Thanks for the kind words Brad. I agree that competition and the cost of stock borrow will be secularly more expensive than they were historically and that hedge funds do cost a lot more than passive strategies.

I don't agree that anyone has or should have foresight in market timing or economic conditions, or that the success of hedge funds (and particularly long-short equity funds) is dependent on that.

The Bet attempted to pit fees against security selection, and given what ensued over the last six years, the environment really hasn't made the comparison apples-to-apples.

Not sure if what I put together is an excuse or a rationalization, but it's definitely the past. What happens going forward is what matters now.