Printing money, the old-fashioned way


A late-year stock market rally helped many hedge funds turn 2006 into one of their best-performing years in a while. So are they back at the top of their game? Well, that depends. As participants at the recent Absolute Return Symposium noted, the hunt for alpha continues to get tougher. To quote David Shaw, founder and chairman of D. E. Shaw, one of our keynote speakers, the days of "printing money" at hedge funds are long gone.

Well, maybe not for everyone. The principals at Fortress Investment Group have found a way, by selling a stake in the