Hedge Funds Come Unstuck on Truth-Twisting, Lies

And yet the credit crunch has shown that to be a myth. Although a few hedge-fund managers have done brilliantly, far more have come unstuck...

As the idea gets out that hedge funds can't deliver the kind of guaranteed returns they promised, a lot of money is heading for the door marked exit.

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you can just replicate an investment strategy devised elsewhere, take big positions, and collect enormous performance fees until the whole thing blows up. By then, you will already have pocketed plenty of money, and you won't have to pay any of it back if the fund goes bust.