The realization that the retirement money of middle-class workers should not be invested in crazy expensive hedge funds is now hardening into conventional wisdom.

As we leave the “Feel-Good Personality Propaganda Celebration” period of the campaign and move into the part where we think about the stuff that may or may not actually get done, here is a relevant data point.

Investors are pulling back from hedge funds in Asia; investors pulled $100 billion out of funds of hedge funds in the past year; the world’s biggest hedge fund is slowing its hiring. I wonder why?

If Donald Trump wants to win the presidency, he’ll need to raise a lot of money. One of the men helping him do that is the hedge fund manager Anthony Scaramucci. We asked him why.

A recent survey of investors in hedge funds found that 94% of them expected their hedge funds to return at least 9% profits last year. The actual returns of hedge funds last year: -2%.

The hedge fund industry is in the midst of a slow-motion disaster, as its biggest investors come to the realization that the fees hedge funds charge make most of them a scam. One hedge fund guy is embodying the industry’s clueless resistance to change, in hilarious fashion!

Marc Mezvinsky, husband to Chelsea Clinton and occasionally successful hedge fund manager, thought it would be a good idea to bet on the Greek economy a few years ago. But unfortunately for him and the rest of his firm, it was not. Mr. Chelsea Clinton has fucked up.

New York City’s $60 billion civil employees pension fund has just decided to drop all of its investments in hedge funds. That’s the sound of one more nail being hammered into a coffin.

At a Manhattan hedge fund conference this week, “A lot of attendees were scared” and panelists were “herded...off the stage to safer confines” when a group of protesters walked in chanting and waving signs about inequality. Damn—that does sound scary.

Each and every hedge fund investor in the world believes that he is paying all that money to a hedge fund manager because he has one of the really good hedge funds. The reality is, most hedge fund investors are suckers.

Life at the world’s largest hedge fund: “In an iPad app called ‘Dot Collector,’ employees weigh in on the direction of conversations while they are happening. Employees also are quizzed about the outcome of meetings. Any meeting of at least three people is expected to hold at least one poll.”

“The 20 most profitable hedge funds for investors earned $15 billion last year while the rest of the industry collectively lost $99 billion.”

It was a tough year for hedge funds: the third worst, according to the Absolute Return Composite Index, since 1998. (A bad ten years, actually.) But holiday parties are about togetherness and gratitude or whatever, so why not invite Katy Perry and Maroon 5 if you can still swing it?

What would you say is a fair amount to pay a savvy, sophisticated hedge fund manager for taking a pile of your money and making it smaller?

Hedge fund managers tend to be secretive. Except for Anthony Scaramucci.

Spruce Alpha, a hedge fund that recently collapsed after little more than a year in existence, attracted investors by noting that one of its managers “was a former researcher who had worked on simulations of laser defense missiles.” Wow. Laser defense missiles.

Hedge funds—which, as an asset class, are a scam—charge exorbitant fees in exchange for the sort of top-tier investment skill you supposedly can’t get with a dirt cheap index fund. A new study says that is bullshit. http://gawker.com/everyone-knows…

Puerto Rico is facing an unsustainable level of debt. Its lenders, guardians of financial probity that they are, have come up with a solution: close schools.http://gawker.com/moral-hazard-a…

Plastic-haired hedge fund sleazeball Anthony Scaramucci, proprietor of the worst place in Manhattan, argues today that “greater unionization is not the answer” to America’s economic inequality— “dramatically lower corporate tax rates” are. Good idea, Grifter Ken Doll.

“One prominent investor...called the rhetoric ‘class warfare’ and noted other times in history, including before World War II, when financial speculators were unfairly blamed by politicians. ‘Instead of the Jews, it’s the hedge fund managers,’ the person said.”