The article discusses how hedge fund benchmarks may not accurately reflect the true performance of hedge funds. Traditional benchmarks can be biased and not show the full picture of individual hedge fund returns. The researchers suggest a new way to create benchmarks by looking at the actual experiences of hedge fund investors. By using returns from funds-of-hedge funds, we can get a clearer idea of how well hedge funds are performing. These new benchmarks can provide more valuable information about the performance of the hedge fund industry.