Even though hedge funds as a group lost 19% in 2008,
they beat equities by a far sight (recall that the Standard
& Poor's 500 stock index was off 37% last year).
However, the hedge fund industry is going through a major
retrenchment nonetheless: Hedge Fund Research (HFR) reports
that investors withdrew $300 billion of assets last year,
about twice what they lost in market value.