&gt; Pensions could&#x27;ve been higher if they didn&#x27;t take that much out<p>Pensions would also be lower if they were invested in funds that made lower or negative returns. The theory (right or wrong) is that the high fees charged by the hedge funds are justified because they provide better risk-adjusted returns than other investment vehicles. Hedge funds may be bad and their CEOs may be overcompensated, but it is more complicated than just &quot;every dollar paid to Kenneth Griffin is a dollar taken from a pension fund.&quot;