{"id":38582,"date":"2022-04-04T08:00:03","date_gmt":"2022-04-04T08:00:03","guid":{"rendered":"https:\/\/adamfayed.com\/?p=38582"},"modified":"2025-03-20T09:19:19","modified_gmt":"2025-03-20T09:19:19","slug":"why-dont-most-hedge-funds-beat-the-market","status":"publish","type":"post","link":"https:\/\/adamfayed.com\/it\/uncategorized\/why-dont-most-hedge-funds-beat-the-market\/","title":{"rendered":"Why don&#8217;t most hedge funds beat the market?"},"content":{"rendered":"<p>Scrivo spesso su Quora.com, dove sono lo scrittore pi\u00f9 visto in materia finanziaria, con oltre 267,5 milioni di visualizzazioni negli ultimi anni.<\/p>\n\n\n\n<p><strong>Nelle risposte che seguono mi sono concentrato sui seguenti argomenti e problemi<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Why don&#8217;t most hedge funds beat the market?<\/li>\n\n\n\n<li>Why can stocks be so volatile?<\/li>\n\n\n\n<li>How do you protect your wealth? <\/li>\n\n\n\n<li>What is the difference between wealth and income?<\/li>\n\n\n\n<li>How reliable is the Forbes rich list? <\/li>\n<\/ul>\n\n\n\n<p>Se volete che risponda a qualche domanda su Quora o YouTube, o se state cercando di investire, non esitate a contattarmi via e-mail (advice@adamfayed.com) o WhatsApp.<\/p>\n\n\n\n<p>Alcuni dei link e dei video a cui si fa riferimento potrebbero essere disponibili solo nelle risposte originali.&nbsp;<\/p>\n\n\n\n<p>Fonte di tutte le risposte: la pagina Quora di Adam Fayed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why don&#8217;t most hedge funds beat the market?<\/strong><\/h2>\n\n\n\n<p><strong>I motivi principali sono:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The fees can be 2% + a 20% performance fee in some cases.<\/li>\n\n\n\n<li>It isn\u2019t their aim to beat the market in most cases. Often they are trying to control the risk-adjusted returns. Moreover, as many good advisors operate under a core and satellite approach, often hedge funds are only allocated at 10%-20% of a total portfolio.<\/li>\n<\/ul>\n\n\n\n<p>For a minority of hedge funds, they do feel that they can beat the market.<\/p>\n\n\n\n<p>One hedge fund owner had an ill-fated bet with <a class=\"wpil_keyword_link\" href=\"https:\/\/adamfayed.com\/it\/why-is-warren-buffett-so-rich-and-famous\/\" title=\"Warren Buffett\" data-wpil-keyword-link=\"linked\">Warren Buffett<\/a> that they would beat the S&amp;P500 over a ten-year period.<\/p>\n\n\n\n<p>He lost as the video below explains<\/p>\n\n\n\n<p>With that being said, there is a third reason for the underperformance- size.<\/p>\n\n\n\n<p>The top ten hedge funds have a large percentage of the total market:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/qph.cf2.quoracdn.net\/main-qimg-384017d395f89c73b066e8e99b1b72f7-pjlq\" alt=\"\"><\/figure>\n\n\n\n<p>We know they haven\u2019t beaten the market, at least over a long period of time, but most hedge funds are smaller.<\/p>\n\n\n\n<p>It is more difficult to beat the market with a larger hedge fund, than a smaller one.<\/p>\n\n\n\n<p>Getting a great return from a $50 million mandate is easier than a 20billion one, because it is more difficult to find as many opportunities to put large amounts of money to work.<\/p>\n\n\n\n<p>Even Buffett admits that he would be confident to beat the market with $10million but not billions under management.<\/p>\n\n\n\n<p>The same is true for actively managed funds. It is much more difficult to beat the market with larger amounts.<\/p>\n\n\n\n<p>So, the best hedge funds are actually boutique. The problem is, the best-performing smaller hedge funds might become a victim of their own success.<\/p>\n\n\n\n<p>In other words, over-performance results in massive inflows, and then the great performance ends.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why is the stock market so volatile (changes in a fraction of second)?<\/strong><\/h2>\n\n\n\n<p>Remember when Tesla\u2019s stock fell on an <a class=\"wpil_keyword_link\" href=\"https:\/\/adamfayed.com\/it\/why-does-elon-musk-always-tweet-controversial-statements-though-its-hitting-his-and-teslas-credibility\/\" title=\"Elon Musk\" data-wpil-keyword-link=\"linked\">Elon Musk<\/a> tweet?