No and a CFA should know this answer.

Hedge funds are not the only method by which investors can obtain active management. Though they likely are the most expensive way to get active management.

Shouldn't a CFA also understand that an investor, say like Warren Buffet, should only invest in the stocks of high quality companies whose profits are expected to grow over time? Is that the case with every stock in the S&P 500? How many quality companies does one buy in the S&P 500 and how many lousy ones?

Aren't you failing in your responsibility as an "investor" by simply buying an index fund?

A CFA should understand that different market conditions will favor different management styles and that a single narrow event such as the one described in this article is insufficient from which to derive a broad based conclusion such has been made.