Back in the game

摘要

HEDGE FUNDS have had a rotten decade. Star managers were once perceived to be infallible "masters of the universe" who made money for wealthy individuals and big institutional investors in both good times and bad. But steep losses during the global financial crisis of 2007-09 tarnished that reputation, and subsequent returns have failed to resurrect past success. The result has been a humbling comedown. Many of the hedge-fund industry's biggest names-like Leon Cooperman, who ran Omega Advisors, and Eric Mindich, once the youngest-ever partner at Goldman Sachs-have thrown in the towel, returned investors' capital and converted their hedge funds into family offices.