The level of underperformance highlighted by Deutsche Bank might not be as significant as one thinks. Using the period of quantitative easing as a benchmark, this is visible when comparing the performance of the S&P 500 Total Return Index to that of the Barclay Hedge Fund Index where investors can witness what is a very different level of performance. In 2014 the S&P was up 13.69 percent versus the hedge fund index, up only 2.88 percent. The return differential resulted in an annual -10.81 percent underperformance by hedge funds, which is actually close to the annualized underperformance by hedge funds...