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Cruel, Cruel Summer

The August market meltdown, which started with U.S. subprime mortgages and eventually engulfed credit products and equities around the globe, left many managers with sizable losses -- and their investors wondering whether hedge funds are worth all the work.

Someone, somewhere, has lost a lot of money. As the subprime mortgage crisis in the U.S. spread through the credit and equity markets last month, hedge fund managers watched price movements with a concern bordering on obsession. Volatility skyrocketed as investors realized that a whole slew of collateralized debt obligations,

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