When it bleeds, it leads...


By Michelle Celarier

As Absolute Return was going to press, the bodies continued to pile up, and the wounded were many. In this issue, you'll find that credit shop Arx Investment is shutting down after posting a mere 3% loss this year, and that highflier Passport Capital - which was up 220% in 2007 and won our coveted Fund of the Year Award - is down 10% for the year through March. Meanwhile, Clinton Group, with a roughly 40% drawdown this year, is on life support.

Yes, the news was pretty grim for the first quarter of 2008, hence