Trying to assess the behaviour of hedge funds is a bit like attempting to nail a blancmange to the wall. It is all too easy for the truth to slip away. Take hedge-fund "failures". Most funds close down because it does not pay their managers to continue, not because their performance has been disastrous. For every Bear Stearns "enhanced-leverage" fund that loses all of its value, there are five or six funds that shut after a fall of a few percentage points.
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