Hedge funds often run at less than 100% net long, so it's not surprising to me that they "underperform" in booming bull markets. Shifting to the passive managem

Hedge funds often run at less than 100% net long, so it's not surprising to me that they "underperform" in booming bull markets. Shifting to the passive management exposes investors to huge losses that are often correlated to other economic issues. Chasing returns through "passive" vehicles now feels like herd behavior that will end poorly.