Investors who buy in to a mutual fund that then invests in hedge funds have seen their wealth eaten up by fees.
Let's be clear here. You cannot consistently beat the market, so don't waste money trying and don't waste money paying someone else to try for you. There are really only two things you have control over: 1) how much you save and 2) what fees you pay. You should maximize 1, minimize 2 and stop kidding yourself that you know which way the market is going.