If the Efficient Market Hypothesis were false then large institutional investors would be diving into, not bailing out of hedge funds

Just sayin'. More sayin' at the link.

http://www.aei-ideas.org/2014/09/hedge-funds-are-for-losers-you-might-as-well-invest-in-index-funds-and-burn-a-big-bunch-of-100-bills-every-year/