MONEY MEANS DIFFERENT THINGS to different people. According to Merriam-Webster’s, it is “something that is generally accepted as a medium of exchange, a measure of value or a means of payment.” For hedge funds, it is all that and more. Because hedge fund managers operate in a loosely regulated industry where, at least for now, they are not required to report performance to anyone but their own investors, money is a measure of their skill and success.
