There's always room for entrepreneurs


By Michelle Celarier

What will hedge funds look like in five years? Talk to bank executives ramping up their hedge fund businesses, and you'll hear lots of predictions about the blurring of lines between traditional and alternative asset managers, about institutions wanting products that aren't classic hedge funds, like portable alpha and 130/30 funds, about risk-adjusted returns and, in general, the lowered expectations of hedge fund investors today.

Purists might cringe at those developments. At Absolute Return, we've written time and again about the bifurcation of the market, between the top institutional players - which may in time tend to