I thought Hedge funds did just that 'Hedge' if they did what...

I thought Hedge funds did just that 'Hedge' if they did what their name says they should be ok, but no they don't hedge they go all in, not sure which one it was but only last month one went broke because it had invested totally in commodities, talk about putting all your eggs in one basket, thats investment 101 right there.
Also if all the so called smart money men are so smart shouldn't their hedge funds be piling back into the market because it is so cheap, oh thats right there selling now, selling at the bottom that is, so very funny.