This is certainly true of most stock-picker type hedge funds, but there are legitimate strategies that aren't a shirty replication of an index fund. Unfortunate

This is certainly true of most stock-picker type hedge funds, but there are legitimate strategies that aren't a shirty replication of an index fund. Unfortunately, stock-pickers have somehow become most of the industry seem to be most of the industry (probably because there's no real talent or capital constraints on them).