In addition to being hedge funds' worst year ever, 2008 also
turned out the most dispersed returns of any year since 1999.
An analysis of monthly hedge fund returns in the Absolute
Return database shows that outliers - funds with returns higher
or lower than one standard deviation of the mean - declined
steadily from 1999 to 2004. In 2005, dispersion of returns
began to widen and last year blew back out...