I was probably a little unclear. Basically I'm saying all you can take away from this is a statement about aggregate performance. You're not doing this in your

I was probably a little unclear. Basically I'm saying all you can take away from this is a statement about aggregate performance. You're not doing this in your comment, but I frequently see people on HN extrapolate this bet to support the idea that there's no such thing as a hedge fund which beats the market, or which is a worthwhile investment, etc. You can't derive a conclusion about individual hedge funds from this. That might seem obvious to you, but maybe you'd be surprised then :)