In recent years, average fees charged by hedge funds have shrunk. : A previously unknown hedge fund known as White Square gripped the headlines last week after the Financial Times reported it to be the first-known casualty among those who shorted GameStop. But betting against GameStop wasn't the death knell for White Square. In fact, its performance had recently rebounded. As White Square tells it in the letter announcing the firm's closure: "We experienced first-hand, the shift in trend away from hedge fund investing to cheaper alternatives."