Maybe the SEC will approve a quadruple levered index fund that effectively shorts hedge funds. $111 billion has been withdrawn from hedge funds as they, collectively, fail to match the S&P Index. The linked article cites Pershing Square Capital Management, Perry Capital, Eton Park Capital Management and Paulson & Co. as examples of fallen stars; it also highlights the ridiculousness of paying these guys 2-and-20 to go long in a hedge fund hotel like Valeant ($VRX). You can just as easily lose your money in a pharma index. As Matt Levine from Bloomberg says, "The giants of the earlier, more romantic age of investing are on their way out -- retired, running family offices, reinventing themselves as quant managers, or just reeling off consecutive down years." Zing. On the flip side, Steve Cohen is whipping it out and flicking off the regulators starting in '18 (firewall). So, there ARE growth prospects in the industry so long as you're already rocking billions of your own seed funding, some celebrity, and a f*ck you attitude that translates, in the minds of the fickle, into "alpha." Yield is yield and ya gotta get it somewhere. Who cares how?