<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/qph.cf2.quoracdn.net\/main-qimg-f96b644d7ca44d8f0eb8e52e687a0f70-lq\" alt=\"\"><\/figure>\n\n\n\n<p>The stock fell 11% after that:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/qph.cf2.quoracdn.net\/main-qimg-e5047ea8e726aabf78c74918a173c628-lq\" alt=\"\"><\/figure>\n\n\n\n<p>Remember too when Coca Cola\u2019s stock fell after Cristiano Ronaldo \u201cthrew away\u201d the coke bottle on live TV and encouraged people to drink water instead?<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/qph.cf2.quoracdn.net\/main-qimg-f2af9081d387956ce9f7c92884f9e469-lq\" alt=\"\"><\/figure>\n\n\n\n<p><strong>There are two things to remember here:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The short-term<\/li>\n\n\n\n<li>The long-term<\/li>\n<\/ul>\n\n\n\n<p>The short-term is dominated by speculators speculating about what other speculators are speculating about.<\/p>\n\n\n\n<p>Stocks, and other assets, can go up (or down) by factors that don\u2019t influence the fundamentals, due to human emotions.<\/p>\n\n\n\n<p>Coka wasn\u2019t less valuable, long-term, after Ronaldo\u2019s actions. Nor was Tesla.<\/p>\n\n\n\n<p><strong>In the long-term, stocks are dependent on two factors:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Earnings growth<\/li>\n\n\n\n<li>Dividends.<\/li>\n<\/ul>\n\n\n\n<p>So, there are two returns &#8211; the speculative and the real investment return.<\/p>\n\n\n\n<p>Over almost any 30\u201340 year period, what matters is the investment return.<\/p>\n\n\n\n<p>For example, from the early 80s until the early 2000s, the total return of the US stock market was almost identical to the dividend yield and earnings growth of the firms.<\/p>\n\n\n\n<p>In the middle, however, there was speculation. Stocks went up too much above their fundamentals between 82\u201300 and didn\u2019t go up as much as they should have before 82.<\/p>\n\n\n\n<p>Things eventually even out. The point is, to be an investor, not a speculator.<\/p>\n\n\n\n<p>There is little point in trying to profit from short-term trading or getting afraid of volatility.<\/p>\n\n\n\n<p>Volatility isn\u2019t risky provided you play the long game and don\u2019t care about the noise.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How does one protect one&#8217;s wealth?<\/strong><\/h2>\n\n\n\n<p>It is a great question, because protecting and preserving is different to accumulating.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"512\" height=\"512\" src=\"https:\/\/adamfayed.com\/wp-content\/uploads\/2023\/10\/whitephoenix_a_photo_of_security_guard_protecting_a_lot_of_stac_d7b5cfb0-fbff-4b2a-bcc9-954d9ce99e0e-512x512.png\" alt=\"\" class=\"wp-image-68951\" srcset=\"https:\/\/adamfayed.com\/wp-content\/uploads\/2023\/10\/whitephoenix_a_photo_of_security_guard_protecting_a_lot_of_stac_d7b5cfb0-fbff-4b2a-bcc9-954d9ce99e0e-512x512.png 512w, https:\/\/adamfayed.com\/wp-content\/uploads\/2023\/10\/whitephoenix_a_photo_of_security_guard_protecting_a_lot_of_stac_d7b5cfb0-fbff-4b2a-bcc9-954d9ce99e0e-300x300.png 300w, https:\/\/adamfayed.com\/wp-content\/uploads\/2023\/10\/whitephoenix_a_photo_of_security_guard_protecting_a_lot_of_stac_d7b5cfb0-fbff-4b2a-bcc9-954d9ce99e0e-150x150.png 150w, https:\/\/adamfayed.com\/wp-content\/uploads\/2023\/10\/whitephoenix_a_photo_of_security_guard_protecting_a_lot_of_stac_d7b5cfb0-fbff-4b2a-bcc9-954d9ce99e0e-81x81.png 81w, https:\/\/adamfayed.com\/wp-content\/uploads\/2023\/10\/whitephoenix_a_photo_of_security_guard_protecting_a_lot_of_stac_d7b5cfb0-fbff-4b2a-bcc9-954d9ce99e0e.png 573w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Below is a list<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Put cash to use<\/strong><\/li>\n<\/ol>\n\n\n\n<p>Any retirement calculators which look at putting your money in stocks, cash and bonds show a clear commonality &#8211; your money will run out in cash.