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Weiss: I'm calling the bottom for hedge funds

Stephen Weiss
Scott Mlyn | CNBC
Stephen Weiss

My eyes unwittingly open and I am assaulted by the low-intensity amber light revealing the early morning hour of 1:15 a.m. Never one to sleep through the night, interludes in my slumber are typically memorialized by nothing more meaningful than kicking a snoring dog off the bed or briefly, nonsensically I might add, checking my iPhone for an email, an update on Asian markets or a text from my now-grown children before quickly falling back into a state of light unconsciousness.

Lately, though, those momentary interruptions have turned into extended periods of reflection, of journeys through the darkened hallways of my home as I restlessly ponder the nagging question: Are hedge funds a dying investment strategy, forever banished to lagging performance? How long can these so-called stewards of capital benefit from a one-sided wager — a win-win for them — wherein some make more in fees than the returns they earn for their investors?

These sleepless nights are my present, but hopefully not my future ... for I see the turn.