Did you hear about how the S&P 500 trounced hedge funds last year? And did you feel the tiniest bit of schadenfreude?
For a while there, it was hard not to feel jealous of hedge fund investors. Only certain classes of investors get the chance to pay fund managers their exorbitant fees, typically a 2 percent annual charge on top of 20 percent of any investment gains. The whole spectacle was a bit like watching a long line of clubgoers clamoring for the chance to pay a $20 cover and $1,000 for bottle service. To justify that, surely there must be some awesome stuff happening beyond the velvet rope?