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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. All but Einhorn have continued to lose money this year. But as some of the industry’s most famous

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