A brutal chart shows how investors have been failed by hedge funds

Deutsche Bank just came out with its annual survey on the state of the hedge fund industry. Among the findings: for the past three years, investors in hedge funds haven't been getting close to the returns they expected.
It wasn't always this way. In 2013, investors in hedge funds targeted a 9.2% return and got 9.3% – close to spot on. But that flipped in reverse the next year. The gap between what investors wanted and what they actually got has since widened.
In 2014, i