Hedge funds shot to fame for regularly posting superior performance in the 1990s. But those days are over.
Sure, a handful of managers still rack up outsize gains from time to time, some more frequently than others. But for the most part, the cottage industry we came to know and love for producing gargantuan gains in the 1990s has morphed into a big business that excuses itself for regularly underperforming the popular benchmarks with the promise that it will preserve investors’ hard-earned money when the markets...