So much for all the promises about being able to make money in any market. Last month, every single hedge-fund strategy lost money, according to Hedge Funds Research (HFR). The average fund finished the month down 2.26% – or 2.99% if you use the Hennessee Hedge Fund Index. Some individual funds fared far worse: respected brands such as Moore Capital, Odey Asset Management and BlueCrest posted losses of up to 10%. This was the worst collective performance since November 2008, just after Lehman Brothers collapsed. So what went wrong?
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