More Hedge Funds Take Up the Activist Playbook

The struggles of the hedge fund industry have been no secret, and the funds continue to underperform the stock market while charging investors high fees for the privilege. With the Standard & Poor’s 500-stock index gaining in all but four of the past 24 months, it’s been difficult to evaluate whether hedge funds offer superior returns in bear markets, as their (possibly dwindling) supporters claim. There’s just been a drumbeat of pathetic results.

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