Given the evidence, the only logical explanations I can think of for the continued popularity of hedge funds are that either investors are unaware of the data, or that individuals invest in hedge funds for the same reasons they buy a Rolex or carry a Gucci bag with an oversized logo -- they're expressions of status, prestige, exclusivity, and sophistication. Letting such emotions determine investment decisions is a recipe for transferring assets from your wallet to those of the purveyors of products.
For investment managers seeking new one-percenter clients, are hedge funds losing their usefulness as catnip?
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