Mr. Kessler, a former hedge-fund manager, is the author most recently of "Eat People" (Portfolio, 2011).
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Some of this faulty decision-making may also reflect the underlying rationale of hedge-fund investments.
ARK, a charity set up by a hedge-fund dealer, will join it in 2008.
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Putting hedge-fund products under the same roof as conventional, long-only offerings can create conflicts.
The sums are a fraction of what some hedge-fund titans make, but they catapult Messrs.
With their staid institutional clients, funds of funds have helped to tame hedge-fund managers.
As with former hedge-fund stars, so with the fallen titans of the credit crunch.
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The hedge-fund industry has already shrunk significantly in the wake of the financial crisis.
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That might seem fair enough, given the scandals in which hedge-fund managers overstated returns.
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And why not, as he was a hedge-fund manager who was quoted on the business pages.
Tim Ghriskey, a hedge-fund manager with Solaris Group in New York, says the news spooked him.
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Mr. Lack doesn't say that short selling is the major source of hedge-fund risk.
The foundation was started by London-based hedge-fund investor Christopher Hohn and his wife.
Recently, the hedge-fund industry has been shaken by allegations that it exploits inside information.
Kramer, the hedge-fund manager and Obama fund-raiser, was quiet, but others in the room were enthusiastic.
And there have been results, most notably the conviction of hedge-fund executive Raj Rajaratnam.
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For tax reasons and to avoid regulators, hedge-fund managers register their funds as limited partnerships.
So far this freedom has helped the local hedge-fund industry, without hurting the punters.
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Usually savvy hedge-fund managers likewise did not participate in the June rally, instead selling into it.
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Hedge-fund or private-equity managers do not operate, or get paid, in the same way as banks.
Two new books disagree on whether the hedge-fund managers' golden chalice is half-full or half-empty.
Nor does she grasp at bigger themes or the many common factors that hedge-fund managers share.
Nor does he analyse how hedge-fund performance compares with other asset classes, such as private equity.
The average hedge-fund manager returned anywhere from 2.3% to 10.9% depending on which hedge-fund index you choose to follow.
Hedge-fund investors have the right to withdraw their capital, subject to lengthy notice periods.
If hedge-fund operators don't feel like answering a survey during a bad quarter, they don't.
The latest hedge-fund crisis Amaranth's demise after making disastrous bets on natural gas barely troubled the markets.
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From being masters of the universe two years ago, hedge-fund managers now fear becoming servants of Brussels.
Prosecutors also are investigating whether some hedge-fund traders received inside information about Advanced Micro Devices Inc.
And it is taking steps to ensure that hedge-fund wobbles do not destabilise the entire financial system.
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