It's a common misconception about hedge funds that objective is to outperform market. The objective is to maximize profit per unit of risk taken. If hedge fun

It's a common misconception about hedge funds that objective is to outperform market. The objective is to maximize profit per unit of risk taken. If hedge fund made 20% less than market but took 50% less risk, that's a MASSIVE value proposition. (now, one could argue they fail at that too, but that's more difficult to prove)