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Loeb Has Good Reason to See a Possible Hedge Fund Washout

The Third Point founder says volatility is bringing opportunity. But for funds that trailed in the boom times, tough times lie ahead.

       Daniel Loeb, Third Point (Bloomberg) Third Point founder Daniel Loeb created quite a stir Wednesday when he asserted, “we are in the first innings of a washout in hedge funds and certain strategies.” In the New York manager’s first-quarter letter sent to clients and widely circulated, Loeb points out that “most

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