Clint Carlson, like the heads of other hedge fund firms such as Avenue Capital and SPO Partners, managed money for the famed billionaire Bass brothers, heirs of Texas oil fortunes, earlier in his career. Carlson eventually launched his own Dallas, Texas–based hedge fund firm in 1993. Carlson took the management skills he honed at Bass Brothers in the late 1980s, where he served as head of risk arbitrage, to build a lucrative multistrategy hedge fund business in a city where hedge funds were still a relatively new and unknown concept. Today Dallas is home to other hedge fund heavy hitters, including Maverick Capital and HBK Capital Management. Carlson Capital has always been a multistrategy firm but has expanded its portfolio significantly in the past two decades. In 2002, it built …