Or should that be bettor's odds. A new report suggests that hedge funds, once thought a risky investment suitable only for the rich, are the new big thing for pension funds.

The much bigger share of pension funds going into hedge funds seems to be putting retirement money at risk and got started because those pension portfolios were underperforming.

As one fund manager puts it, the pension funds are saying: "… we need returns and we will be aggressive about getting them. They just don't want any downturns." With that attitude the Labor Department is checking things out.

The report also notes that the hedge fund business is now much more conservative than it originally was when George Soros was riding high. That's a relief.