Giving people a second chance

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The brief history of the hedge fund industry is replete with examples of new starts and second chances and this is one of the themes in our final issue of the year.

Five years after Long-Term Capital Management almost took down the global capital markets under its own weight, we take a look at how Meriwether and the 'dream team' are doing. The answer is: pretty well and most are still in the hedge fund business.

We also feature a story about another manager angling for a second chance. Victor Niederhoffer may have lost all of his capital in his