As we’ve discussed, 2019 was a “meh” year for hedge funds. Returns look pretty OK in isolation, but when compared with, say, an S&P 500 index fund, they look a good deal less OK. (Unless you are one of the very rare souls investing with a woman or person of color, in which case things look somewhat more OK.) All around the world, there’s really not much to celebrate for those not named Bill Ackman or Chris Hohn (and even he’s not celebrating as much as he could be, given the continuing demands of the former missus and also the impending extinction of the human race).