Yeah, probably. Its too bad.
I do think there are some firms that have the skill to out-perform long term, but then the average is dragged down by ones like the subject of this article.
As for the strategy, that's the idea but all of them market themselves on the returns first and foremost.
Using leverage has risks that you're supposed to understand before you do it.
It's not a free lunch, unless you're putting the sharks' interest ahead of yours. Or clueless, which was the case here, as L.A. is not a trader and has no business running a fund.