[bootwoot]

The "proof" given that hedge funds can't beat the market is very cherry-picked. The "hedge" in hedge fund is about hedging systemic risk, typically attempting to remain market-neutral. A perfect hedge-fund should have consistent returns every year. Which means it will under-perform in wild bull markets like that of the chosen year.

I don't know what the stats are across longer time-spans and/or in bear markets -- but picking a boom year as the "proof" is not useful.