“… The alternative investments industry is hoist on its secrecy petard. … The judge threw out that claim because the plaintiffs (eight individuals in their dual capacities as Kentucky Retirement System beneficiaries and Kentucky taxpayers) could not know about the abuses at each of the three customized funds due to the secrecy about fees, costs, and performance …  We’ve commented before that we’ve found it unconscionable that fiduciaries like public pension fund trustees would invest in passive vehicles where the fund managers obtain broad indemnifications that amount to a waiver of fiduciary duty.”