What primary factor has caused most hedge funds to underform relative to the market over the past 5 years? (poll 7588409)

What primary factor has caused most hedge funds to underform relative to the market over the past 5 years?

High fees (2 and 20 structure) more than erode any "alpha" in management expertise

Group-think mentality and job preservation by hedge fund managers leads to sub-par investment decisions

Market manipulation by the Federal Reserve renders traditional hedge fund tactics ineffective

Other

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