In previous articles, I addressed two recent investment "fatigues" experienced by institutional investors: active vs. passive; and global vs. U.S. benchmarks. Now I'll tackle the third "fatigue"— hedge funds. Hedge funds have come under extreme criticism lately for their expensive fee structure, lack of performance and too much beta wrapped up in an alpha fee structure. It appears hedge funds are run more for the amusement of the hedge fund manager and less for the benefit of the hedge fund's clients. These are all legitimate concerns but I still believe there is value to be found in hedge fund land....