They can’t all be masters
Apr 22nd 2007
From Economist.com

These days the bigger the hedge fund, the better

“THE New Masters of the Universe” was the cover splash chosen by Portfolio, a business magazine that launched last week, to highlight a feature about hedge funds by Tom Wolfe. The headline may have left some wondering if the editors or Mr Wolfe, author of “The Bonfire of the Vanities”, had fallen behind the curve. Egos in Greenwich and Mayfair have taken some hits in recent months. True, the best hedge-fund managers—or those with the best luck—continue to pull in ten-figure salaries. But the average fund returned much less than the S&P 500 (including dividends) last year. In the fourth quarter, moreover, hedge funds’ net inflows slumped as faith waned in their ability to outperform traditional assets and the world digested the collapse of Amaranth, a hedge fund that had bet disastrously on gas futures.
But perhaps Mr Wolfe and his editors had been......

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Title: Funds
Approximate Word Count: 826
Approximate Pages: 4 (250 words per double-spaced page)

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