I think there is a misguided belief that hedge funds represent 'smart money' whose investments should be copied. I argue that the opposite is actually true.
These funds generally look to make money by studying previous price action either between different asset classes, different assets within an asset class, or even on a single asset itself. The problem is that through leverage, and competition amongst hedge funds, there is such a weight of money following the same return that they distort the market.
So the large market movers have actually become dumb money - not actually adding to the 'information' present in the market place.
This gives us an opportunity to front run the changes in trends and changes in market sentiment.