As someone who has worked in the industry, I second this. Also, the article does a poor job of delineating what strategy-category he's talking about. From conte

As someone who has worked in the industry, I second this. Also, the article does a poor job of delineating what strategy-category he's talking about. From context, it looks like he's talking about more of an algo/quant driven fund, which as a category is a low % of the AUM out there (most of the capital in hedge funds goes to equity long/short); in other words, to the extent the picture he paints is accurate, it's a picture of a pretty small slice of the pie.