While what you're saying is true, in fairness there are two caveats: 1. Virtually all profitable strategies run by hedge funds are inaccessible to small time i

While what you're saying is true, in fairness there are two caveats: 1. Virtually all profitable strategies run by hedge funds are inaccessible to small time investors nearly by definition, because they have more capital and lower capacity constraints, 2. The partnership you're talking about with Deutsche Bank doesn't account for most of their returns, and was only in effect in the last decade, not decades before.