Discombobulated evolution

The hedge fund industry is undergoing a Darwinian evolution. It is tempting to see subprime as the meteor destroying the financial dinosaurs, plunging the financial markets into an ice age, and clearing the stage for a rapid and irreversible evolution of the hedge fund industry.

While this may at first glance appear overly ambitious, there are some strong arguments favouring this conclusion. Over the past 18-24 months, there has been an explosion of hedge funds, taking them from relative obscuri

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