* Their strategy is evidently a losing strategy. (Or, rather, suboptimal.)* It was not their strategy that competed and lost. It was the strategy of paying th

* Their strategy is evidently a losing strategy. (Or, rather, suboptimal.)* It was not their strategy that competed and lost. It was the strategy of paying them to play the game for you. Their strategy of running a hedge fund instead of an S&P 500 index fund could be working out very well for them.