Hedge Funds Performance

Postcards from the (h)edge


Fyodor Dostoevsky was inspired by his four years in a Siberian labor camp to write some of the most poignant literature in any language. While not quite rising to the level of the master's work, hedge fund managers' latest letters are unusually philosophical, a product of the prison mentality imposed by the chaos in the market that shows no sign of relenting.

Here are excepts, some hopeful but most gloomy, from embattled managers:

"It is the 'what's next' that scares us the most...The fact is that the U.S. and the