Everyone hears about it when a hedge fund fails spectacularly. A recent reportin the Wall Street Journal told of one such ill-fated fund whose manager’spenchant for betting shareholder money on professional poker, horses and themost exotic derivatives transactions possible led to a loss of 98% of the fund’sholdings in just two weeks. This is hardly the industry norm, yet, for lack ofmuch other detailed information about the inner workings of this notoriouslytight-lipped group, the horror stories
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