Keep it steady

Hedge funds, the industry has long claimed, offer a refuge from the storm. When all around you are losing returns in the long-only, equity-heavy portfolios that we have seen in recent years, hedge funds offer diversification.And the markets have been kind: at the time of writing the equity downturns are not so severe that we will see the knock-on effect in the form of the startling losses experienced by many hedge fund managers in the third quarter of 1998 particularly those with emerging m

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