The time is right

Hedge funds

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Five years have passed since the Asian crisis erupted, but many still point to the part played by hedge funds in the region’s economic meltdown. Several speculators – most notoriously George Soros’ global macro fund – built-up huge short currency positions that caused a devaluation of the Thai baht in June 1997, the event that precipitated the crisis. With this history, to say that hedge funds are regarded as predatory in some government and regulatory circles would be bordering on understat