Judging from the folks I know in the finance industry, they would probably say 'those hedge funds lost money because "they refused to work hard"'. Bloomberg built a massive business off the idea that finance professionals need to be constantly informed about everything that goes on in the markets or else they'll be one of the losers.

Perhaps there are some fund managers out there that are just like "Yep, it's a rigged system, I'm going to be the one getting rich off rigging it", but I haven't met one personally yet.