The entire point of a hedge fund is to do this for people, for a fee. An index fund, on the other hand, is simply a direct purchase of stocks. 95% of Americans

The entire point of a hedge fund is to do this for people, for a fee. An index fund, on the other hand, is simply a direct purchase of stocks. 95% of Americans should not be blindly investing in indices because that would completely divorce the index constituents' valuations from their fundamentals - and as a result, when this is corrected, a lot of people would lose a lot of money.