An Inconvenient Truth: Hedge Funds Don't Provide Superior Returns
Many investors clamor to put money in hedge funds, paying "2 + 20" to have these masters of the universe invest all or a sizable portion of their wealth.
But a funny thing happened on the road to riches. It is becoming increasingly evident that, on the whole, hedge funds simply fail to provide either superior returns or diversification benefits to investors.
Johnson, Robert, "An Inconvenient Truth: Hedge Funds Don't Provide Superior Returns" (2016). Faculty Publications. 549.