There are at least a few reasons to be glad the summer is
over. It seems that as soon as hedge fund managers decided to
get serious about shorting the market, the Fed quit hiking
interest rates, tension in the Middle East abated ever so
slightly, and the heat wave receded. Maybe all this was making
it hard for people to think straight, as stellar returns have
been hard to come by recently.
Remy Trafelet, whose flagship U.S. Delta Funds posted losses
for three months running through July, is a case in...