Do these compare performance before or after fees? Regardless, if you're comparing funds (that contain lower risk investments, like bonds) to the S&P500 then they're going to lose whenever equity markets beat bonds - which is most of the time.
If I actually (by picking stocks) have a lower expected return than the S&P, shouldn't I be sending all the hedge funds my stock picks so that they can short them (while being long S&P) - therefore beating the benchmark ~75% of the time?
If I actually (by picking stocks) have a lower expected return than the S&P, shouldn't I be sending all the hedge funds my stock picks so that they can short them (while being long S&P) - therefore beating the benchmark ~75% of the time?