Beta (market performance) is free. It's Alpha (performance above market returns) that oughta cost ya. Apparently, this is news to many hedge fund investors.The average hedge fund is little more than the highest cost provider of market access. Anywhere from 2 to 10 times more expensive than an asset manager or an ETF wrap program, less transparent, less liquid and less responsible on a fiduciary basis.Sounds great, where do I sign up?And why are we still calling them "hedge funds" anyway? Have a gander at this Onion-worthy headline from the New York Times from last week:Hedge Funds Rescued From Down...
