Niche funds are exactly that niche. Most(in numbers not the money they control) are not accredited investors and cannot afford to lose their whole investments.

Niche funds are exactly that niche. Most(in numbers not the money they control) are not accredited investors and cannot afford to lose their whole investments. There is not much room for multiple strategies in mainstream investments for good reason . Correspondingly most fund managers are not fancy hedge fund managers who can simply be courageous, the legal and the corporate framework they operate under would not allow for that kind of risk taking. Popular media and writers like Taleb focuses way more on this niche segment because it sells more books/movies etc, or is more interesting to write about, and perhaps also because the industry does control a large amount of wealth. Buffet himself strongly believes that hedge funds simply do not justify the management fees they charge and famously bet a million dollars on that thesis and won. Even of the fund managers who actually do have the chance to take aggressive decisions do not always do better than say index traded funds over a long enough time period.