Dostoevsky was inspired by his four years in a Siberian labor
camp to write some of the most poignant literature in any
language. While not quite rising to the level of the master's
work, hedge fund managers' latest letters are unusually
philosophical, a product of the prison mentality imposed by the
chaos in the market that shows no sign of relenting.
Here are excepts, some hopeful but most gloomy, from
"It is the 'what's next' that scares us the most...The fact
is that the U.S. and the world need a Darwinian flush to
rebuild our foundations and become even stronger on the
backside of this mess.
...In the mini-recession of 2002, we saw 12% cumulative
corporate defaults and BB spreads to Treasuries reach a