Whether investors are getting what they bargained for has been questioned time and again. In last week's issue of Barron's, Lawrence Strauss reminded us all of the 1970 Fortune magazine article ''Hard Times Come to Hedge Funds,'' noting that funds ''are not growing; in fact, some have suffered large withdrawals of capital, and a few have actually folded.'' Investors pulled out of funds during the financial crisis in 2008 and 2009, again in 2011, and they are doing so now, according to HFR, Hedge Fund Research, a provider of hedge-fund data and analysis. Strauss quoted a veteran hedge-fund manager as...