This was the year to ridicule hedge funds. Pension funds, politicians, Warren Buffett, even hedge fund managers themselves -- they all had something to say about the disappointing performance, high fees and market saturation. Well-known managers from Ray Dalio to John Paulson saw performance on their main funds range from flat to double-digit losses, while some distressed-debt investors like Jason Mudrick benefited from the rally in commodities prices. Strategies focused on macro trends and equity hedges -- which have seen returns crimped by swollen stock-market valuations and ultra-low interest rates -- produced the worst returns.