He's also identified the narrative as a popular excuse among the poorest-performing hedge funds ("We valued the stocks properly, it is the market that is wrong." and "We aren't even trying to beat the market, we are merely offering a different risk proposition.") After over a decade of data, hedge funds must compete against the more compelling narrative, that hedge fund winning streaks are a matter of chance, and that the average investor isn't capable of picking one with prolonged better-than-market returns.