> Except they mostly do a crappy job of it. Most people, unless their
> last names are Buffett or Soros, should just stick with index funds.
I conducted a scientific survey (a la Michael Perelman) of hedge fund managers and found that they spend about 90 per cent of their time and resources in "sales" -- i.e. persuading rich people to buy their "products" -- and a tiny fraction of the rest in portfolio allocation proper. And, of course, that makes a lot of $en$e.