About the Author Michael S. Rulle Jr. is the founder & CEO of MSR Investments, LLC. Prior to founding MSR in 2008, Rulle was president of Graham Capital Management from 2002 to 2007. Target Volatility: Equity Hedge Funds’ Real Source of Alpha? By Michael S. Rulle Jr. | June 29, 2018 The argument over the value of active versus passive investing is never ending. Here, we make the case for active hedge funds and deliver a passive solution in Target Volatility.