Mabelle,
My apologies - I didn't mean the comment to be arrogant. That statement is purely my perception from having met hundreds if not thousands of hedge fund and long only managers throughout my career. I am not a hedge fund manager myself, but do believe that the talent of professional investors in marketable securities today has gravitated towards hedge funds and away from long only.

One statistically insignificant data point to consider: I can think of less than a handful of successful new long only businesses launched in the last few years (Doubleline and Wintergreen come to mind), but can point to at least a half dozen very successful hedge fund launches every year. If the market is efficient in allocating capital, that might say something about where the new breed of professional investors in the upper echelon (not in aggregate) are residing today.