David Dreman in Forbes:

There are pockets of risk you should definitely avoid. Two of the most dangerous are private equity and hedge funds.

Who is David Dreman?  A traditional money manger, no doubt, whose firm's website is unreadable in Firefox.  If I could read it, I'd probably call him a failure and degenerate, but since I can't, I'll hold my tongue.

Hedge funds run by smart managers are not risky.  If you want risky, buy what Mr. Dreman is probably selling: long equity.  Or hit the tables in Vegas.  If you want double digit returns with single digit volatility, invest in a hedge fund.  Hedge funds are designed to generate positive returns in any environment.  Guys like Dreman ride the Beta train (presumptively).  I'm an Alpha miner.