Cumberland's survival guide

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Now for some good news from the hedge fund industry. The newspapers may be full of stories about bad hedge funds colluding with greedy mutual funds to steal money from 'Mom and Pop' but what about Cumberland Associates seeing assets rise to over $1.2 billion once again? Not a peep.

On the face of it, a fund breaking through the billion dollar barrier doesn't sound like big news compared to the high profile antics of Eliot Spitzer. But, arguably, for its long-term impact on the industry, the Cumberland story is far more significant because it shows how hedge funds