Long/Short Hedge Funds - did they provide what it says on tin?

The overall performance may have been disappointing with the main explanation (or excuse) the fact that QE distrorted the markets. The flood of money created a one-way street in the markets and hedge funds claim they are not geared up to be compared to long-only funds that profited from the bull market.
But one thing is forgotten in all this: while one may accept that hedge funds are not designed to compete with traditional funds the L/S funds should be able to navigate RELATIVE price moves in the markets and slowly accumulate profits while holding the market exposure broadly neutral. Careful performance analysis should shed light on the skill of the fund manager and how well they kept the portfolio in a market neutral (and therefore low risk) state.
THE LOST DECADE FOR LONG/SHORT HEDGE FUNDS