Recent years have not been as good for hedge funds as in the past. This past year has not been as successful as the early 2000s. Some did well though not as they did several years ago.
Many hedge funds went out of business due to a loss of investor interest. Or so-so performance that failed to attract followers of the past.
The main peeve against them are their charges. In addition to their standard management fee which is usually set at 2% of assets managed, they still get about 20% of earnings they produce. That is far too much for funds doing conventional, non-rocket-science investing. (See the Earl J Weinreb NewsHole® comments
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