Moreover, in a highly correlated world it is unsurprising that institutional investors are eager for less correlated sources of return. The problem is actually

Moreover, in a highly correlated world it is unsurprising that institutional investors are eager for less correlated sources of return. The problem is actually finding it: as an allocator you are being adversely selected against. If a hedge fund is willing to take your money, we'll maybe it isn't that great of an opportunity after all.