THE masters of the universe have been humbled. Over the past ten years, hedge-fund managers have underperformed not just the stockmarket, but inflation as well.
If the benefit of hedge funds is actually cocktail chatter - the ability to brag about the "name" or the "star" that you are "invested with." Then the value of bragging about your money manager(s) is an actual dollar amount: the amount you're out compared to the what you would have made - more - if you would have put your money into a Boglehead-like asset allocation and re-balanced annually. That is how much this bragging is "worth."
So what shall we call this? The fete rate? Pow wow cash cow? The Fee-drunk? The Starry-eyed cost? Paying the Star tip jar? The manage disadvantage? Chatterfee? Lady Chatterfees expense cover? Logariac Money Runny? Love your abode, what's your load? Whirling Hors Dervish? Wonton Cons? Please, I'm having trouble here.
So this is the value fund managers really provide. And if we name the dollar amount of this bragging, what shall we call the professionals who provide this valuable, very valuable, service? Should they be Party Talk Hawks? Spew gurus? Shindig pigs? Party Scoopers? Let's get this done before the conclusion of Holiday party season (Holiday parties, where they might be Ho Ho Hoes? Hanucons? Kwan'zere-goes-my-money? or that too seasonal?)
On a related note, don't forget the American hero told the non-Boglehead community about this a while ago:
Buffett Seizes Lead in Bet on Stocks Beating Hedge Funds