by Jason Simpkins
A lot of people are starting to get the hint: Wall Street is a rip-off.
Pension funds, insurers, university endowments, and other well-heeled investors have pumped hedge fund assets up to a record $3 trillion over the last decade.
And for what?
Hedge fund returns have failed to outpace the S&P 500 for seven straight years — and 10 out of the last 13. Last year, the S&P 500 Index outperformed the return on the average hedge fund by 1.36% to 0.42%.