May 08, 2000

The recent announcements that two giants of the hedge fund business are calling it quits shocked the investment world. Newspaper accounts say that, in essence, the closings were prompted by abysmal performance. These accounts also suggest that the hedge fund managers, known for making huge macro bets in foreign currencies and global bonds, couldn't figure out how to make money in today's environment. The most common explanation given for the retirement of these two giants is that hedge fund managers like Julian Robertson are value investors who resisted the tech-crazy, momentum-driven market. Others like Stanley Druckenmiller have only recently come to grips with the stock market's dramatic changes.

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