A new year, new challenges

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By Michelle Celarier, editor

If you think 2007 was a rough ride, fasten your seat belt. In theory, hedge funds should be able to use the turbulence to their advantage. But the operative word in that statement is "should." Last year, a number of hedge fund managers were smart enough to foresee the dollar's downturn, the housing bubble and the diminution of the United States as a world economic power. Yet January has been tough to read, with the stock markets gyrating up and down by several hundred points each way in one single day. In theory, that's an