Volume 45, Number 20 · December 17, 1998
Hedge Fund Mysteries
By Jeff Madrick, Leon Levy
When the investment fund called Long-Term Capital Management almost collapsed last August, the event sent tremors throughout the financial world. Many feared that Long-Term Capital's problems would spread to other institutions as the prices of financial assets generally fell. Suddenly attention was concentrated on the arcane and mostly unregulated investments known as hedge funds; they apparently have much more influence over global financial markets, and indeed the economic lives of most people, than was generally realized.
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