BULLS & BEARS: Much-touted hedge funds sometimes go badly awry
Some elements of the financial media might have you believe hedge fund managers are, to quote Tom Wolfe, “masters of the universe.” However, some recent blunders, particularly in the hedge-fund departments of the large investment banks, say otherwise. No firm encapsulates a golden-egg-laying machine on Wall Street more than Goldman Sachs. Yet for all of Goldman’s financial muscle, its own flagship hedge fund has recorded awful results over the past year and a half. Dubbed the Global Alpha Fund, Goldman’s…