There is a reason why they hedge funds underperform the market. Not by a little, by quite bit.
They try too hard to predict the market, when in the long run if they just stayed long they would have done better.
They try too hard to predict the market, when in the long run if they just stayed long they would have done better.
Granted, that's not really how things work in practice anymore, but that's supposed to be the idea.