<\/p>\n\n\n\n<p>Even if you avoid a currency crisis like what has happened recently in Turkey and Russia, compounded inflation will erode your money.<\/p>\n\n\n\n<p>This calculator tells its own story.<\/p>\n\n\n\n<p>As does this statistic.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/qph.cf2.quoracdn.net\/main-qimg-5fa751fc15ba92ccede8cf9447fd0ebf-pjlq\" alt=\"\"><\/figure>\n\n\n\n<p><strong>2. Don&#8217;t put all your eggs in one basket.<\/strong><\/p>\n\n\n\n<p>We have all heard the old adage not to put all your eggs in one basket.<\/p>\n\n\n\n<p>Concentration is highly risky but can build your wealth. Many super-wealthy people have built a company, and either sold or kept taking a dividend from it.<\/p>\n\n\n\n<p>However, having all your eggs in one asset class, business, currency or market is very risky.<\/p>\n\n\n\n<p>If you are looking to preserve your wealth, the name of the game shouldn&#8217;t be just to get the highest possible return.<\/p>\n\n\n\n<p>The objective should be to get the best possible risk-adjusted return, whilst protecting the downside.<\/p>\n\n\n\n<p>That doesn&#8217;t mean being overly cautious, but it does mean being sensible.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/qph.cf2.quoracdn.net\/main-qimg-049754aa7d46ea02cdded4cfd5a4d804-lq\" alt=\"\"><\/figure>\n\n\n\n<p><strong>3. Be careful with debt and liquidity<\/strong><\/p>\n\n\n\n<p>Not all debt is bad, and many wealthier people use it to increase wealth.<\/p>\n\n\n\n<p>Typically, debt is used most effectively with illiquid assets like buy-to-let properties and a business, but it is risky.<\/p>\n\n\n\n<p>You face two risks &#8211; that you can\u2019t sell the assets and the leverage\/debt becomes excess.<\/p>\n\n\n\n<p>This needs to be controlled.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/qph.cf2.quoracdn.net\/main-qimg-64fee702c02405f625e4ee3e9ee486a8-lq\" alt=\"\"><\/figure>\n\n\n\n<p><strong>4. Have your ducks in a row<\/strong><\/p>\n\n\n\n<p>Nobody likes paying lawyers, accountants, or trust fees. Few people find buying insurance interesting either.<\/p>\n\n\n\n<p>However, it can be a necessary evil to protect wealth, legally reduce taxes, and more easily leave assets to the next generation.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/qph.cf2.quoracdn.net\/main-qimg-315f27338b0aa4578f49db3f0a0890a0-lq\" alt=\"\"><\/figure>\n\n\n\n<p>The latter point is especially important for expats who might be dealing with multiple jurisdictions.<\/p>\n\n\n\n<p>Things like expat wills aren\u2019t as simple as some people imply.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is the difference between wealth and income?<\/strong><\/h2>\n\n\n\n<p>Let me illustrate with a few examples.<\/p>\n\n\n\n<p>This is Alan Sugar &#8211; he has an estimated net worth of 1.2 billion UK Pound Sterling, and hosts the UK version of the apprentice:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/qph.cf2.quoracdn.net\/main-qimg-07fd4baf4d64778e2c667c102101f264-lq\" alt=\"\"><\/figure>\n\n\n\n<p>He paid himself a dividend of \u00a3390M recently. That was one of the biggest paydays in UK history.<\/p>\n\n\n\n<p>Denise Coates paid herself an even bigger dividend, at 421m. She is worth about $12.2 billion according to online sources.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/qph.cf2.quoracdn.net\/main-qimg-5930a10dac6c25b4b06074ae81768e15-lq\" alt=\"\"><\/figure>\n\n\n\n<p>Now here is the interesting thing. Sugar dividends in particular would, most likely, surprise many people.<\/p>\n\n\n\n<p>It seems very high compared to his total net worth, and is far bigger, as an income, than some people who have $100billion of net worth on paper.<\/p>\n\n\n\n<p>The reason is simple. He owns cash flow-producing assets like property. The focus is on dividends rather than capital appreciation.<\/p>\n\n\n\n<p>In comparison, if somebody has done an IPO, their net worth is linked to the stock market performance.<\/p>\n\n\n\n<p>In other words, it is completely fluctuating, and having X and Y billion, doesn\u2019t mean they have as high an income as these two people are able to take.