Or maybe not a must read; maybe you already. Anyway, Daniel Gross sums up the evidence that we're heading for a hedge fund meltdown.
I have a perverse view of these things because I hang out with bankruptcy lawyers. My take is that these guys think a meltdown is indeed coming. Their problem is that they can't seem to get a handle on how to get a piece of it: they seem to fear that Skadden Arps will occupy every profitable position in every case.
Or most of them. A lawyer from deep in the boondocks says: "There'll be enough for everybody, don't worry. Enough for everybody."
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