It's no secret that hedge fund performance is lagging.
The average hedge fund is up about 1.9% through July this year, and was down -0.6% last year, according to data tracker eVestment.
Some big-name funds have even started to $4 as investors balk at paying high fees for lackluster performance.
That has led to much soul searching. Why are hedge funds doing so poorly?
Here are some of the most cited excuses funds use for the underperformance.