I feel as though both arguments presented only in passing mention that this is a bet on funds of hedge funds, rather than hedge funds themselves. These are prod

I feel as though both arguments presented only in passing mention that this is a bet on funds of hedge funds, rather than hedge funds themselves. These are products which allow unaccredited investors to invest in hedge funds indirectly, with the (massive) caveats that they are paying two layers of fees and have no ability to choose which funds they are interested in. This is very different to a bet against hedge funds or even an argument against them. Hedge funds are designed to serve sophisticated investors with complex needs.