A hard summer is still "hot" for a few


There are at least a few reasons to be glad the summer is over. It seems that as soon as hedge fund managers decided to get serious about shorting the market, the Fed quit hiking interest rates, tension in the Middle East abated ever so slightly, and the heat wave receded. Maybe all this was making it hard for people to think straight, as stellar returns have been hard to come by recently.

Remy Trafelet, whose flagship U.S. Delta Funds posted losses for three months running through July, is a case in point. It may be tempting to think