In general, the hedge funds were clobbered by the 1969 bear market, ending up in many cases with records that were worse than those put together by aggressive mutual funds denied the luxury of short sales.

Schwab is likely banking on a market recovery and boosts to hedge funds in the mutual fund shakeout, ... And hedge funds trade the three drivers of the economy -- tech, health care and financial -- more actively.

There is conversation that over the next ten years, hedge funds would become like mutual funds, ... There is some merit to that conversation, but I think there might be some lag time.

I just don't like mutual funds. I think they're a rip-off.

I think you'll do as well as most professionals. Most professionals don't beat the market. Let's not over-rate my industry. But if you have time, you can be in good mutual funds that have good records.

The best argument for mutual funds is that they offer safety and diversification. But they don't necessarily offer safety and diversification.