It seems that since the recovery from the finical crisis of 2008, hedge funds have had a string of reasons for their persistent underperformance. First it was the fact that they were “defensively positioned” and did not capture the full rally of 2009. Then the US credit downgrade in 2011 hurt popular hedge fund trades. After that we had a fixed income shock, reversion of momentum / value factors and the energy shock that all seemed to conspire against active managers. But to the average hedge fund investor, these reasons are beginning to sound like excuses. The latest struggle for...