The land of second chances


For all the swollen egos, high stakes and sky-scraping fees that color the hedge fund world, it's really a pretty forgiving place. Call it the land of second chances.

This tendency to forgive and forget is highlighted now with the anticipated launch of a hedge fund by David Berkowitz, the former partner of Bill Ackman in Gotham Partners. (Not to be confused with David Berkowitz the serial killer, who is still in prison and not getting a second chance.)

The details of Berkowitz's new venture are reported this month on p. 6. Many in the industry will remember what