Richard, respectfully disagree. Even a generic diversified hedge fund portfolio such as Eurekahedge 50 is a fantastic investment - even after fees. Escpeically in its liquid and levered form.
Please read this research:
https://www.markovprocesses.com/blog/top-hedge-fund-managers-agree-on-s…
https://www.markovprocesses.com/blog/a-hedge-fund-index-the-best-invest…