Hedge funds are supposed to be uncorrelated, but I don't think many long-only equity funds make that claim. They just count it a win if they do better than the

Hedge funds are supposed to be uncorrelated, but I don't think many long-only equity funds make that claim. They just count it a win if they do better than the market (which often happens, but seldom continues). Then there are the financial advisors. Last time I talked to one, the selling point was nothing but "trust us, we have a team of Ph.Ds."