<\/p>\n\n\n\n<p>Net wealth is merely focused on calculating the total assets a person has, merely income is what is being paid out.<\/p>\n\n\n\n<p>Think about two different property investors. They both have a million held in different properties.<\/p>\n\n\n\n<p>The first person is making 80,000 a year from income, but the property values are stagnant, whereas the second person is \u201cmaking\u201d 10% a year from the buildings going up in price, with low dividends of 20,000 a year.<\/p>\n\n\n\n<p>On paper, the second person\u2019s wealth is going up more quickly, but they aren\u2019t getting a good income from the project, and need to sell out to realize the profits.<\/p>\n\n\n\n<p>Especially when it comes to illiquid assets like land, property, and unlisted businesses which aren\u2019t on the stock market, what the asset is producing is more vital than capital appreciation.<\/p>\n\n\n\n<p>I have met many a person who has owned land which has gained in value, but then they can&#8217;t find a buyer or earn much yield from it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How reliable is Forbes&#8217; list of world billionaires? What metrics were applied to come up with that list?<\/strong><\/h2>\n\n\n\n<p>It is fairly accurate when it comes to people who have listed companies.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"512\" height=\"512\" src=\"https:\/\/adamfayed.com\/wp-content\/uploads\/2023\/10\/whitephoenix_wealth_busnessman_and_businesswoman_are_in_a_row_52281f5f-d17c-47dc-ab31-9c4d1ca2d26a-512x512.png\" alt=\"\" class=\"wp-image-68953\" style=\"width:353px;height:auto\" srcset=\"https:\/\/adamfayed.com\/wp-content\/uploads\/2023\/10\/whitephoenix_wealth_busnessman_and_businesswoman_are_in_a_row_52281f5f-d17c-47dc-ab31-9c4d1ca2d26a-512x512.png 512w, https:\/\/adamfayed.com\/wp-content\/uploads\/2023\/10\/whitephoenix_wealth_busnessman_and_businesswoman_are_in_a_row_52281f5f-d17c-47dc-ab31-9c4d1ca2d26a-300x300.png 300w, https:\/\/adamfayed.com\/wp-content\/uploads\/2023\/10\/whitephoenix_wealth_busnessman_and_businesswoman_are_in_a_row_52281f5f-d17c-47dc-ab31-9c4d1ca2d26a-150x150.png 150w, https:\/\/adamfayed.com\/wp-content\/uploads\/2023\/10\/whitephoenix_wealth_busnessman_and_businesswoman_are_in_a_row_52281f5f-d17c-47dc-ab31-9c4d1ca2d26a-81x81.png 81w, https:\/\/adamfayed.com\/wp-content\/uploads\/2023\/10\/whitephoenix_wealth_busnessman_and_businesswoman_are_in_a_row_52281f5f-d17c-47dc-ab31-9c4d1ca2d26a.png 573w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/><\/figure>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>You can estimate Bezos\u2019 wealth based on Amazon\u2019s share price today + some of his other investments.<\/p>\n\n\n\n<p>It gets more tricky when it comes to dictators and people who live in countries with little transparency.<\/p>\n\n\n\n<p>There is reasonable evidence that Kim Jung Un, Putin, and several others should be on the rich list.<\/p>\n\n\n\n<p>It is impossible to prove though, as the money can\u2019t be ascertained, and much of it most likely is held in other people\u2019s names.<\/p>\n\n\n\n<p>So, Forbes is a good list in terms of&nbsp;<strong>verifiable wealth.<\/strong><\/p>\n\n\n\n<p>Beyond that, Forbes doesn\u2019t account for two things:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Family wealth<\/strong><\/li>\n<\/ol>\n\n\n\n<p>It is a list of individuals.<\/p>\n\n\n\n<p>It doesn\u2019t account for family wealth. For example, the House of Saud has over a trillion in wealth, even if no individual has that.<\/p>\n\n\n\n<figure class=\"wp-block-image is-resized\"><img decoding=\"async\" src=\"https:\/\/qph.cf2.quoracdn.net\/main-qimg-db40a896ba435d15e83d9cb1f1bdb116-lq\" alt=\"\" style=\"width:462px;height:auto\"><\/figure>\n\n\n\n<p><strong>2. Income versus wealth<\/strong><\/p>\n\n\n\n<p>This one sounds obvious. It is a \u201cwealth list\u201d and not an \u201cincome list\u201d after all.<\/p>\n\n\n\n<p>Yet many people do lack common sense when it comes to the list. The assumptions most people make are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If somebody has billions, they can spend it.