Holy grail of investing is not where you think it is

The past 18 months or so have not been very kind to Wall Street insiders and hedge fund managers.

These investment gurus almost caused a worldwide economic collapse. Many of them are now out of business.

Hedge funds have been hit particularly hard. At last count, 114 hedge funds from 69 fund families have imploded.

How have followers of a boring buy and hold index funds strategy fared?