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 Commission and...