A smooth exit for hedge funds

Opinion: Martin Fridson

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Some years ago, bond dealers attracted a new group of investors to the high-yield sector. By leveraging their small capital bases, the new buyers quickly became major players. Then, unfortunately, circumstances changed and the newcomers turned into sellers. Pundits began to regard the prominence of this group as a bearish, rather than a bullish, factor.

This brief history could describe the present role of hedge funds, but it actually refers to savings and loan associations. During the 1980s,

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