Hedge funds have come a long way since those fateful days in 1998 when the world listened aghast to reports that the massive blow-up that was Long Term Capital Management threatened markets around the globe. At the time of the fund's bailout, many industry observers and participants felt that the hedge fund industry was, for all intents and purposes, dead.
My, how times have changed. Fast-forward to 2001 and it seems like the events of 29 months ago did not even happen.
Now, hedge funds are