Hedge funds not that hot, but still here

``The study faced daunting methodological problems, because hedge funds aren't subject to mutual-fund-type disclosure rules. But it was able to conclude: "Hedge funds exhibit no ability to time sectors or pick better stock styles. Surprisingly, we find no convincing evidence of differential ability between hedge funds. ... In sum, our findings question the ability of hedge-fund management to add value, particularly in the realm of long-equity investing." ''