The winnowing season

After more than thirty years of shady existence hedge funds have become an acceptable asset class. One of the reasons is the worldwide low interest-rate environment, which has prevailed for a number of years. This has led to a search for high-yielding assets.

In the mid-1990s, emerging markets, then high-yield bonds and, finally, technology offered alternative investment opportunities. These were never markets for the faint-hearted, as massive gains also mean massive speculation, and I have seen

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