The strategies that tend to work are boring and low capacity, so they don't get much advertising, and people don't hear about them. There's a massive saliency

The strategies that tend to work are boring and low capacity, so they don't get much advertising, and people don't hear about them. There's a massive saliency bias in that the strategies people are most likely to hear about are ones with some excitement behind them – that gives people a massively distorted view of hedge funds.