At this point, it’s safe to say that that last year was a pretty “meh” one for hedge funds, unless your name is Bill Ackman (or Barry Rosenstein or Andrew Left). Sure, the bar was pretty high: Larry Robbins gets credit for “crushing” it by matching the returns of an S&P500 index fund. But there were plenty of people who struggled to do even that, and plenty more for whom 2019 was a good deal worse than “meh,” especially the quants. And even more especially this quant.