PIK Professor Philip Tetlock spoke about the inevitable decline of hedge-fund profits, even under the supervision of brilliant forecasters. “It’s harder for hedge funds to sustain high performance in the long term, especially when you have a lot of smart people second-guessing each other,” he said.
https://www.bloomberg.com/news/articles/2018-09-12/for-hedge-fund-stars-being-right-in-2008-proved-to-be-a-curse Bloomberg News