There is an international move afoot to blame hedge fund selling for the market drop. While some people should never be let near anyones money the hedge fund blame game has an interesting twist.

All commentary focuses on redemptions as the driver of selling. If it’s the customers driving the selling how exactly is it the hedge funds decision to sell? They merely have a choice in what they sell but no control over the need to sell.

This is not intended as a hedge fund love story. These funds aren’t hedging anything as is demonstrated by the returns this year. They are mostly “buy and hope” investors and wouldn’t know a hedge if it bit them.