> You're thinking of mutual funds. Hedge funds as a class do outperform the market, even after fees. False. Lousy studies of hedge funds show they outperform,

> You're thinking of mutual funds. Hedge funds as a class do outperform the market, even after fees. False. Lousy studies of hedge funds show they outperform, but the second you take into account survivor bias, the opposite is true. There have been huge numbers of terrible hedge funds created and liquidated that swamp the few successful ones that everybody hears about.