Headlines in 2015 were not shy about calling out the poor returns of hedge funds. High fees, poor performance and drawdowns of notable managers were some favorite themes. However, despite all the negative press, industry assets continue to grow (in one of the longest equity bull markets no less), hitting $2.7 billion in AUM as of September 30th of last year: So the question becomes, if we take what the headlines say at face value, why do investors keep pouring money into hedge funds? Yes, looking at the benchmarks, managers in aggregate have not had a great year, with a...