1. Long funds are passively killed in the market in bear market but cant outperform in bull market because they are followers and inability to realized the profit.

2.  Hedge funds are even worst since more than 90% hedge funds managers do not have clear concept on "hedge", they simply don't know how to make money in bear market.  However, hedge fund managers are usually too short sighted.  They like to take profit too early, so they may not be able to earn the biggest in the bull market.

3.  Fund managers are only employees, earning salary/bonus every month and year.  The money in the fund is not belong to them.  So THEY CARE ABOUT LOSING AT ALL.  They just care winning cos this will give them big bonus.  Then they will take as much as risk as possible.  This happens especially in hedge fund managers.

Conclusion:  I think we should not waste time to discuss funds or fund managers.  I think you should just sit back at home, find some ways to improve your investment knowledge such as reading companies annual reports, books about trading.  Just to try develop your own sense to look at what is happening in the business world, rather than listen to other advices.  I think 85% of people are loser in the investment world, 10% can make some money (small), only 5% can win big.  Try to make yourself to be that 5% and if you cant do that.  Don't even bother to waste time here.  Be a teacher, policeman, doctor or lawyer will be better for you.

Do you agree?