Bloomberg Businessweek

Greenwich Lean Time

Too many hedge funds, too much money, and not enough ideas
Dill... and Paprika

Howard Fischer leans back into a window seat at a juice bar in Greenwich, Conn., and sips a cold-brewed Mexican mocha. “It’s miserable, miserable,” the founder of $1.1 billion Basso Capital Management says of hedge fund returns over the past few years. “If that’s the normal expectation, I don’t have a business.”

Fischer’s lament and ones like it are echoing through the world of hedge funds. Money managers who have prided themselves on their

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