How the Bold Survive

Managers who have suffered huge drawdowns — as many of the hedge fund industry’s biggest names did last year — can survive, but they may have to make big changes.

William Ackman, Pershing Square (Bloomberg)

By Michelle Celarier

Last year was a bruising one for many of the biggest names in hedge funds, among them William Ackman, David Einhorn, Leon Cooperman and Larry Robbins.

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