too many hedge funds all doing the same thing investing in the same limited assets. hedge funds as a business model has come to and end. it's not efficient use of capital. instead of 10 funds of 100 million dollars. it's more efficient to have 1 1 billion dollar fund. hedge funds are consolidating. institutional investors see no point in paying a hedge fund manager in fees to invest in another hedge fund who invest in another ETF or index fund.