I was friends with some hedge fund guys in the 2000s. The way they presented it was that some funds have good technology but in the end there is a ton of insider information going around. It may not be strictly illegal (I don’t know) but people talk to each other and sometimes work with each other. They also have access to company executives the regular investors don’t have.

I don’t think it’s possible to get sustained outstanding results without being part of the insider circle. As far as I know one of Warren Buffett’s close relatives was in Congress which probably also gave him access to people most regular citizens won’t have.