### Comment:
Hedge funds (not all, but most) are designed to earn positive returns in all market environments not just bull markets. This increases long run returns since down years aren't as bad, also lowering volatility. If you were focused solely on higher returns with the same amount of risk, you would add leverage to a hedge fund allocation. If this didn't increase a portfolio's expected return, I wouldn't have a job

### REPLY:
I see, thanks a lot for your time; I have learned quite a few things from your well put comments. I believe you are completely right when you say that the still ongoing 9y bullish rally clearly distorts the true purpose of low-risk constant-return great hedge funds all around the world. Thanks again.

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