And so the rising tide money the Fed supposedly creates inflates asset prices in such a way as to make an index fund vastly preferable to a hedge fund.

FORBES: Why Hedge Fund Big Shots Hate Ben Bernanke

So you don't buy a hedge fund, you buy a "structured note, " whose return is tied to an index of hedge funds.

FORBES: Don't Call It Interest

If consistent performance is a product of skill as Mauboussin contends, than index fund investing is certainly a skillful decision for an investor to make.

FORBES: Index Fund Buyers are Skilled Investors