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Sebastian Mallaby Still Loves Hedge Funds
by Felix Salmon
Apr 09, 2008
Apr 09, 2008
Every so often over the past few months, as yet another hedge fund or private-equity legend came unstuck, I wondered how Sebastian Mallaby's book was doing. After writing an astonishingly upbeat article on hedge funds for Foreign Affairs, he decided to turn it into a book, just before the leveraged-finance bubble burst.
Conveniently, Mallaby's now popped up, in Foreign Affairs again, to tell us how he's doing. And the answer is: don't worry! Nothing's changed! Hedge funds are still great and wondrous things! "The turmoil since last August has largely vindicated the funds' virtues," he writes. "The central argument of my 2007 essay holds true today."
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