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Hedge fund managers: a non-apology


Hedge funds say sorry

Hedge funds say sorry. Sort of.

One of the most arduous tasks a hedge fund manager must perform in these troubled times is to write the periodic letter he sends to investors updating them on the performance of the fund. If things have gone awry, should he manfully take the rap – or should he (Russell Brand-like) evade the blame? Prospect has got hold of one such letter that gives an answer.

In the good times, of course, these documents were lengthy bragathons. In them, the manager usually…

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