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Alex Gravish By Alex Gavrish, Etalon Capital Ltd; author of "Story Investing".

A recent article "Hedge Funds Have Lost Their Rhythm" by Matt Levine raised the issue of underperformance by many hedge fund managers. He quotes one well-known manager: "The last few years have become particularly difficult for active managers. Financial markets have significantly evolved over the past decade, driven by new technologies, and the market itself is becoming more difficult to anticipate as traditional participants are imperceptibly replaced by computerized models."

The point raised by Levine is that complaints by managers that it becomes harder to make money have a positive angle to them: it also means that markets are becoming more efficient.

I think that some light on the present situation could be shed by insights of David Bohm. I recently read his short but very insightful book "On Dialogue". David Bohm was an American scientist and one of the most significant theoretical physicists of the 20th century. Besides physics, he worked on unorthodox ideas in the fields of neuropsychology and philosophy of the mind.

There is a certain evolutionary process going on in investing.......................

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