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Meet my friend, the mediocre hedge fund manager

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There is no such thing as smart money.   Yet, when was the last time you heard some one described as a "below-average hedge fund manager?" Probably never. Or a "mediocre physicist?" That's because these two professions seem mystical to people who don't stop to question that at least half of the hedge fund managers--and physicists-- graduated in the bottom 50% of their university peer group. Yet look at the HFRI Equity Hedge Index compared to investing in a no-fee indexed S&P fund since 1996--the last 20 years.   (Note:   you've been screwed in either case so don't hold your breath).  Yes, all those wicked smart hedge fund guys (remember their nice suits from back in the late 90's?) rocked along at 13% annual returns from '96 til early '00.   So did the S&P. Since then it's been a negative shithouse for the guys who get their drawn portraits published in the WSJ.   Between ''08 and '13 a dollar invested i...
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