Is there a selective argument for hedge funds?

Hedge fund performance has suffered in recent years, so much so that some investors are losing interest in the sector. Certainly, it’s true that in most categories the estimated structural alphas of the overall hedge fund composites have diminished substantially; they even turned negative from 2004 through 2015. But is the harsh overall  outlook on hedge funds justified? Worth Leading Wealth Advisor, James McCabe, PhD, President and Founder of Drexel Morgan Capital Advisers, shares his views:  http://hvst.co/1Nk7ERX