New year's resolution: read history


By Michelle Celarier

A little less than two years ago, when Fortress Investment Group sold a 10% stake to the public in the first-ever initial public offering of a hedge fund firm, only a few voices in the wilderness doubted it was a good move, not just for Fortress, but also for investors in its hedge funds, as well as those buying its shares. I'm proud to say that Absolute Return was one of the skeptics.

The IPO was initially a huge success, making billionaires of Fortress's founders - on paper at least. But within months, FIG was falling like