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Exchange-traded funds aren't the best alternative

Simon Osborne
The hedge fund industry strikes back over the suggestion that exchange-traded funds are a possible substitute.

Yesterday in our story titled 'A silent spring for hedge funds', we talked about the hedge fund industry's job of providing uncorrelated returns and how it seems to have settled into underperforming a bull market and outperforming a bear market, instead of providing positive long and short returns at all times.

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