Caught in an SEC trap


There is an old saying that 'great ideas need landing gear as well as wings'. The trouble with the hedge fund industry is that it has plenty of landing gear that keeps it firmly rooted to the ground and a distinct shortage of wings or lofty ideas.

That is the impression you would have, if you took the comments made at the recent series of roundtables in Washington as being in any way representative of the industry. Happily they aren't. But the problem with the hedge fund industry today is that it has been driven so far underground by