and regulatory problems, roughly 21% of the time, and give false or unverifiable information on other topics up to 28% of the time.