In the third quarter of 2015, hedge funds, as a category, were experiencing their worst quarter of flows since the bottom of the financial crisis six years before. There were an avalanche of stories about the industry's nearly systematic underperformance. It looked and felt like an inflection point.
At the time, I asked aloud whether it could mean an actual net outflow at some point â?? an improbable musing given the seemingly one-way stampede through the in-door. Turns out, we all underestimated what would turn into a profound sea change in investor attitudes around the country.
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