When markets are generally good, hedge fun can look like theyre doing well by having a good marginal return above the bench mark every year. And then one year or have a big draw down, and suddenly they realize that thei'r underwrite wasn't that good. The same can be true in in private investing in the opposite way. Can have small returns and then a big loss. In public and you can have small losses and then abig return in private. When you add those three things together, you need to get paid basically in the low, timid twenties returns to be justified. Otherwise you are much better off disowning the s p 500.