Whatever happened to the swashbuckling, risk-seeking hedge fund managers that once personified the industry? Clearly, as we've pointed out in past issues of Absolute Return, their decline has had a lot to do with the tepid returns posted by most hedge funds in recent years.
But in all fairness, there is ample evidence that these days, in this changed environment, being conservative has its rewards.
Take working together. As we explore in an investigation of the increasing keiretsu-like trend toward collaboration between managers, the development is drawing government scrutiny. Hedge funds are certainly using