In announcing his
decision this week to close down Pequot Capital, once the
world's largest hedge fund, founder Art Samberg wrote that the
news "might come as a surprise."
"Surprise," however, may be overblown. Pequot struggled last
year, losing nearly half of its assets to close the year with
$3.57 billion. In the past few years, the firm's performance
has been disappointing. Meanwhile, the Securities and Exchange