Managers Reap Big 2010 Pay Even at Lagging Hedge Funds - NYTimes.com

Managers Reap Big 2010 Pay Even at Lagging Hedge Funds - NYTimes.com: "In fact, the hedge fund industry as a whole did not do better than the stock market last year. The HedgeFund Intelligence Global Composite Index, which tracks nearly 4,000 hedge funds around the world, had a median gain of 8 percent in 2010, trailing the 11.7 percent rise in the MSCI World Index of stocks and the 12.7 percent rise in the Standard & Poor’s 500-stock index."

For hedge funds on average not to nearly match the index would be somewhat surprising. I question even Paulson's prescience. How many major calls have together comprised the majority of his track record? Is he just the luckiest one of the bunch with the sales skills to bet with other people's money?