Sometimes it's good to talk


With hedge funds under the regulatory microscope in Washington, it has become increasingly and painfully apparent that the industry lacks a coherent voice. Then again, why should it need one? After all, hedge fund managers have long thrived by clinging to closely guarded secrecy and keeping a low profile with regulators and just about everyone else, including - in some cases - investors.

But in the realm of unintended consequences this has produced some unfortunate side effects - most notably a lack of basic industry-level transparency - which has the effect of encouraging people to assume the worst,