Survival of the fittest

'A hedge fund's for life, not just for Christmas' ' Tremont Advisers' Christmas Eve message to the global hedge fund industry was akin to the forewarning of impending doom, 'Eat, drink and be merry, for tomorrow you shall die.'

CSFB/Tremont's president Oliver Shupp predicted that more than 800 hedge funds would close by the end of 2002 as year end data is collected.

This year those hedge fund managers who fight to survive will learn two major lessons ' first, it is not enough just to have returns