The problem isn't with hedge funds, it's with dumb money (or corrupt money). I'm not sure why people are laying the blame on the funds, I'm sure they wanted to

The problem isn't with hedge funds, it's with dumb money (or corrupt money). I'm not sure why people are laying the blame on the funds, I'm sure they wanted to produce good returns as much as anyone else. The blame solely lies on the incompetent pension fund managers. There are plenty good choices for alternatives in the market that are accepting new money (AQR or 2 Sigma or Bridgewater come to mind). It's 100% on the pension fund managers that they squandered the money on some no-name fund with no track record.