Hedge Fund Pool Drying Up

Dealbook is reporting that, at the current rate of hedge fund closures, 7% of the hedge fund industry will have closed by year's end. Hedge funds are supposed to make money no matter which way the market goes, but not when they don't know which way its going, according to Dealbook contributor Louise Story. Hedge fund models are failing because the markets are "too unpredictable," she wrote. This news is apparently lost on Financial Technologies Forum LLC, who recently invited me to a half-day course on "Understanding Hedge Funds." I'm not sure the conference planners understand hedge funds that well themselves, since their invite opens by saying:

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