<\/li>\n\n\n\n<li>A lot of the wealth is liquid. Therefore, if somebody has 100billion as an estimated net worth figure, they can easily spend 50billion. In reality, a lot of this money might be held in businesses, real estate, private investments, etc<\/li>\n\n\n\n<li>If somebody is higher up on the list, they can spend more. Let\u2019s look at this in another way. Could Elon Musk spend $1billion every year for the rest of his life? Maybe, but very unlikely, because he would need to keep selling off Tesla\u2019s stock, and hope it keeps rising. In comparison, members of royal families have the whole country&#8217;s wealth behind them.<\/li>\n<\/ul>\n\n\n\n<p>The latter point is one reason why whenever you hear about the sale of a painting for hundreds of millions, it tends to be an absolute monarch in the Middle East (or beyond) buying it, and not a billionaire who runs a company.<\/p>\n\n\n\n<p>The point is, saying X and Y person is richer than the Queen or MBS, is misleading.<\/p>\n\n\n\n<p>It isn\u2019t comparing apples with apples.<\/p>\n\n\n\n<p><strong>Siete afflitti dall'indecisione finanziaria? <\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"512\" height=\"288\" src=\"https:\/\/adamfayed.com\/wp-content\/uploads\/2025\/03\/Adam-Fayed-Contact_CTA3-512x288.jpg\" alt=\"\" class=\"wp-image-117505\" style=\"width:683px;height:auto\" srcset=\"https:\/\/adamfayed.com\/wp-content\/uploads\/2025\/03\/Adam-Fayed-Contact_CTA3-512x288.jpg 512w, https:\/\/adamfayed.com\/wp-content\/uploads\/2025\/03\/Adam-Fayed-Contact_CTA3-300x169.jpg 300w, https:\/\/adamfayed.com\/wp-content\/uploads\/2025\/03\/Adam-Fayed-Contact_CTA3-768x432.jpg 768w, https:\/\/adamfayed.com\/wp-content\/uploads\/2025\/03\/Adam-Fayed-Contact_CTA3-scaled.jpg 825w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/><\/figure>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/adamfayed.com\/it\/become-adams-client\/\">Diventa mio cliente<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/adamfayed.com\/it\/good-match-quiz\/\" target=\"_blank\" rel=\"noreferrer noopener\">Fare il quiz sull'idoneit\u00e0 del cliente<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/adamfayed.com\/it\/contact\/\" target=\"_blank\" rel=\"noreferrer noopener\">Contatto<\/a><\/div>\n<\/div>\n\n\n\n<p><strong>Adam \u00e8 un autore riconosciuto a livello internazionale in materia finanziaria con oltre 830 milioni di visualizzazioni di risposte su Quora, un libro molto venduto su Amazon e un contributo su Forbes.<\/strong><\/p>","protected":false},"excerpt":{"rendered":"<p>What is the reason most hedge funds don&#8217;t beat markets?<\/p>","protected":false},"author":52,"featured_media":64440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10166176115445471_100883565069113":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[1],"tags":[],"class_list":["post-38582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/adamfayed.com\/it\/wp-json\/wp\/v2\/posts\/38582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/adamfayed.com\/it\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/adamfayed.com\/it\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/adamfayed.com\/it\/wp-json\/wp\/v2\/users\/52"}],"replies":[{"embeddable":true,"href":"https:\/\/adamfayed.com\/it\/wp-json\/wp\/v2\/comments?post=38582"}],"version-history":[{"count":2,"href":"https:\/\/adamfayed.com\/it\/wp-json\/wp\/v2\/posts\/38582\/revisions"}],"predecessor-version":[{"id":117699,"href":"https:\/\/adamfayed.com\/it\/wp-json\/wp\/v2\/posts\/38582\/revisions\/117699"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/adamfayed.com\/it\/wp-json\/wp\/v2\/media\/64440"}],"wp:attachment":[{"href":"https:\/\/adamfayed.com\/it\/wp-json\/wp\/v2\/media?parent=38582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adamfayed.com\/it\/wp-json\/wp\/v2\/categories?post=38582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adamfayed.com\/it\/wp-json\/wp\/v2\/tags?post=38582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}