Hedge funds have started bashing themselves — here's what they're saying

It's no secret that hedge fund performance is lagging.
Hedge funds on average are up about 1.9% through July this year and were down 0.6% last year, according to the data tracker eVestment.
Some big-name funds have even started to cut jobs 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 funds' most cited excuses for underperformance:SEE ALSO: This is the biggest trend in the hed